Data Center UPS Market Size, Share & Forecast to 2035

The Data Center UPS Market covers the uninterruptible power supply (UPS) systems, their batteries and their monitoring software that keep data center IT load running through grid disturbances until generators start or the grid returns. DC Market Insights values the global Data Center UPS Market at USD 5.22 billion in 2025 and forecasts USD 12.76 billion by 2035, a CAGR of 9.35%. The 2025 value is built from the build itself: about 12.0 GW of new IT capacity at roughly USD 0.240 million of UPS and battery equipment per MW in conventional halls and USD 0.214 million per MW in AI halls gives USD 2.77 billion of new-build spend, and UPS and battery replacement on an installed base of about 115.5 GW adds USD 2.45 billion. Medium-voltage UPS is the fastest-growing segment at 24.80% a year because DC Market Insights expects multi-megawatt AI campuses to protect each block with one ride-through system, and the Middle East and Africa is the fastest-growing region at 11.96% a year because DC Market Insights expects new AI campus capacity there to grow from a small base.

Executive Summary

The Global Data Center UPS Market size was valued at USD 2.61 billion in 2020, reached USD 5.22 billion in 2025, and is anticipated to reach USD 12.76 billion by 2035, at a CAGR of 9.35% during the forecast period.

Report attribute	Details
Historical Period	2020-2024
Base Year	2025
Forecast Period	2026-2035
Data Center UPS Market Size 2025	USD 5.22 Billion
Data Center UPS Market, CAGR	9.35%
Data Center UPS Market Size 2035	USD 12.76 Billion

The Data Center UPS Market grew at 14.91% a year between 2020 and 2025, and 2025 alone added 19.0% over 2024 as graphics processing unit (GPU) clusters moved from pilot halls to campus-scale builds. In the DC Market Insights model, growth slows to 9.35% a year to 2035 because AI halls need less UPS spend per MW and larger UPS blocks lower the cost per kW. Annual capacity additions still more than double, from 12.0 GW in 2025 to 27.0 GW in 2035, and the installed base nearly triples to about 311.7 GW, so replacement demand becomes the larger half of the market from 2032.

Power protection matters more as data centers take a larger share of the grid. The International Energy Agency (IEA) reports that data centers used around 415 terawatt-hours (TWh) in 2024, about 1.5% of world electricity, and expects consumption to more than double to around 945 TWh by 2030 (Source: IEA Energy and AI report).

Market Scope: What Does the Data Center UPS Market Cover?

The Data Center UPS Market covers every UPS installed to protect IT and critical mechanical load inside data centers, valued at first sale in current US dollars, with 2025 as the base year and forecasts to 2035. DC Market Insights sizes it at USD 5.22 billion in 2025.

Included. Static UPS systems (double-conversion, multi-mode and line-interactive), rotary and diesel rotary UPS (DRUPS), medium-voltage UPS, UPS power modules, the batteries sold with or for a UPS (valve-regulated lead-acid, lithium-ion, nickel-zinc and flywheel storage), replacement battery strings, rack-level battery backup units and UPS monitoring software and accessories.

Excluded. Standby diesel and gas generators, switchgear and transfer switches, power distribution units and busways, utility-scale battery energy storage that does not provide ride-through to IT load, installation labor and multi-year service contracts.

How the segments fit together. The capacity, type, battery, component, data center type and vertical splits each re-cut the same USD 5.22 billion. Batteries appear both as a component and as a chemistry.

Market Drivers: What Drives the Data Center UPS Market?

Three drivers explain most of the growth in the Data Center UPS Market: capacity additions that more than double to 27.0 GW a year by 2035, AI load swings, and replacement spend that rises to USD 7.26 billion.

Annual Capacity Additions Rise from 12.0 GW to 27.0 GW and Drive USD 5.50 Billion of New-Build UPS Spend

The Data Center UPS Market is a build market today: 53.1% of 2025 spending went into new halls. BloombergNEF counted more than 23 gigawatts (GW) of data center capacity under construction globally at the end of September 2025, with about three quarters of it in the United States, and more than 3.8 GW entered construction in the third quarter of 2025 alone, 58% above the quarterly average so far this decade. DC Market Insights models annual completions rising from 12.0 GW in 2025 to 22.0 GW in 2030 and 27.0 GW in 2035, which lifts new-build UPS spend from USD 2.77 billion to USD 5.50 billion. The wider build is covered in the Data Center Construction Market report.

AI Load Swings Make Ride-Through a Design Problem, Not Just a Backup

AI training loads move fast. IEEE Spectrum has reported that AI data center loads can surge up and down by 70% or more in milliseconds, and Riello UPS describes its Multi Power2 Scalable models as designed for data centers that must deal with rapid load changes associated with AI-driven workloads. Uptime Institute’s 2025 outage analysis found that power remains the leading cause of impactful outages. DC Market Insights estimates that AI halls took about 35% of new capacity in 2025 and will take 66% by 2035, and that every AI hall specified after 2026 carries either a larger battery reserve or a UPS with grid-interactive controls.

Replacement Spend Grows from USD 2.45 Billion to USD 7.26 Billion

DC Market Insights assumes battery strings and UPS electronics are replaced on fixed cycles and when halls are upgraded to higher density, and models replacement spend at USD 0.0212 million per MW of installed base in 2025, rising to USD 0.0233 million per MW by 2035 as lithium-ion retrofits replace lead-acid strings. On an installed base that grows from 115.5 GW to 311.7 GW, refresh spend reaches 56.9% of the Data Center UPS Market in 2035.

Market Trends: How Is Data Center UPS Technology Changing?

The Data Center UPS Market is moving to larger UPS blocks above 1 megavolt-ampere (MVA), lithium-ion batteries and power architectures that move part of the backup closer to the rack.

UPS Blocks Above 1 MVA Grow at 12.64% a Year

Vendors now build single UPS frames in the megawatt class. Vertiv’s Trinergy UPS comes in 1,500, 2,000 and 2,500 kVA capacities with 500 kW physically segregated cores. Eaton’s 9395X UPS reached up to 1,700 kVA at launch, with a footprint up to 30% smaller than similar UPS models and 97.5% efficiency in double-conversion mode (Source: Eaton news release). Schneider Electric’s Galaxy VXL covers 500 to 1,250 kW and reaches up to 5 MW with four units in parallel. DC Market Insights forecasts UPS systems above 1 MVA to grow from USD 1.60 billion in 2025 to USD 5.27 billion in 2035, the fastest of the four capacity classes.

Lithium-Ion Batteries Grow at 14.95% a Year

DC Market Insights expects new halls to specify lithium-ion over valve-regulated lead-acid (VRLA) to cut battery room space and replacement cycles; Schneider Electric’s Galaxy VXL, for example, is compatible with both lithium-ion and VRLA batteries. Lithium-ion UPS batteries are worth USD 2.15 billion (41.2%) in 2025 and reach USD 8.66 billion by 2035, while VRLA grows only 1.40% a year. DC Market Insights expects lithium-ion to overtake VRLA by value before 2030.

Direct-Current Power Architectures Move Backup Toward the Rack

NVIDIA has said that its MGX-compatible 800 volts direct current (VDC) power rack arrives in the second half of 2026 and that it works with more than 80 ecosystem companies on the architecture through the Open Compute Project (OCP). Vertiv scheduled an 800 VDC portfolio, including centralized rectifiers, DC busways, rack-level DC-DC converters and DC-compatible backup systems, for release in the second half of 2026. DC Market Insights expects direct-current backup to take value from room-level AC UPS in AI halls after 2028 and models AI spend per MW falling for that reason. Rack designs that carry their own backup are covered in the OCP Rack Market report.

Market Challenges: What Holds the Data Center UPS Market Back?

Falling UPS spend per MW in AI halls and slow enterprise demand hold Data Center UPS Market growth to 9.35% a year, below the 14.91% of 2020 to 2025.

UPS Spend per MW in AI Halls Falls from USD 0.214 Million to USD 0.191 Million

AI halls buy fewer UPS dollars per MW than conventional halls in the DC Market Insights model, which assumes less UPS redundancy per MW for training clusters, larger UPS blocks per hall and a growing share of ride-through on rack-level batteries and DC architectures. DC Market Insights models AI-hall UPS spend at USD 0.214 million per MW in 2025, 10.8% below the USD 0.240 million of a conventional hall, falling to USD 0.191 million by 2035. As AI halls rise from 35% to 66% of new capacity, the average new-build spend per MW drops even as total megawatts climb.

Enterprise Data Centers Grow at Only 3.66% a Year

DC Market Insights estimates that enterprise data centers bought USD 1.06 billion of UPS in 2025, 20.3% of the market, and expects their demand to grow at only 3.66% a year to USD 1.52 billion in 2035 as workloads move to cloud and colocation. In the DC Market Insights model, small UPS below 100 kVA, which enterprise rooms and edge sites buy most, grows at 5.38% a year.

Market Opportunities: Where Are the New Revenue Pools in Data Center UPS?

The two largest new revenue pools in the Data Center UPS Market are medium-voltage UPS, growing at 24.80% a year, and GPU and neocloud operators, growing at 13.49% a year.

Medium-Voltage UPS Grows from USD 146.16 Million to USD 1.34 Billion

ON.energy has launched a medium-voltage AI UPS that it says scales from megawatt to gigawatt levels, absorbs transient loads from GPU clusters, and is already being deployed at several hyperscale data centers in the United States. IEEE Spectrum reported that ON.energy builds the system from 3.5-megawatt units and that Eaton and Microsoft are developing lower-voltage versions of the same bidirectional approach. DC Market Insights forecasts medium-voltage UPS to rise from 2.8% of the market in 2025 to 10.5% by 2035.

GPU and Neocloud Operators Spend USD 1.31 Billion on UPS by 2035

DC Market Insights estimates that specialist GPU cloud operators spent USD 370.61 million on UPS in 2025, and expects their spend to reach USD 1.31 billion in 2035, more than three times the 2025 level. DC Market Insights expects these operators to buy most of their UPS above 501 kVA, close to the hyperscale pattern.

Pricing: How Much Do Data Centers Spend on UPS per MW?

A conventional data center hall spends about USD 0.240 million on UPS and batteries per MW of IT load in 2025, and an AI hall spends about USD 0.214 million per MW. These are DC Market Insights estimates covering UPS electronics, batteries, software and accessories, excluding installation labor.

UPS spend per MW (USD million)	2020	2025	2030	2035
Conventional hall (new build)	0.215	0.240	0.236	0.228
AI hall (new build)	0.200	0.214	0.204	0.191
Refresh per MW of installed base, per year	0.0196	0.0212	0.0222	0.0233
AI share of new capacity	3%	35%	60%	66%

In the DC Market Insights model, spend per MW rises from 2020 to 2025 as lithium-ion batteries take share, then eases as UPS blocks grow larger. Efficiency is part of the price: Vertiv rates Trinergy at up to 97.1% in double conversion, Huawei rates the UPS5000-H at up to 97.5% and Riello UPS rates Multi Power2 at up to 98.1%.

Standards and Regulation: Which Rules Shape the Data Center UPS Market?

Three sets of rules shape how data center UPS is specified and reported: the IEC 62040 performance standard, the US Energy Star program for UPS and the European Union reporting rules for data centers of 500 kW and above.

IEC 62040-3:2021. The International Electrotechnical Commission (IEC) standard sets the performance and test requirements for UPS supplied at up to 1,000 V AC with energy storage of up to 1,500 V DC. The 2021 edition shortened the performance classification code from 8 to 7 characters. The classification lets buyers compare UPS designs on the same test basis.

Energy Star Uninterruptible Power Supplies Version 2.0. The US Energy Star specification for UPS has been effective since January 1, 2019 and sets the efficiency bar for certified products.

EU Delegated Regulation 2024/1364. Operators of data centers with an IT energy demand of at least 500 kW must report 24 performance indicators, first by 15 September 2024, then by 15 May 2025 and annually thereafter. DC Market Insights expects this energy reporting to favor high-efficiency and eco-mode UPS in European tenders.

Market Segmentation: Which Segment Leads the Data Center UPS Market?

Double-conversion static UPS leads the Data Center UPS Market with 78.6% of 2025 value, hyperscale data centers lead buyers with 38.9%, and UPS above 1 MVA is the largest capacity class at 30.7%. Medium-voltage UPS is the fastest-growing segment at 24.80% a year, because DC Market Insights expects AI campuses to use it to absorb GPU load swings before they reach the grid.

By Capacity: Above 1 MVA Leads with 30.7%

Capacity	2025 (USD billion)	Share 2025	2035 (USD billion)	CAGR 2025-2035
Below 100 kVA	0.93	17.8%	1.57	5.38%
100-500 kVA	1.43	27.4%	2.76	6.78%
501 kVA-1 MVA	1.26	24.1%	3.16	9.66%
Above 1 MVA	1.60	30.7%	5.27	12.64%

UPS above 1 MVA gains 10.6 points of share by 2035 as hyperscale and AI halls standardize on megawatt blocks. Small UPS below 100 kVA, used in enterprise rooms and edge sites, falls to 12.3% of value.

By Type: Double-Conversion Static UPS Leads with 78.6%

Double-conversion static UPS is worth USD 4.10 billion (78.6%) in 2025 and USD 9.72 billion by 2035, growing at 9.01% a year. Line-interactive and standby UPS is worth USD 506.33 million (9.7%) and grows at 4.05%, rotary and diesel rotary UPS is worth USD 464.57 million (8.9%) and grows at 7.35%, and medium-voltage UPS grows from USD 146.16 million (2.8%) to USD 1.34 billion at 24.80% a year. Rotary UPS keeps a niche: Piller reports more than 6,000 rotary UPS units of up to 3,600 kVA installed globally and offers its UNIBLOCK rotary series at up to 50 MW.

By Battery Type: VRLA Leads with 52.3%

Valve-regulated lead-acid (VRLA) batteries are worth USD 2.73 billion (52.3%) in 2025 and grow only 1.40% a year to USD 3.14 billion, kept alive by replacement strings in older rooms. Lithium-ion is worth USD 2.15 billion (41.2%) and grows at 14.95% a year to USD 8.66 billion, 67.9% of value by 2035. Nickel-zinc, flywheel and other storage is worth USD 339.29 million (6.5%) and grows at 10.92% a year.

By Component: UPS Power Systems Lead with 58.4%

UPS power systems (rectifiers, inverters, static switches and power modules) are worth USD 3.05 billion (58.4%) in 2025 and USD 7.03 billion by 2035, growing at 8.71% a year. Battery systems are worth USD 1.76 billion (33.7%) and grow at 10.01% a year to USD 4.57 billion. Monitoring software and accessories, worth USD 412.37 million (7.9%), grow fastest at 10.91% a year to USD 1.16 billion as operators connect UPS fleets to data center infrastructure management (DCIM) and grid-interactive controls.

By Data Center Type: Hyperscale Data Centers Lead with 38.9%

Data center type	2025 (USD billion)	Share 2025	2035 (USD billion)	CAGR 2025-2035
Hyperscale Data Centers	2.03	38.9%	5.54	10.55%
Colocation Data Centers	1.44	27.6%	3.42	9.03%
Enterprise Data Centers	1.06	20.3%	1.52	3.66%
Edge Data Centers	0.32	6.1%	0.97	11.78%
GPU and Neocloud Providers	0.37	7.1%	1.31	13.49%

Hyperscale data centers gain 4.5 points of share by 2035. GPU and neocloud providers grow fastest among buyers, and edge data centers grow at 11.78% a year from a small base of USD 318.41 million.

By Vertical: IT and Telecom Lead with 44.2%

IT and telecom operators account for USD 2.31 billion (44.2%) of 2025 demand and grow at 10.50% a year to USD 6.26 billion. Banking, financial services and insurance (BFSI) follow with USD 850.84 million (16.3%), then government and defense with 10.8%, retail and e-commerce with 9.6%, healthcare with 7.4%, energy and utilities with 6.1% and others with 5.6%. Healthcare grows fastest outside IT at 10.07% a year to USD 1.01 billion by 2035.

DC Exclusive: The UPS Spend per MW Model and Capacity × Buyer Matrix

At USD 972.62 million in 2025, hyperscale UPS above 1 MVA is the single largest cell of the matrix and 18.6% of all data center UPS spending. The matrix of UPS size by buyer is a DC Market Insights model, not a shipment count, built from 57 inputs: 32 capacity cohorts (16 years of conventional and AI halls), 3 spend-per-MW curves, 4 capacity classes, 5 buyer types, 4 supplier disclosures used as a growth cross-check, 5 regional splits and 4 replacement-rate assumptions.

2025, USD billion	Below 100 kVA	100-500 kVA	501 kVA-1 MVA	Above 1 MVA	Total
Hyperscale Data Centers	0.10	0.37	0.58	0.98	2.03
Colocation Data Centers	0.12	0.45	0.44	0.43	1.44
Enterprise Data Centers	0.50	0.40	0.12	0.04	1.06
Edge Data Centers	0.19	0.11	0.02	0.00	0.32
GPU and Neocloud Providers	0.02	0.10	0.10	0.15	0.37
Total	0.93	1.43	1.26	1.60	5.22

Hyperscale buyers spend 47.9% of their UPS budget on blocks above 1 MVA, while enterprise data centers still spend 46.9% on units below 100 kVA; a vendor strong in small three-phase UPS is selling into the slowest-growing buyer. Colocation spend is spread almost evenly across the three larger classes. GPU and neocloud providers put 40.9% of their spend into blocks above 1 MVA, close to the hyperscale pattern.

The model multiplies new capacity (12.0 GW in 2025) and its AI share (35%) by UPS spend per MW, then adds replacement spend on the installed base. The model and its assumptions are explained on our research methodology page.

Regional Insights: Which Region Leads the Data Center UPS Market?

North America leads the Data Center UPS Market with 40.7% of 2025 value, and the Middle East and Africa is the fastest-growing region at 11.96% a year, because DC Market Insights expects AI campus capacity there to grow from a small base.

North America Leads with 40.7% Share

DC Market Insights estimates that North American operators spent USD 2.12 billion on UPS in 2025, and the region is forecast to reach USD 4.92 billion in 2035, a CAGR of 8.77%. BloombergNEF reports that the United States alone hosts 15.9 GW of ongoing data center construction. Vertiv reported Americas sales of USD 2.07 billion in the second quarter of 2026, 63.2% of its quarterly total. North America loses 2.1 points of share by 2035 as other regions catch up, not because its volume slows.

Asia Pacific Holds 30.4% Share

Asia Pacific is worth USD 1.59 billion in 2025 and USD 4.16 billion by 2035. China is the largest market in the region at USD 637.91 million, and India grows fastest at 13.68% a year in the DC Market Insights country allocation. Delta Electronics reported that its infrastructure revenue grew 82% in 2025, reflecting demand for power systems. Asia Pacific gains 2.2 points of share, the largest gain of any region.

Europe Holds 19.4% Share

Europe is worth USD 1.01 billion in 2025 and USD 2.27 billion by 2035, a CAGR of 8.41%. The United Kingdom and Germany are the largest country markets in the region in the DC Market Insights country allocation.

Latin America Holds 5.0% Share

Latin America is worth USD 260.99 million in 2025 and USD 676.20 million by 2035, a CAGR of 9.99%. Brazil accounts for about 45% of the region in the DC Market Insights country allocation.

Middle East and Africa Holds 4.5% Share and Grows Fastest

The Middle East and Africa is worth USD 234.89 million in 2025 and USD 727.24 million by 2035. In the DC Market Insights allocation, Saudi Arabia leads the region with USD 61.78 million and grows at 13.49% a year to USD 218.90 million.

Country Analysis: Which Countries Buy the Most Data Center UPS?

The United States is the largest country market for data center UPS at USD 1.88 billion in 2025, 36.0% of global value, followed by China at USD 637.91 million (12.2%) and Canada at USD 246.44 million (4.7%). The 12 largest countries account for 77.6% of 2025 spending.

Rank	Country	Region	2025 (USD billion)	Share 2025	2035 (USD billion)	CAGR 2025-2035
1	United States	North America	1.88	36.0%	4.29	8.62%
2	China	Asia Pacific	0.64	12.2%	1.54	9.24%
3	Canada	North America	0.25	4.7%	0.63	9.85%
4	United Kingdom	Europe	0.20	3.9%	0.43	7.69%
5	Japan	Asia Pacific	0.20	3.9%	0.47	8.65%
6	Germany	Europe	0.19	3.7%	0.42	8.01%
7	India	Asia Pacific	0.17	3.2%	0.59	13.68%
8	Australia	Asia Pacific	0.13	2.5%	0.36	10.63%
9	Brazil	Latin America	0.12	2.3%	0.30	9.72%
10	France	Europe	0.11	2.2%	0.27	8.89%
11	Netherlands	Europe	0.10	1.8%	0.20	7.82%
12	Saudi Arabia	Middle East and Africa	0.06	1.2%	0.22	13.49%

India is the fastest-growing large country market at 13.68% a year, ahead of Saudi Arabia at 13.49%. The country figures are a DC Market Insights allocation of the regional totals, weighted by each country’s estimated share of installed and new data center capacity.

Forecast Scenarios: How Could the 2035 Data Center UPS Forecast Change?

The Data Center UPS Market reaches USD 12.76 billion by 2035 in the base case, with a range of USD 10.74 billion to USD 14.63 billion across the low and high scenarios.

Scenario	Assumption from 2026	2035 (USD billion)	CAGR 2025-2035
Low	Capacity additions 15% below base; faster shift of AI backup to rack-level DC storage	10.74	7.48%
Base	Additions rise to 27.0 GW a year; AI share of new capacity reaches 66%	12.76	9.35%
High	Additions 15% above base; medium-voltage and grid-interactive UPS adopted on most AI campuses	14.63	10.86%

The low case is a two-year pause in AI capital spending combined with 800 VDC racks that carry most of their own ride-through. The 800 VDC transition is the main technical swing factor: it changes where backup sits more than whether it is bought.

Competitive Insights: Who Leads the Data Center UPS Market?

• Schneider Electric
• Vertiv
• Eaton
• ABB
• Huawei
• Delta Electronics
• Mitsubishi Electric
• Legrand
• Socomec
• Riello UPS
• Piller
• Kehua
• ON.energy

DC Market Insights estimates that Schneider Electric, Vertiv and Eaton are the three largest suppliers and together hold about 52% of the Data Center UPS Market in 2025 (based on each supplier’s data center UPS range and its disclosed data center exposure, set against the USD 5.22 billion market). Schneider Electric said data centers made up 30% of its end-market exposure, measured by 2025 orders, and that it sees the data center and networks end-market growing by more than 10% over the next five years. Vertiv reported second-quarter 2026 net sales of USD 3.27 billion, 24% above the same quarter of 2025, and expects 2026 net sales of USD 14.00 billion at the midpoint (Source: Vertiv filing with the US Securities and Exchange Commission). Eaton reported record second-quarter 2026 sales of USD 8.5 billion, up 21%, with Electrical backlog up 43%, and named data centers a key growth driver. ABB, Huawei, Mitsubishi Electric, Delta Electronics, Legrand, Socomec, Riello UPS and Kehua compete with three-phase and modular ranges, with Huawei’s UPS5000-H reaching 1,600 kVA and Mitsubishi Electric’s 9900D 2,000 kVA. Piller specializes in rotary UPS, and ON.energy sells a medium-voltage UPS for AI campuses.

Recent Developments

• In December 2024, Schneider Electric announced the Galaxy VXL UPS, rated 500 to 1,250 kW with a footprint 52% smaller than the industry average (Source: Business Forum report).
• In April 2025, Riello UPS added 300 kW and 600 kW cabinets to its Multi Power2 modular UPS range, with up to 2,400 kW from four units in parallel (Source: Electrical Review report).
• In June 2025, ABB launched the MegaFlex UL 415V 60 Hz three-phase UPS for large-scale data centers, complementing its 480V range (Source: ABB news release).
• In October 2025, ON.energy launched a medium-voltage AI UPS and said deployments were underway at several hyperscale data centers in the United States (Source: Data Center Dynamics report).
• In July 2026, Vertiv reported second-quarter net sales of USD 3.27 billion, up 24%, and guided to 2026 net sales of USD 14.00 billion at the midpoint (Source: Vertiv SEC filing).

We follow these deals, launches and capacity announcements as they happen in our data center industry updates.

Methodology: How We Built the Data Center UPS Market Model

DC Market Insights built the Data Center UPS Market bottom-up from 16 annual capacity cohorts (2020 to 2035), each split into conventional and AI halls and priced with the UPS spend per MW curves in the pricing table. Replacement spend was added on an installed base that starts from 74.0 GW at the beginning of 2020, retires 1.1% a year and reaches 311.7 GW in 2035. The total was split by 4 capacity classes, 4 UPS types, 3 battery types, 3 components, 5 data center types, 7 verticals and 5 regions, and every split sums to the market total. The result was checked top-down against the disclosed growth of 4 listed suppliers (Vertiv, Eaton, Schneider Electric and Delta Electronics) and against published capacity counts: the model’s 14.6% growth for 2026 sits below Vertiv’s guided 31% organic growth and Eaton’s 18% second-quarter 2026 organic growth in Electrical Americas, which also include cooling, switchgear, services and price.