Caterpillar’s power and energy business has become its fastest-growing sales unit, thanks to a surge in data center projects for AI use

The company expects this side of the business to help boost annual sales growth by 5% to 7% through 2030, compared to an average of 4% in recent years.

Caterpillar is also planning its largest factory spending in about 15 years to take advantage of the need for AI infrastructure. Demand for electricity at data centers is expected to triple by 2035, the report added, citing figures from the International Energy Agency.