Immersion Cooling Market Set for Explosive Growth at 14.3% CAGR Through 2031, Led by North America's 35.4% Market Share | Key Players - Fujitsu Limited, Green Revolution Cooling Inc., Submer Technologies

The Immersion Cooling Market is expected to grow at a CAGR of 14.3% during the forecast period 2024-2031.

Market growth is driven by surging demand for energy-efficient data center cooling amid AI and hyperscale computing expansion, rising power densities in high-performance computing (HPC) systems, and sustainability mandates to reduce carbon footprints. Advancements in single-phase and two-phase immersion fluids, adoption by cloud giants like Microsoft and Google, growing investments in edge computing infrastructure, and supportive regulations for green data centers are further accelerating market expansion.

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Key Industry Developments

United States:
✅ January 2026: Shell launched its Direct Liquid Cooling Fluid, a propylene glycol-based immersion solution complementing its S3 X and S5 X portfolio for superior heat transfer in AI data centers and high-performance computing, enhancing energy efficiency amid surging U.S. hyperscaler demand.​

✅ October 2025: Shell partnered with QingAn Energy Storage (QAES) to pioneer the world's first immersion-cooled battery energy storage system (BESS), adapting data center cooling tech for U.S.-relevant grid-scale applications with EPA-aligned sustainability goals.​

✅ May 2025: Intel certified Shell's immersion cooling fluids for 4th and 5th Gen Xeon processors, marking a key U.S. regulatory milestone that accelerates adoption by server OEMs and removes major validation barriers for data center operators.​

Asia Pacific / Japan:
✅ October 2025: Shell announced a strategic partnership with China-based QingAn Energy Storage (QAES) for immersion-cooled BESS, targeting Asia Pacific's explosive energy storage growth and aligning with Japan's precision manufacturing standards.​

✅ September 2025: Shell secured a renewable power management deal with Google for its Waltham Cross data center, extending immersion cooling ecosystem influence into Asia Pacific supply chains via cross-regional tech integration.​

✅ June 2025: Shell expanded its immersion portfolio with a new Direct Liquid Cooling fluid launch, supporting Japan's high-density computing needs in semiconductor fabs and AgTech data processing hubs for optimized thermal management.​

Key Players:
Fujitsu Limited | Green Revolution Cooling Inc. | Submer Technologies | Asperitas | LiquidStack | Midas Immersion Cooling | Iceotope Technologies Limited | Liquidcool Solutions, Inc. | Downunder Geosolutions Pty Ltd | DCX - The Liquid Cooling Company

Strategic Leadership Report: Top 5 Players in Immersion Cooling Market 2026
-Green Revolution Cooling Inc.: Launched the ICEraQ Series with high-density immersion cooling for data centers, delivering up to 100kW per rack while reducing energy consumption by 40% through single-phase dielectric fluid technology.

-Submer Technologies: Introduced the SmartPod XE with modular immersion tanks and AI-optimized thermal management, enabling 50% higher compute density and predictive maintenance for hyperscale AI workloads.

-LiquidStack: Deployed the CDU-integrated immersion systems supporting two-phase cooling cycles, achieving PUE below 1.03 and seamless integration with NVIDIA GPUs for extreme HPC environments.

-Asperitas: Advanced the DFC - Direct Fluid Cooling solution with natural convection immersion racks, providing silent operation and 95% heat reuse potential for sustainable edge computing deployments.

-Iceotope Technologies Limited: Rolled out the KUL AI platform with precision dielectric fluid delivery at chip level, offering 40% lower latency cooling and 1.2x density gains for next-gen AI supercomputing clusters.

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Regional Insights:
-North America holds the largest share of the Immersion Cooling Market at 35.4%, driven by advanced data centers and high adoption of AI technologies.
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-Asia Pacific follows with around 29% (exact figures vary by report but consistently second), fueled by rapid data center growth in China and India.

-Europe accounts for approximately 21%, supported by energy efficiency regulations and investments in sustainable cooling.
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Key Growth Drivers:
-Surge in AI and high-performance computing (HPC) demand, requiring efficient heat management for dense server racks.

-Rising edge computing needs, enabling compact, space-efficient cooling in telecom, healthcare, and finance applications.

-Energy efficiency gains, cutting data center power use by up to 50% compared to air cooling while lowering operational costs.

-Sustainability push and regulations favoring green data centers, driven by reduced carbon footprints and eco-friendly fluids.

-Expansion of cryptocurrency mining and blockchain, boosting high-density cooling for energy-intensive operations.
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Market Segmentation Analysis:
-By Product: Single-Phase Leads for Simplicity and Cost
Single-phase immersion cooling dominates at 70% market share in 2024, preferred for its straightforward design, lower maintenance, and efficiency in data center heat dissipation without phase change complexity.
Two-phase immersion cooling holds 30%, excelling in high-density cooling via vaporization but limited by higher costs and fluid handling needs.

-By Cooling Fluid: Mineral Oil Tops for Affordability
Mineral oil commands 45% share, valued for its low cost, high thermal stability, and compatibility in large-scale immersion systems.
Fluorocarbon-based fluid follows at 25%, ideal for two-phase setups due to low boiling points and non-flammability.
Synthetic oil and others split 30%, offering specialized properties like bio-degradability but facing scalability hurdles.

-By Application: High-Performance Computing Holds Largest Share
High-performance computing leads at 40% share, driven by massive data centers needing superior thermal management for AI workloads.
Edge computing takes 25%, enabling compact, low-latency cooling in distributed networks.
Artificial intelligence (20%), cryptocurrency mining (10%), and others (5%) follow, with AI surging on compute-intensive training demands.

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