Immersion Cooling Industry Set to Grow from USD 287.7 Million to USD 1.8 Billion by 2034

The global immersion cooling market (浸漬冷却市場) was valued at US$ 287.7 million in 2023. It is projected to advance at a compound annual growth rate (CAGR) of 17.9% from 2024 to 2034, reaching US$ 1.8 billion by the end of 2034.

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Analyst Viewpoint

The increasing investment in data center infrastructure is a significant driver of the immersion cooling market. The surge in internet usage and data traffic has led to substantial investments in data center infrastructure globally. Additionally, the rise in energy consumption and carbon emissions in data centers is boosting the demand for immersion cooling, which significantly reduces the energy required for cooling data center infrastructure.

Major players are developing integrated offerings for green data centers, focusing on immersion cooling fluids that maximize energy efficiency and performance of data servers and IT components.

Market Introduction

Immersion cooling uses dielectric liquids to reduce the heat of electronic components. These liquids absorb heat through convection and release it to the environment via either a single-phase or two-phase system.

Single-Phase Immersion Cooling: The dielectric fluid cools hot server parts by direct contact while remaining in a liquid phase as its temperature increases.
Two-Phase Immersion Cooling: The dielectric liquid boils upon contact with hot server parts, turning into vapor. The vapor rises, condenses on a heat exchanger above the surface, and returns to a liquid state in a perpetual cycle.
This cooling technology offers high power density, reduces energy consumption, and shortens deployment time. Two-phase systems are as straightforward as single-phase systems.

Next-gen immersion cooling solutions for AI and edge computing use advanced technologies to enhance heat dissipation and thermal management in data center environments. With AI servers consuming up to 10.2 kW of power, there is high demand for direct-to-chip cooled servers, rear-door heat exchangers, and immersion tanks that support AI, crypto, high-frequency trading, and scientific computing infrastructure.

Market Drivers

Increase in Investment in Data Center Infrastructure

The rise in internet adoption has led to substantial data traffic worldwide. Over 5 billion people are using the internet in 2024, with China, India, and the U.S. having the highest number of users. The creation of over 402.74 million terabytes of data daily has spurred growth in data center infrastructure.

In June 2024, Google completed its fourth data center in Singapore, increasing its total infrastructure investment in the region to US$ 5 billion.

Rise in Energy Consumption and Carbon Emissions

Data centers are among the most energy-intensive buildings, contributing 1.5% to global electricity consumption. The rapid growth in data traffic is expected to further boost this consumption. In 2020, data centers and data transmission networks accounted for around 330 Mt CO2 equivalent.

AI's emergence has led to high energy consumption, with the AI sector's energy usage expected to grow by at least ten times between 2023 and 2026. Immersion cooling techniques improve the energy efficiency of data centers, driving demand for submersion cooling systems.

Regional Outlook

Leading Region: Asia Pacific

Asia Pacific held the largest market share in 2023, driven by investments in green data centers designed to maximize energy efficiency and minimize environmental impact. Governments in the region are implementing stringent energy and emission regulations, promoting investment in green data centers.

In 2023, Schneider Electric announced a US$ 1.2 million investment to collaborate with the Sustainable Tropical Data Centre Testbed (STDCT) in Singapore to create efficient cooling solutions for data centers.

North America

Key players are expanding their presence in North America, driving market share in the region. In 2023, SK Enmove partnered with GRC and Dell Technologies to commercialize liquid immersion cooling technology for data centers.

Analysis of Key Players

The demand for compute acceleration and power density due to AI has prompted key players to develop advanced direct-to-chip liquid cooling solutions for edge data centers, core networks, and telecom rooms.

Major players in the immersion cooling market include:

Fujitsu
DUG Technology
GRC
Submer
LiquidStack Holding B.V.
Midas Green Technologies
Asperitas
PEZY Computing
DCX Liquid Cooling Systems

Notable Developments

May 2024: LiquidStack relocated its headquarters from the Boston metro area to Carrollton, Texas.

February 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

Market Snapshot

Market Size in 2023: US$ 287.7 Mn
Market Forecast (Value) in 2034: US$ 1.8 Bn
Growth Rate (CAGR): 17.9%
Forecast Period: 2024-2034
Historical Data Available for: 2020-2022
Quantitative Units: US$ Mn/Bn for Value

Market Analysis: Segment analysis, regional level analysis, qualitative analysis including drivers, restraints, opportunities, key trends, Porter's Five Forces Analysis, value chain analysis, and key trend analysis.

Competition Landscape: Market share analysis by company (2023), company profiles, product portfolio, sales footprint, key subsidiaries or distributors, strategy and recent developments, and key financials.
Format: Electronic (PDF) + Excel

The immersion cooling market (marché du refroidissement par immersion) is set for substantial growth driven by technological advancements, increased investments in data center infrastructure, and rising energy efficiency demands.

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