nVent makes electrical connection and protection products — enclosures, cooling systems, cable management, connectors, and power distribution. nVent operates through two segments: Systems Protection (~69% of revenue), which includes enclosures, liquid and air cooling, control buildings, and switchgear; and Electrical Connections (~31% of revenue), which covers cable management, grounding, and electrical connectors. nVent sells primarily through electrical distributors, with over 60% of the portfolio moving through distribution, and engages directly with hyperscalers, utilities, and large contractors for major infrastructure projects. The business has two demand profiles: short-cycle products (standard enclosures and connectors) where revenue tracks distributor sell-through closely, and long-cycle project-based work (data centers, power utilities) with 9–18 month lead times and a growing backlog. nVent has deliberately shifted its portfolio toward infrastructure over recent years — data centers now represent roughly 26% of total sales, growing over 50% in FY25, while power utilities represent another ~20%. Acquisitions are central to nVent's model; recent deals include Trachte (control buildings) and the Avail Electrical Products Group (switchgear and bus systems). nVent also divested its Thermal Management business in early 2025 to sharpen focus on electrical connection and protection. Margins are driven by volume leverage, price vs. inflation management, and lean manufacturing productivity.