Immersion Cooling Market Outlook 2034: Anticipated Surge from USD 287.7 Million in 2023 to USD 1.8 Billion by 2034 at a 17.9% CAGR

The global immersion cooling market was valued at US$ 287.7 million in 2023. It is projected to grow at a CAGR of 17.9% from 2024 to 2034, reaching US$ 1.8 billion by 2034. The market is primarily driven by increased investments in data center infrastructure and the need for energy-efficient and environmentally friendly cooling solutions.

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Analyst Viewpoint

The immersion cooling market is experiencing significant growth due to heavy investments in data center infrastructure, driven by the surge in internet usage and data traffic. This has led to a rise in energy consumption and carbon emissions, prompting the adoption of energy-efficient cooling solutions like immersion cooling. Major players in the market are focusing on developing integrated offerings for green data centers, which further boosts market growth.

Market Introduction

What is Immersion Cooling?

Immersion cooling involves using dielectric liquids to cool electronic components by absorbing and dissipating heat. There are two types of immersion cooling systems:

Single-phase immersion cooling: The dielectric fluid cools hot server parts by direct contact, remaining in a liquid phase as its temperature increases.
Two-phase immersion cooling: The dielectric liquid boils when in contact with hot server parts, turns into vapor, rises, condenses on a heat exchanger, and returns to liquid form, creating a perpetual cooling cycle.

Key Benefits

High power density: Supports efficient cooling for high-performance computing environments.
Energy efficiency: Reduces energy consumption and deployment time.
Environmental impact: Lowers carbon emissions and supports green data center initiatives.

Key Market Drivers

Increase in Data Center Investments

The rise in internet usage and data traffic has led to substantial investments in data center infrastructure. For instance, in June 2024, Google completed its fourth data center in Singapore, with a total investment of US$ 5 billion. This surge in infrastructure investment drives the demand for efficient cooling solutions like immersion cooling.

Rise in Energy Consumption and Carbon Emissions

Data centers are highly energy-intensive, contributing significantly to global electricity consumption and carbon emissions. The emergence of AI and its high energy demands further exacerbate this issue. Immersion cooling solutions help improve energy efficiency and reduce emissions, making them a preferred choice for modern data centers.

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Regional Outlook

Leading Region: Asia Pacific

Asia Pacific held the largest market share in 2023, driven by investments in green data centers and stringent energy and emission regulations. For example, Schneider Electric's collaboration with the Sustainable Tropical Data Centre Testbed in Singapore highlights the region's focus on developing efficient cooling solutions.

North America

The expansion of key players in North America is boosting the region's market share. In 2023, SK Enmove partnered with GRC and Dell Technologies to commercialize liquid immersion cooling technology for data centers, further driving market growth.

Analysis of Key Players

Key players in the immersion cooling market include Fujitsu, DUG Technology, GRC, Submer, LiquidStack Holding B.V., Midas Green Technologies, Asperitas, PEZY Computing, and DCX Liquid Cooling Systems. These companies are developing advanced cooling solutions to meet the increasing demand for compute acceleration and power density in data centers.

Recent Developments

LiquidStack: Relocated its headquarters to Carrollton, Texas in May 2024.
Wiwynn: Showcased next-gen edge computing solutions and cooling technologies at the Mobile World Congress Barcelona 2024.

Market Segmentation

By Product

Single-phase
Two-phase

By Cooling Liquid

Mineral Oil
Fluorocarbon-based Fluid
Deionized Water
Others

By Application

High-performance Computing
Edge Computing
Cryptocurrency Mining
Artificial Intelligence
Others

Regions Covered

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Countries Covered

U.S.
Canada
Germany
U.K.
France
Italy
Russia & CIS
Japan
China
India
ASEAN
Brazil
Mexico
South Africa
GCC

Conclusion

The immersion cooling market is set for substantial growth, driven by the need for efficient, high-performance cooling solutions in data centers. With significant investments in data center infrastructure and increasing focus on energy efficiency, key regions like Asia Pacific and North America are leading the market. Major players are innovating to meet the demands of modern data centers, ensuring sustained market expansion through 2034.

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