• Dell'Oro expects nearly 200GW of data-centre capacity to be added through 2030, driving most of the projected infrastructure revenue growth
  • Thermal management is expected to grow fastest as higher rack densities increase demand for liquid cooling and larger power systems

The fact

Dell'Oro Group expects global data-centre physical infrastructure (DCPI) manufacturer revenue to reach US$120bn by 2030, representing a 22% compound annual growth rate from 2025.

The forecast covers equipment used to support data-centre IT capacity, including UPS systems, power distribution, thermal management, racks, containment, software and services. Dell'Oro expects nearly 200GW of data-centre capacity to be added through 2030 and says most of the revenue growth will come from those capacity additions rather than a large increase in infrastructure spending per megawatt.

Annual capacity additions are expected to record their strongest year-on-year growth in 2026 before slowing, while remaining in double digits through 2030. Thermal management is forecast to be the fastest-growing DCPI segment, supported by liquid cooling, while higher-rated three-phase UPS systems are expected to grow faster than smaller units as AI deployments require larger power blocks.

The assessment

The most useful part of the forecast is what drives the US$120bn figure. Dell'Oro expects most of the increase to come from operators adding more data-centre capacity, rather than from sharply higher infrastructure spending on every megawatt. In other words, this is mainly a volume forecast: more IT capacity means more UPS systems, power distribution, cooling equipment and racks.

AI changes the mix of that spending. Higher rack densities increase the need for liquid cooling and larger power systems, so suppliers serving the same new capacity may grow at very different rates. The forecast still depends on planned capacity becoming real projects. Nearly 200GW has to move through power availability, construction, equipment delivery and commissioning before it becomes operating infrastructure. For BTW readers, the US$120bn figure is therefore not revenue already secured. Delays to data-centre delivery would also push out the infrastructure spending expected to support that capacity.

What to watch

Watch Dell'Oro's next forecast for changes to the nearly 200GW capacity outlook and its 22% revenue growth rate. Segment growth in liquid cooling, chillers and higher-capacity UPS systems will show how AI density is changing the equipment mix. Revisions to the timing of capacity additions would indicate whether grid, construction or permitting delays are beginning to affect the wider market forecast.