Eaton Corporation (ETN) Barclays 43rd Annual Industrial Select Conference summary

Data center market outlook and growth

• U.S. data center build-out projected to reach 100 GW by 2028, with 35–40 GW installed by end of last year and 17 GW planned for 2026.

• Backlog of 165–200+ GW planned through 2030 and beyond, supporting a decade-long growth trajectory.

• Annual installations are ramping up, with about 11 GW installed the previous year and expectations for steady or increasing growth.

• Growth is constrained by physical, permitting, and labor limitations, but demand remains robust.

Technological evolution in data centers

• Transition to 800-volt DC power at the rack is a major architectural shift, with designs underway to improve efficiency.

• Direct DC power from utility to rack could yield 5% efficiency gains, equating to 5 GW savings on 100 GW capacity.

• Bridge strategies using 400 volts are emerging, but the move to DC is seen as inevitable as rack densities rise.

Solid-state transformers and circuit protection

• Medium-voltage solid-state transformers enable direct DC conversion, simplifying data center architecture and reducing losses.

• Investments in next-gen power electronics and solid-state transformers position the company for mass adoption in 2–3 years.

• New circuit protection technologies are required for DC environments, with ongoing investments in solid-state and hybrid solutions.