Major industrial manufacturers are experiencing unprecedented demand as global data center infrastructure spending approaches $939 billion by 2028, with non-IT equipment representing an increasingly significant portion of total investments. Power management, thermal regulation, and backup generation systems are driving substantial order growth for established industrial players positioned to serve hyperscale facility requirements.

Electrical infrastructure and cooling technologies dominate spending categories outside computer equipment, with liquid cooling systems projected to grow at 60% annually through 2028. Schneider Electric maintains market leadership with 21% share in electrical equipment, leveraging partnerships with major cloud providers including Google, Amazon, and Microsoft. Vertiv commands the second-largest position in electrical infrastructure while demonstrating particular strength in liquid cooling technologies essential for AI server operations.

Backup power generation represents another substantial revenue opportunity, with Caterpillar controlling 42% of the data center generator market, followed by Cummins at 24% and Rolls-Royce at 21%. Traditional diesel generation remains dominant, though natural gas turbines are gaining adoption for larger installations. The conservative procurement approach of data center operators tends to favor established vendors with proven service capabilities and track records.

Energy traders should monitor the industrial equipment sector's exposure to data center growth, as supply constraints could impact pricing across power generation and cooling equipment categories. The concentrated vendor landscape suggests pricing power for incumbent suppliers, particularly in specialized liquid cooling technologies where demand is outpacing capacity expansion. Infrastructure spending patterns indicate sustained multi-year growth cycles supporting industrial equipment manufacturers.