A rapid increase in US electricity demand and a wave of data‑centre construction are producing significant business gains for many German companies, from large DAX‑listed firms to smaller publicly traded suppliers. Financial results published at the end of the half‑year and the past year’s share‑price moves make the winners clear, the Handelsblatt reports.
Scale of the investment
A recent analysis by Roland Berger finds that the five largest US cloud providers — including Alphabet, Amazon and Microsoft — are spending a combined USD 755 billion this year on AI infrastructure and related capacity. Globally deployed data‑centre capacity could expand up to fourfold by 2035, reaching around 340 gigawatts according to the study.
Which German companies are gaining?
-
Siemens: The company’s energy‑management division saw its order backlog rise to EUR 1.9 billion in the second quarter, a triple‑digit percentage increase driven in part by demand from data‑centre projects.
-
Siemens Energy: The provider of gas turbines and power‑transmission technology is also securing growing orders. CEO Christian Bruch said roughly one‑fifth of the third‑quarter order backlog already came from data‑centre projects.
-
RWE: RWE is building gas‑fired plants, renewables‑based facilities and battery storage in the United States, and plans roughly EUR 17 billion of investment there through 2031. Its share price has risen more than 50 percent over the past year.
-
Hochtief/Turner: Construction group Hochtief’s US subsidiary Turner is building, among others, one of Meta’s largest data centres. Hochtief raised its full‑year profit guidance and its share price has climbed about 130 percent year‑on‑year.
-
2G: The North Rhine–Westphalia‑based cogeneration equipment manufacturer secured its largest single order last May to supply power for North American data centres; this could boost the company’s revenue by up to 20 percent this year.
-
Deutz: Cologne‑based Deutz aims to become a global provider of uninterruptible power supply through acquisitions of Blue Star and Frerk, targeting the data‑centre segment.
-
Pfisterer: Near Stuttgart, Pfisterer supplies critical electrical‑infrastructure connectors and link components. Last year it recorded 17 percent revenue growth and a 40 percent increase in order backlog.
-
Technotrans: Münster‑based Technotrans entered the data‑centre liquid‑cooling market two years ago and reported a 14 percent increase in orders in the first half. Next year the company will expand its Sassenberg site by more than 17,000 square metres in its largest investment to date.
Investor caution and industry outlook
Some investors have become more cautious: for example, Oracle’s share price fell nearly 60 percent in two months, partly amid concerns that large tech firms may be overinvesting. The German suppliers mentioned in the article, however, do not share that concern. Karim Amin, a board member of Siemens Energy, spoke of a "supercycle" and expects strong growth through 2035. Technotrans also notes that only a fraction of existing data centres currently use liquid cooling, implying substantial room for market expansion.
Why it matters
Although most new data‑centre capacity is being built outside the European Union—especially in the United States—the demand for components, cooling systems and power‑delivery equipment benefits European, and notably German, manufacturers and service providers. The trend therefore not only improves the results of individual firms but also influences transatlantic supply chains and investment patterns.
An AI assistant contributed to the preparation of this article; the final content was edited and verified by our journalist.
This article does not constitute investment advice or a recommendation.
