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Analyst Index · Infrastructure & Telecoms

Lucas Beran

Director of Product Marketing, Accelsius (was Dell'Oro Group)
51%
Accuracy
25 of 41
Analyst ranking
8
Predictions scored
11
Still to fall due
2 right1 mostly right1 half right3 mostly wrong1 wrong
Scored predictions8
Right · 100%We forecast DCPI market revenue growth to accelerate to high teens in 2025Infrastructure & Telecoms · made Dec 2024 · due Dec 2025

What happened. Dell'Oro's first-published quarterly DCPI growth for 2025 was 17% (1Q), 18% (2Q), 18% (3Q) and about 20% (4Q), about 18% for the year. No single full-year figure was published. 'High teens' is the 17-19% range (Jay, 25 Oct 2026). Growth of about 18% for 2025 is inside it. Scored Right by Jay on the quarterly figures, although no full-year figure is published.

Paraphrased. Source: Data Center Physical Infrastructure Market Gets AI Boost in 3Q 2024 (Dell'Oro press release)

Caveat. No independent evidence available. Scored on Accelsius’s own figures.

Specific · counts 1Forecast 18% · actual 18%Medium confidence
Half right · 50%Dell'Oro Group's worldwide DCPI revenue growth forecast for 2023 was raised to 12 percent.Infrastructure & Telecoms · made Jun 2023 · due Dec 2023

What happened. Dell'Oro's March 2024 release reported 16 percent DCPI revenue growth for 2023. Forecast 12% against 16% actual: missed by 4 points. Sources: delloro.com.

Paraphrased. Source: Easing Supply Chain Constraints Boosted DCPI Market to 18 Percent Revenue Growth in 1Q 2023 (Dell'Oro press release)

Caveat. No independent evidence available. Scored on Accelsius’s own figures.

Specific · counts 1Forecast 12% · actual 16%High confidence
Mostly wrong · 25%Worldwide DCPI revenue growth is forecast to maintain 10 percent in 2023, with higher backlog supported growth in the first half of the yearInfrastructure & Telecoms · made Mar 2023 · due Dec 2023

What happened. Dell'Oro's March 2024 release reported 16 percent DCPI revenue growth for 2023. Forecast 10% against 16% actual: missed by 6 points. Kept separate from LB-04 because 10 is more than 10% away from 9. Sources: delloro.com.

Paraphrased. Source: Higher ASPs Push Data Center Physical Infrastructure Market Up 10 Percent in 2022 (Dell'Oro press release)

Caveat. No independent evidence available. Scored on Accelsius’s own figures.

Specific · counts 1Forecast 10% · actual 16%High confidence
Wrong · 0%A major hyperscale will make the plunge with a 10+ MW immersion cooling deployment ... what we are predicting we'll see in the second half of 2023Infrastructure & Telecoms · made Jan 2023 · due Dec 2023

What happened. No top hyperscale cloud provider publicly announced a 10 MW-plus immersion cooling deployment in 2023. Dell'Oro's January 2024 DCPI outlook said: 'We also predicted a 10MW immersion cooling deployment from a top cloud service provider; however, this did not happen.' A named event in a named period that did not happen; the firm itself scored it as a miss. Sources: delloro.com.

Paraphrased. Source: Data Center Physical Infrastructure Market: A Look into 2023 (Dell'Oro blog)

Caveat. No independent evidence available. Scored on Accelsius’s own figures.

Specific · counts 1High confidence
Mostly wrong · 25%Historically High Backlogs to Fuel 9 Percent Year-over-Year Revenue Growth in 2023Infrastructure & Telecoms · made Dec 2022 · due Dec 2023

What happened. Dell'Oro's March 2024 release reported 16 percent DCPI revenue growth for 2023. Forecast 9% against 16% actual: missed by 7 points. Sources: delloro.com.

Paraphrased. Source: Data Center Physical Infrastructure Accelerates to 11 Percent Growth in 3Q 2022 as Orders Outpace Sales (Dell'Oro press release)

Caveat. No independent evidence available. Scored on Accelsius’s own figures.

Specific · counts 1Forecast 9% · actual 16%High confidence
Mostly wrong · 25%DCPI revenue growth is forecast to slow to 6 percent in 2023, driven by continued cloud and colocation service provider growth and marginal enterprise growth.Infrastructure & Telecoms · made Aug 2022 · due Dec 2023

What happened. Dell'Oro's March 2024 release reported a record 16 percent DCPI revenue growth for 2023. Forecast 6% against 16% actual: missed by 10 points, the edge of the Mostly wrong band. Sources: delloro.com.

Paraphrased. Source: Sustainability Initiatives to Drive Data Center Physical Infrastructure to $31 Billion in 2026 (Dell'Oro press release)

Caveat. No independent evidence available. Scored on Accelsius’s own figures.

Specific · counts 1Forecast 6% · actual 16%High confidence
Right · 100%the historically high level of backlog from DCPI vendors gives Dell'Oro Group confidence in its DCPI market forecast of 9 percent in 2022.Infrastructure & Telecoms · made Jun 2022 · due Dec 2022

What happened. Dell'Oro's March 2023 release reported 10 percent DCPI revenue growth in 2022. Forecast 9% against 10% actual: missed by 1 point. A new prediction rather than a restatement of LB-01 because 9 is more than 10% away from 8. Sources: delloro.com.

Source: ASP Increases Drive 6 Percent Data Center Physical Infrastructure Growth in 1Q 2022 (Dell'Oro press release)

Caveat. No independent evidence available. Scored on Accelsius’s own figures.

Specific · counts 1Forecast 9% · actual 10%High confidence
Mostly right · 75%Worldwide data center physical infrastructure revenues are forecast to grow 8 percent in 2022, exceeding $23 billion.Infrastructure & Telecoms · made Mar 2022 · due Dec 2022

What happened. Dell'Oro's March 2023 release reported that DCPI revenue grew 10 percent in 2022. No 2022 dollar total was published in a release. Forecast 8% against 10% actual: missed by 2 points, inside the 2.5-point band. Sources: delloro.com.

Paraphrased. Source: Despite Supply Constraints Data Center Physical Infrastructure Market Grew 11 Percent in 2021 (Dell'Oro press release)

Caveat. No independent evidence available. Scored on Accelsius’s own figures.

Specific · counts 1Forecast 8% · actual 10%Medium confidence
Still to fall due11 predictions
  1. Dec 2028We forecast this to materialize over the next five years (2024-2028) in a market opportunity totaling more than $15 B.Infrastructure & Telecoms · made Jul 2024 · source
  2. Dec 2024Looking ahead, we forecast double-digit revenue growth for the 2024 DCPI market after a small upward revision.Infrastructure & Telecoms · made Jun 2024 · source
  3. Dec 2028we have raised our liquid cooling forecast which is now surpassing $3 billion in 2028Infrastructure & Telecoms · made Feb 2024 · source
  4. Dec 2028the Data Center Physical Infrastructure (DCPI) market is set to grow at an 11 percent compound annual growth rate (CAGR) from 2023 to 2028, to over $46 billion.Infrastructure & Telecoms · made Feb 2024 · source
  5. Dec 2024DCPI revenue growth is forecast to slow to a high single-digit rate in 2024, before accelerating to higher growth in 2025 through 2028.Infrastructure & Telecoms · made Feb 2024 · source
  6. Dec 2028between 2023 and 2028, the overall thermal management market (comprising both air and liquid cooling systems) will expand at a 14% CAGR to reach $12 billion.Infrastructure & Telecoms · made Feb 2024 · source
  7. Dec 2027The two primary technologies, direct liquid cooling and immersion cooling (single-phase and two-phase), are forecast to grow significantly and reach $1.7 billion, or 24 percent, of thermal management revenue by 2027Infrastructure & Telecoms · made Feb 2023 · source
  8. Dec 2027data center physical infrastructure (DCPI) revenues are forecast to grow at an 8 percent compound annual growth rate (CAGR) from 2022 to 2027, to above $35 billion.Infrastructure & Telecoms · made Feb 2023 · source
  9. Dec 2026KVM switch and serial console server revenues are forecast to grow at a 5 percent compound annual growth rate (CAGR) from 2021 to 2026, surpassing $1 billion.Infrastructure & Telecoms · made Nov 2022 · source
  10. Dec 2026both direct liquid cooling (DLC) and immersion cooling (single-phase and two-phase) are forecast to grow significantly and surpass $1 billion in market revenue by 2026Infrastructure & Telecoms · made Aug 2022 · source
  11. Dec 2026data center physical infrastructure (DCPI) revenues are forecast to grow at an 8 percent compound annual growth rate (CAGR) from 2021 to 2026, to above $31 billion.Infrastructure & Telecoms · made Aug 2022 · source
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