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Cooling Revolution: Liquid Cooling Systems Market Report 2024
Liquid Cooling Systems Market Research
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According to The Business Research Company's, The liquid cooling systems market size has grown exponentially in recent years. It will grow from $5.06 billion in 2023 to $6.08 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in the manufacturing industry, increased demand for electric vehicles and the rise in demand for high-performance computing (hpc) systems.
The liquid cooling systems market size is expected to see exponential growth in the next few years. It will grow to $12.86 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to the emergence of new data centers, the rise in demand among smartphone manufacturers, government initiatives and the rising urbanization. Major trends in the forecast period include focus on direct water-cooling technology, the use of 3d technology, focus on self-contained liquid cooling systems, focus on product launches and strategic partnerships and collaborations.
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Market Drivers and Trends:
The emergence of new data centers is a significant driver that will support the growth of the liquid cooling systems market in the forecast period. As the digital transformation and demand for cloud computing services continue to surge, data centers play a pivotal role in storing, managing, and processing vast amounts of data. However, data centers generate substantial heat from high-performance servers and networking equipment, necessitating efficient cooling solutions. Liquid cooling systems help data centers to handle high-power densities and provide superior heat dissipation. According to McKinsey, a global management consulting firm, in the USA, data center power consumption (which reflects the number of servers a data center can house) is forecast to grow by 10% a year until 2030, and the demand is expected to reach 35 gigawatts (GW) by 2030, up from 17 GW in 2022. Therefore, the emergence of new data centers is expected to drive the liquid cooling systems market going forward.
Technological advancements have emerged as a key trend gaining popularity in the liquid cooling system market. Major key players operating in the liquid cooling system market are developing advanced technologies to sustain their position in the liquid cooling system market. For instance, in February 2022, Honeywell, a US-based performance materials and technology company, launched Solstice E-Cooling, a ground-breaking platform of liquid heat transfer agents that efficiently and effectively cool high-performance electronics in comparison to conventional techniques that use air and water. The innovative cooling technology for electronics and data centers uses a two-phase liquid cooling technology to cool electrical applications while minimizing the impact on the environment. Solstice E-Cooling provides for more uniform and energy-efficient cooling, better heat rejection, and less pumping power.
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Major Key Players of the Market:
CIMC Container Holdings Co., Ltd., Singamas Container Holdings Limited, Welfit Oddy Industries Pty Ltd, Chart Industries Inc, Sure Tank, NT Tank, Bewellcn Shanghai Co., Ltd., Cryeng Group, M1 Engineering, Corban Energy Group, Cosco Shipping, Peacock, Leschaco, VTG Tanktainer GmbH, Suttons Group, Royal Dutch Shell, Aker Solutions, Linde, Equinor, Total Energies, Transalex, Load & Go Logistics, Baltica-Trans Co Ltd, M&S Logistics, GATX, ExxonMobil Russia, Stolt-Nielsen Limited, HOYER GmbH, Bulkhaul Ltd, Danteco Industries, Meeberg, Tankformator, THIELMANN, Tankcon, Bertschi AG, Maersk, MSC, TIL Group, Intermodal Tank Transport, NewPort Tank, Aramex, DP World, Icon Middle East
Liquid Cooling Systems Market 2024 Key Insights:
• The liquid cooling systems market size is expected to see exponential growth in the next few years. It will grow to $12.86 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%.
• Impact Of Emerging Data Centers On Liquid Cooling Systems Market Growth
• Impact Of Technological Advancements On Tthe Liquid Cooling Systems Market
• North America was the largest region in the liquid cooling systems market in 2023
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