How does a datacenter boom look like in electrical equipment orders?

ABB's Electrification segment makes the low- and medium-voltage electrical equipment that sits between the utility feed and the critical IT load in a datacenter - switchgear, circuit breakers, busways, and modular substations.

Segment orders have a clear seasonal pattern. Q1 the high mark, then sequential step-downs through Q2, Q3 and Q4. This held cleanly in 2022, 2023 and 2024. Last year inverted the seasonal pattern. Orders rose Q1 to Q2, were sequentially flat into Q3, and Q4'25 printed 17% QoQ vs. the typical mid-single-digit % decline. The culprit - you guessed it - datacenter demand. Q1'26 extended the run to a record +$6B of orders, a positive read-through for the rest of datacenter industrials complex.

ABB is just one data point — our SemiAnalysis Industrials Model maps BoMs across 20+ datacenter designs to the 6,000+ sites in our coverage, producing quarterly capex and revenue forecasts on 500+ suppliers across datacenter electrical, cooling, and construction.

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