Bank of America has issued a sector-focused ranking that identifies 67 firms tied to the growth of data centers. In its breakdown, the bank singled out the group placed between ranks 18 and 37 as mid-tier opportunities within the broader data center supply chain.
The firms in this segment cover a range of activities directly relevant to data center operations, including power transmission and generation, energy conversion and storage, and manufacture of electronic components used in supporting equipment. Collectively, these companies supply the infrastructure and services that enable data centers to operate and scale across different geographies.
The following companies were listed by Bank of America within the mid-tier portion of its ranking, with brief descriptions of their roles as cited in the analysis:
- Power Grid Corporation of India Ltd (PWGR IN) - Identified as the top name in this segment, the Indian state-owned transmission utility runs the nation’s power transmission network, a crucial element as data center capacity grows across India.
- HEICO Corporation (HEI US) - Listed second, HEICO is noted for producing electronic components and systems across industries, including parts that serve data center infrastructure.
- Weichai Power Co. Ltd (2338 HK) - Ranked third, the Chinese equipment maker manufactures power generation equipment and components that pertain to data center power systems.
- NTPC Ltd (NTPC IN) - Placed fourth, India’s largest power generation company supplies electricity generation capacity that supports increasing data center demand in the country.
- Sungrow Power (300274 CH) - In fifth position, the Chinese renewable energy equipment manufacturer specializes in power conversion systems and energy storage solutions applicable to data center use cases.
- Xcel Energy (XEL US) - Sixth on the list, the U.S. utility provides electricity across eight states, including regions with notable data center presence.
- RWE (RWE GY) - Ranked seventh, the German utility operates power generation and supply infrastructure across Europe.
- Vistra Corp (VST US) - Eighth on the list, Vistra is a Texas-based power generator operating electricity generation facilities and retail energy services.
- LG Energy Solution (373220 KS) - Ninth, the South Korean company manufactures batteries and energy storage systems used for backup power in data center environments.
- Engie (ENGI FP) - Closing this portion of the ranking, the French utility offers energy services and infrastructure across multiple international markets.
Bank of America’s classification groups these companies based on their roles in power generation, energy infrastructure, and component manufacturing that together support the functioning and expansion of data centers. The bank’s list aims to map the ecosystem of suppliers that underpin data center operations globally.
Context and scope
The bank’s ranking encompasses a broad cross-section of utilities, equipment producers and component suppliers. The mid-tier segment highlighted here reflects companies with clear exposure to data center-related demand but placed below the top-ranked firms in Bank of America’s full 67-company list.
Note on information
This report presents Bank of America’s ranking of companies tied to data center supply chains and summarizes the firms listed in the mid-tier portion (ranks 18-37). It focuses on their stated roles as providers of transmission, generation, conversion, storage and components relevant to data center infrastructure.