Nomura forecasts India data center growth
Analysis based on 6 articles · First reported Jun 03, 2026 · Last updated Jun 03, 2026
The report by Nomura Holdings>>> highlights a significant investment opportunity for industrial equipment manufacturers in India>>>'s rapidly expanding data center market. This forecast is expected to positively impact the stock prices of companies involved in supplying electrical, mechanical, and cooling solutions to data centers, as well as data center developers.
A report by Nomura Holdings>>> forecasts a USD 35 billion capital expenditure opportunity for industrial equipment manufacturers in India>>> by 2030, driven by the rapid growth of India>>>'s data center industry. The Indian data center IT load is projected to increase from ~350MW in 2019 to ~7GW by CY30F, reflecting a ~30% CAGR. This growth is supported by increasing cloud/AI adoption and digitalization, along with India>>>'s cost efficiencies in construction and electricity sourcing. Companies supplying switchgear, transformers, generator sets, UPS systems, cooling equipment, and rack infrastructure are expected to be major beneficiaries, capturing 60-75% of a data center's capex budget.
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