According to a report by Nomura, India’s data centre industry is projected to record a compound annual growth rate (CAGR) of more than 30 per cent between 2025 and 2030, outperforming the broader Asia-Pacific region.
The report described data centres as a long-term growth opportunity, citing lower capital expenditure requirements and favourable power economics as factors supporting attractive returns.
Nomura said rising adoption of digital services, cloud computing and generative artificial intelligence (AI) in India is driving demand for data centre infrastructure. It added that strong demand and sustained premium pricing are creating significant opportunities for industrial equipment manufacturers serving the sector.
According to the report, the competitive landscape in India remains relatively consolidated, with disciplined pricing across the industry. Companies such as ABB India, Siemens, Hitachi Energy, GE Vernova, CG Power and Cummins operate as key suppliers across multiple equipment categories.
Among these companies, Nomura has assigned a “buy” rating to GE Vernova and CG Power, a “reduce” rating to ABB India, and a “neutral” rating to Siemens and Cummins India.
