nVent Electric (NVT)

Electrical enclosures + liquid cooling (nVent) — thermal management + protection for data centers

AI exposure 47% — derived from reported segment revenue, not asserted.

Where it sits

Physical Infrastructure → Thermal & Cooling · figures rebased to Q2 2026, reported 2026-07-31

Enclosures, cabinets, liquid cooling, thermal management for data centers/electronics is 55% of revenue and the largest business on the map, which is what Thermal & Cooling holds. The rest is tagged separately: Power & Electrical Equipment at 45%.

Also tagged: secondary in Physical Infrastructure → Power & Electrical Equipment.

Reported segments

• Systems Protection — 72.8% of revenue
• Electrical Connections — 27.1% of revenue

nVent Electric ($1.47B Q2 2026, +53% reported and +47% organic — a record quarter driven by data-centre demand). Systems Protection 72.8% ($1.07B, +70% reported and +62% organic) = primary B2 Thermal & Cooling — enclosures, cabinets and liquid cooling; Electrical Connections 27.1% ($399M, +21%). Systems Protection was 55% of revenue a year ago, so the data-centre leg has grown from half the company to nearly three quarters of it.

How the 47% is built

• Systems Protection — 72.8% of revenue × 57% AI-driven (disclosed). Liquid cooling and enclosures for data centres are the named driver of 62% organic growth; the segment also serves industrial and infrastructure markets
• Electrical Connections — 27.1% of revenue × 20% AI-driven (disclosed). Connection and fastening products reach data centres alongside broad industrial and commercial construction

Investment read

Moat. Enclosures plus a liquid-cooling franchise guided above $2B in 2026 — more than double 2025 — with NVIDIA reference-architecture co-development embedding its CDUs, manifolds and heat exchangers in deployment playbooks, and committed capacity behind it (Anoka, Blaine, a further 160k sq ft in H1 2027). Vertiv, Boyd and Motivair are building the same capability.

Bottleneck / pricing power. Real mix-driven pricing power — Systems Protection ROS +150bps to 23.2% on +70% sales — but pass-through has limits: Electrical Connections ROS fell 140bps on copper and tariffs, with the FY tariff estimate raised to ~$100M.

Role in the AI stack. The enclosure + liquid-cooling layer for AI racks.

Connected companies

• Equinix (EQIX) — NVT supplies: electrical enclosures, connections, racks into data centers
• Digital Realty Trust (DLR) — NVT supplies: electrical enclosures + thermal connections for DC REITs
• Eaton Corporation (ETN) — NVT competes with: Electrical enclosures, connections, protection for DC infrastructure
• Hubbell (HUBB) — NVT competes with: Partial overlap in electrical connection/grounding and enclosure products
• Vertiv Holdings (VRT) — NVT competes with: data-center cooling/enclosures — nVent vs Vertiv
• Modine Manufacturing (MOD) — NVT competes with: data-center cooling — nVent vs Modine
• CoreWeave (CRWV) — NVT supplies: liquid cooling/enclosures for CoreWeave
• Meta Platforms (META) — NVT supplies: enclosures/liquid cooling for META AI data centers
• Alphabet (GOOGL) — NVT supplies: builds Google-spec Project Deschutes 2MW CDUs for AI data centers
• Amazon (AMZN) — NVT supplies: enclosures/liquid cooling for AMZN AI data centers
• Oracle (ORCL) — NVT supplies: enclosures/liquid cooling for ORCL AI data centers
• Ecolab (ECL) — NVT competes with: data-center cooling — Ecolab vs nVent
• Alcoa (AA) — NVT is supplied by: aluminum for nVent enclosures/cooling structures
• NVIDIA (NVDA) — NVT supplies: Co-developed NVIDIA reference architecture for AI liquid cooling — nVent CDUs, manifolds and liquid-to-air heat exchangers spec'd for GB200 NVL72/NVL36 and next-gen platforms; the Q2 2026 call leaned…

Others in Thermal & Cooling

• Vertiv Holdings (VRT)
• Carrier Global (CARR)
• Trane Technologies (TT)
• Modine Manufacturing (MOD)
• Johnson Controls (JCI)
• AAON (AAON)
• Ecolab (ECL)

All 174 companies · What moved this quarter · How the map is built