Copper ETF Faces 45% Cut in Data Center Demand by 2030
HG•Global data center capacity could hit 200 gigawatts by 2030 even as 800VDC power architectures cut copper requirements per facility by up to 45%. Annual copper demand from data centers is forecast at 400,000–500,000 tonnes through the late 2020s before declining in the 2030s.
1. Data Center Growth Versus Copper Use
Global data center capacity is projected to approach 200 gigawatts by 2030, but the shift to 800-volt direct-current architectures in AI-focused facilities can slash copper requirements per facility by as much as 45%. This efficiency gain decouples capacity expansion from proportional copper consumption increases.
2. Demand Projections and Storage Impact
Copper demand from data centers is expected to plateau at around 400,000–500,000 tonnes annually over the next several years before declining in the 2030s. Conversely, global energy storage capacity could climb from about 550 gigawatt-hours in 2025 to 1,500 gigawatt-hours by 2030, creating a new copper demand stream.
3. Supply Outlook and Market Balance
Upgrades to BHP’s Escondida OGP2 and First Quantum’s Cobre Panama projects improve near-term supply prospects, while caution persists on Barrick’s Reko Diq development. The market is forecast to remain in deficit through 2026, balance through 2029 and face widening deficits from 2030 as electrification accelerates.
