Craig Arnold
Chairman & Chief Executive Officer at Eaton
Okay. Thanks, Yan. And we'll start with some highlights on page three. And I'll lead off by noting that we've delivered another strong quarter this year. Our adjusted EPS was $2.40 in the quarter, well above our guidance range. Our record for the quarter and up 28% from prior year. I'd also note that our orders came ahead of expectations with strong order growth in electrical both the Americas and global. On a rolling twelve month basis total electrical orders were up 7% and aerospace orders increased by 2%. This led to another quarter of growing and record backlogs, up 27% for electrical and 11% for aerospace with strong book to bill ratios.
The growth in orders and backlog support our point of view on the strength of the megatrends that were in the early stages and that our market should be strong for years to come. And given our Q1 results, we're raising our guidance for organic growth, segment margins, and adjusted EPS for the year. On balance, we're very pleased with our start to the year. In the last few quarters, we shared our framework on how we think about key growth drivers for the company. This chart reflects the sixth secular growth trends that are positively impacting our businesses today and quite frankly, for years to come.
We continue to think Eaton is uniquely positioned in most of our businesses and are expected to see an acceleration in market-driven growth opportunities for years to come. In the last three earnings calls, we provided a summary of progress on infrastructure spending, reindustrialization, utility and data center markets. We also shared the data center -- the data -- excuse me we're tracking on megaprojects, including when they are expected to have a material impact on our revenue. And an overview on the growth expectations and drivers for our aerospace business. Today, we'll once again provide you an update on what we're seeing on megaprojects.
I will also take a moment to show you the momentum that we're seeing in the nonresidential construction project market for those projects under $1 billion. Additionally, we'll provide you with a summary of the growth outlook for industrial facilities and how we're positioned in this market and lastly, because it's such a dynamic topic, we'll provide an updated view on how our now higher growth expectation for the data center market is unfolding.
Turning to slide five in the presentation, we summarized a number of megaprojects that have been announced since January of 2021 and as a reminder, a megaproject is a project with an announced value of a billion dollars or more, and the number is now 415 projects. Once again, this is North America data, but we are seeing a similar trend in Europe although the dollars are not as large. Just a few points to note. We've now surpassed $1 trillion in announced megaprojects, double we saw this time last year and 3x the normal run rate. Approximately 16% of these projects have started, but it does vary by type of project. For example, a large percentage of semiconductor and EV battery projects have started but downstream chemical, power generation renewables, and data center projects have some of the lowest project start rates to date.
And cancellations rates continue to be modest, around 10% and below historical rates. Using the current forecast, we expect over $100 to $150 billion of these projects to start this year. It's also worth noting that megaprojects represent 15% of total amount of residential construction starts in 2023. A number that we expect to grow over the next five years. For projects that have started we've won $1 billion of orders and our win rate is approximately 40%. We remain active in negotiations on another $1.4 billion of electrical content. Most of the projects represented here have not yet reached a negotiation stage.
Turning of slide six. We want to highlight the largest part of non-residential construction market projects under $1 billion. This market is projected to be over $500 billion in 2024 and represents around 50% of the US market. 56% increase since 2021 and a 16% CAGR. The market was actually up also 10% through Q1 of this year. So megaprojects grabbed a lot of the headlines. We're seeing significant strength in projects under $1 billion as well. And for projects less than $100 million construction starts were up 15%. So once again, strength across the entire market. This momentum is naturally being driven by the same set of megatrends and stimulus spending that we're seeing on megaprojects.
The primary markets here include utility, power generation, renewable, water, wastewater manufacturing and data centers. And our win rate in this segment is approximately 35%. Turning to slide seven, we highlight the industrial facilities end market. As we've reported this end market accounted for approximately 12% of Eaton's total[Phonetic] revenue in 2023. Reindustrialization and [Indecipherable] are having a particularly large impact on this market. Examples include semiconductor fabrication, EV and EV battery plants, as well as LNG terminals. At the same time, industrial markets are under growing, growing pressure to decarbonize, to lower cost and develop more sustainable operations.
These challenges are naturally driving a significant increase in capex investments. It's also coming at a time when technology and digitalization are providing more value through data as a service, software, and therefore the ability to provide operational intelligence. This allows customers to move from being reactive to proactive when managing energy and uptime, saving them time and money. For us, we increased both our content per project and our average selling price. These are the drivers that support our belief that industrial facilities end market will grow by some 7% between now, 2023 and 2026.
Slide eight provides an overview of the products and software that we sell as part of our industrial solutions portfolio. As noted, we think we have the broadest portfolio of products in the market. Our solutions are sold in both process and discrete manufacturing industries and are especially well suited to take advantage of the trends we discussed on the prior page. Our solutions help industrial companies optimize performance by lowering the cost of ownership and reducing complexity. They increase operational predictability with data driven insights and enhanced safety, protecting people and assets.
In addition to hardware and software, we provide a full suite of project management services, including design specifying commissioning, training, remote monitoring, and obviously, aftermarket service. And our bright layer industrial software platforms enables customers to preempt operational challenges because of the data and insights that come from our electrical equipment. Moving to slide nine you'll see an updated view on the data center market.
Last fall in our Q3 2023 earnings call we highlighted the data center market and shared our view that we expected the market to grow at a 16% compounded growth rate between 2022 and 2025. We wanted to provide an update as we have seen continued momentum in this market, driven by the rise of AI, big data, and certainly edge computing. As expected, the biggest increase is coming from the very strong demand for AI data centers, which is reflected both in our orders and in our negotiation pipeline. Here orders on a trailing twelve month basis, have more than doubled and our negotiations in the US have increased by more than 4x.
We now think the overall market grows at a 25% compounded growth rate between 2022 and 2025. And as you know, we have a strong position in the data center market and the data center/IT channel accounted for 14% of our revenue last year. Now. I'll turn the presentation over to Olivier to cover the financials.
