2상 데이터센터 액침 냉각 시장 규모, 점유율, 성장 및 세계의 산업 분석 : 유형별, 용도별, 지역별 인사이트 및 예측(2024-2032년)

Growth Factors of two-phase data center liquid immersion cooling Market

The global two-phase data center liquid immersion cooling market is experiencing accelerated growth as the demand for high-performance computing, AI-driven workloads, and hyperscale data center operations intensifies worldwide. According to the latest industry data, the market was valued at USD 375.45 million in 2024, reflecting rising adoption of advanced cooling technologies to support high-density computing clusters. In 2025, the market is expected to reach USD 431.37 million, driven by expanding cloud services, generative AI requirements, and large-scale data center investments. By 2032, the market is projected to surge to USD 1,188.01 million, showcasing strong momentum with a CAGR of 15.57% during the assessment period.

North America dominated global demand in 2024 with a 41.7% market share, driven by increased deployment of AI infrastructure, rapid hyperscale expansion, and the presence of major technology providers.

Rising Demand for Efficient Cooling in High-Density Data Centers

Two-phase liquid immersion cooling technology is rapidly gaining significance as data centers face rising thermal loads driven by GPUs, AI accelerators, and advanced HPC systems. Traditional air-based cooling methods fall short for next-generation computing equipment, prompting the transition to immersion-based cooling systems. This method is particularly effective for high-density operations where power consumption and heat dissipation reach extreme levels.

Post-pandemic digital acceleration and data consumption growth have fueled investments in new data centers and modernization of existing facilities. Companies such as Delta Electronics, 3M, Giga-Byte Technology, Chemours, and Green Revolution Cooling are expanding product portfolios to cater to both small facilities and massive hyperscale operators.

Impact of Generative AI on Cooling Technology

Generative AI has emerged as one of the most influential factors reshaping thermal management strategies in data centers. AI workloads rely on large GPU clusters that generate significantly higher heat than traditional servers. As enterprises adopt powerful AI-driven systems, cooling infrastructure must adapt accordingly. Two-phase immersion cooling is becoming a preferred solution due to its ability to efficiently dissipate high heat loads while reducing power usage and ensuring sustainability.

In May 2024, LiquidStack demonstrated its cutting-edge two-phase immersion cooling system with Cisco, showcasing its relevance for AI-centric data centers. As AI adoption grows, demand for efficient cooling solutions will continue to rise.

Market Trends and Growth Dynamics

Hyperscale Expansion and 5G Deployment

With rapid growth in hyperscale cloud data centers, operators are adopting immersion cooling to manage high-density racks and AI training loads. According to Synergy Research Group, the number of hyperscale data centers was estimated at 1,136 in 2024, rising sharply from 734 in 2020. The roll-out of 5G networks across major economies further accelerates computing needs at the edge, boosting immersion cooling adoption.

Energy Efficiency and Sustainability as Core Priorities

Organizations are increasingly evaluating cooling efficiency due to rising energy costs and strict environmental regulations. Two-phase immersion cooling improves rack density, reduces power usage, and enhances space efficiency-critical advantages for operators in densely populated urban regions.

Challenges: High Capital Investment and Complex Deployment

Although immersion cooling offers long-term operational savings, initial installation costs remain high. Facilities require infrastructure redesign, specialized tanks, and dielectric fluids, which increases capital expenditure. Environmental concerns over certain cooling fluids may also impact adoption in sensitive regions.

Segmentation Highlights

By Component

• Solution segment leads due to rising adoption of enterprise servers and GPUs.
• Services segment held 29% share in 2024.

By Application

• High-Performance Computing (HPC) holds the largest share due to continuous heavy workloads.
• AI segment expected to record the highest CAGR at 17.13%.
• Edge computing segment expected to reach 8% market share in 2025.

By Cooling Fluid

• Fluorocarbon-based fluids dominate due to high dielectric strength.
• Synthetic fluids projected to grow with the highest CAGR of 17.91%.

By Data Center Type

• Large data centers are the dominant users with an expected 84% share in 2025.

By End Users

• Cloud service providers (CSPs) remain the largest end users.
• Colocation providers expected to hold 28% share in 2025.

Regional Outlook

North America

• Market size valued at USD 156.6 million in 2024.
• U.S. projected to reach USD 159.81 million in 2025 due to rising AI adoption and 5G investments.

Europe

• Expected to reach USD 122.13 million in 2025, driven by strict energy efficiency standards.
• U.K. market: USD 29.9 million, Germany: USD 22.7 million, France: USD 16.01 million in 2025.

Asia Pacific

• Expected to reach USD 101.03 million in 2025.
• China valued at USD 37.55 million, India at USD 19.47 million, Japan at USD 13.32 million.

Conclusion

Backed by AI acceleration, hyperscale expansion, and energy-efficiency demands, the global two-phase data center liquid immersion cooling market is set for substantial growth-from USD 375.45 million in 2024 to USD 1,188.01 million in 2032. As enterprises embrace sustainable and high-density computing, immersion cooling will play a pivotal role in the global data center ecosystem.

Segmentation By Component

• Solution
  • Direct Immersion Cooling
  • Indirect Immersion Cooling
• Services

By Application

• High-Performance Computing (HPC)
• Edge Computing
• Artificial Intelligence (AI)
• Cryptocurrency Mining
• Others (Cloud Gaming, OTT Platforms, etc.)

By Cooling Fluid

• Mineral Oil
• Deionized Water
• Fluorocarbon-based Fluids
• Synthetic Fluids

By Data Center Type

• Small and Medium Sized Data Centers
• Large Data Centers

By End Users

• Cloud Service Providers (CSPs)
• Colocation Data Center Providers
• Center Providers
• ISP & Telco
• Enterprise

By Region

• North America (By Component, By Application, By Cooling Fluid, By Data Center Type, By End Users, and By Country)
  • U.S.
  • Canada
  • Mexico
• South America (By Component, By Application, By Cooling Fluid, By Data Center Type, By End Users, and By Country)
  • Brazil
  • Argentina
  • Rest of South America
• Europe (By Component, By Application, By Cooling Fluid, By Data Center Type, By End Users, and By Country)
  • U.K.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Benelux
  • Nordics
  • Rest of Europe
• Asia Pacific (By Component, By Application, By Cooling Fluid, By Data Center Type, By End Users, and By Country)
  • China
  • India
  • Japan
  • South Korea
  • ASEAN
  • Oceania
  • Rest of Asia Pacific
• Middle East & Africa (By Component, By Application, By Cooling Fluid, By Data Center Type, By End Users, and By Country)
  • Turkey
  • Israel
  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Key Market Players Profiled in the Report Boyd (U.S.), Delta Electronics, Inc. (Taiwan), GIGA-BYTE Technology Co., Ltd. (Taiwan), Green Revolution Cooling Inc. (U.S.), LiquidStack Holding B.V. (U.S.), Mitsubishi Heavy Industries Group (Japan), 3M (U.S.), The Chemours Company (U.S.), Vertiv Holdings Co. (U.S.), and Wiwynn Corporation (Taiwan)

Table of Content

1. Introduction

• 1.1. Definition, By Segment
• 1.2. Research Methodology/Approach
• 1.3. Data Sources

2. Executive Summary

3. Market Dynamics

• 3.1. Macro and Micro Economic Indicators
• 3.2. Drivers, Restraints, Opportunities and Trends
• 3.3. Impact of Generative AI

4. Competition Landscape

• 4.1. Business Strategies Adopted by Key Players
• 4.2. Consolidated SWOT Analysis of Key Players
• 4.3. Global Two-Phase Data Center Liquid Immersion Cooling Key Players (Top 3 - 5) Market Share/Ranking, 2024

5. Global Two-Phase Data Center Liquid Immersion Cooling Market Size Estimates and Forecasts, By Segments, 2019-2032

• 5.1. Key Findings
• 5.2. By Component (USD Million)
  • 5.2.1. Solution
    • 5.2.1.1. Direct Immersion Cooling
    • 5.2.1.2. Indirect Immersion Cooling
  • 5.2.2. Services
• 5.3. By Application (USD Million)
  • 5.3.1. High-Performance Computing (HPC)
  • 5.3.2. Edge Computing
  • 5.3.3. Artificial Intelligence (AI)
  • 5.3.4. Cryptocurrency Mining
  • 5.3.5. Others (Cloud Gaming, OTT Platforms, etc.)
• 5.4. By Cooling Fluid (USD Million)
  • 5.4.1. Mineral Oil
  • 5.4.2. Deionized Water
  • 5.4.3. Fluorocarbon-based Fluids
  • 5.4.4. Synthetic Fluids
• 5.5. By Data Center Type (USD Million)
  • 5.5.1. Small and Medium Sized Data Centers
  • 5.5.2. Large Data Centers
• 5.6. By End Users (USD Million)
  • 5.6.1. Cloud Service Providers (CSPs)
  • 5.6.2. Colocation Data Center Providers
  • 5.6.3. ISP & Telco
  • 5.6.4. Enterprise
• 5.7. By Region (USD Million)
  • 5.7.1. North America
  • 5.7.2. Europe
  • 5.7.3. Asia Pacific
  • 5.7.4. Middle East & Africa
  • 5.7.5. South America

6. North America Two-Phase Data Center Liquid Immersion Cooling Market Size Estimates and Forecasts, By Segments, 2019-2032

• 6.1. Key Findings
• 6.2. By Component (USD Million)
  • 6.2.1. Solution
    • 6.2.1.1. Direct Immersion Cooling
    • 6.2.1.2. Indirect Immersion Cooling
  • 6.2.2. Services
• 6.3. By Application (USD Million)
  • 6.3.1. High-Performance Computing (HPC)
  • 6.3.2. Edge Computing
  • 6.3.3. Artificial Intelligence (AI)
  • 6.3.4. Cryptocurrency Mining
  • 6.3.5. Others (Cloud Gaming, OTT Platforms, etc.)
• 6.4. By Cooling Fluid (USD Million)
  • 6.4.1. Mineral Oil
  • 6.4.2. Deionized Water
  • 6.4.3. Fluorocarbon-based Fluids
  • 6.4.4. Synthetic Fluids
• 6.5. By Data Center Type (USD Million)
  • 6.5.1. Small and Medium Sized Data Centers
  • 6.5.2. Large Data Centers
• 6.6. By End Users (USD Million)
  • 6.6.1. Cloud Service Providers (CSPs)
  • 6.6.2. Colocation Data Center Providers
  • 6.6.3. ISP & Telco
  • 6.6.4. Enterprise
• 6.7. By Country (USD Million)
  • 6.7.1. U.S.
  • 6.7.2. Canada
  • 6.7.3. Mexico

7. Europe Two-Phase Data Center Liquid Immersion Cooling Market Size Estimates and Forecasts, By Segments, 2019-2032

• 7.1. Key Findings
• 7.2. By Component (USD Million)
  • 7.2.1. Solution
    • 7.2.1.1. Direct Immersion Cooling
    • 7.2.1.2. Indirect Immersion Cooling
  • 7.2.2. Services
• 7.3. By Application (USD Million)
  • 7.3.1. High-Performance Computing (HPC)
  • 7.3.2. Edge Computing
  • 7.3.3. Artificial Intelligence (AI)
  • 7.3.4. Cryptocurrency Mining
  • 7.3.5. Others (Cloud Gaming, OTT Platforms, etc.)
• 7.4. By Cooling Fluid (USD Million)
  • 7.4.1. Mineral Oil
  • 7.4.2. Deionized Water
  • 7.4.3. Fluorocarbon-based Fluids
  • 7.4.4. Synthetic Fluids
• 7.5. By Data Center Type (USD Million)
  • 7.5.1. Small and Medium Sized Data Centers
  • 7.5.2. Large Data Centers
• 7.6. By End Users (USD Million)
  • 7.6.1. Cloud Service Providers (CSPs)
  • 7.6.2. Colocation Data Center Providers
  • 7.6.3. ISP & Telco
  • 7.6.4. Enterprise
• 7.7. By Country (USD Million)
  • 7.7.1. U.K.
  • 7.7.2. Germany
  • 7.7.3. France
  • 7.7.4. Italy
  • 7.7.5. Spain
  • 7.7.6. Russia
  • 7.7.7. Benelux
  • 7.7.8. Nordics
  • 7.7.9. Rest of Europe

8. Asia Pacific Two-Phase Data Center Liquid Immersion Cooling Market Size Estimates and Forecasts, By Segments, 2019-2032

• 8.1. Key Findings
• 8.2. By Component (USD Million)
  • 8.2.1. Solution
    • 8.2.1.1. Direct Immersion Cooling
    • 8.2.1.2. Indirect Immersion Cooling
  • 8.2.2. Services
• 8.3. By Application (USD Million)
  • 8.3.1. High-Performance Computing (HPC)
  • 8.3.2. Edge Computing
  • 8.3.3. Artificial Intelligence (AI)
  • 8.3.4. Cryptocurrency Mining
  • 8.3.5. Others (Cloud Gaming, OTT Platforms, etc.)
• 8.4. By Cooling Fluid (USD Million)
  • 8.4.1. Mineral Oil
  • 8.4.2. Deionized Water
  • 8.4.3. Fluorocarbon-based Fluids
  • 8.4.4. Synthetic Fluids
• 8.5. By Data Center Type (USD Million)
  • 8.5.1. Small and Medium Sized Data Centers
  • 8.5.2. Large Data Centers
• 8.6. By End Users (USD Million)
  • 8.6.1. Cloud Service Providers (CSPs)
  • 8.6.2. Colocation Data Center Providers
  • 8.6.3. ISP & Telco
  • 8.6.4. Enterprise
• 8.7. By Country (USD Million)
  • 8.7.1. China
  • 8.7.2. India
  • 8.7.3. Japan
  • 8.7.4. South Korea
  • 8.7.5. ASEAN
  • 8.7.6. Oceania
  • 8.7.7. Rest of APAC

9. Middle East & Africa Two-Phase Data Center Liquid Immersion Cooling Market Size Estimates and Forecasts, By Segments, 2019-2032

• 9.1. Key Findings
• 9.2. By Component (USD Million)
  • 9.2.1. Solution
    • 9.2.1.1. Direct Immersion Cooling
    • 9.2.1.2. Indirect Immersion Cooling
  • 9.2.2. Services
• 9.3. By Application (USD Million)
  • 9.3.1. High-Performance Computing (HPC)
  • 9.3.2. Edge Computing
  • 9.3.3. Artificial Intelligence (AI)
  • 9.3.4. Cryptocurrency Mining
  • 9.3.5. Others (Cloud Gaming, OTT Platforms, etc.)
• 9.4. By Cooling Fluid (USD Million)
  • 9.4.1. Mineral Oil
  • 9.4.2. Deionized Water
  • 9.4.3. Fluorocarbon-based Fluids
  • 9.4.4. Synthetic Fluids
• 9.5. By Data Center Type (USD Million)
  • 9.5.1. Small and Medium Sized Data Centers
  • 9.5.2. Large Data Centers
• 9.6. By End Users (USD Million)
  • 9.6.1. Cloud Service Providers (CSPs)
  • 9.6.2. Colocation Data Center Providers
  • 9.6.3. ISP & Telco
  • 9.6.4. Enterprise
• 9.7. By Country (USD Million)
  • 9.7.1. Turkey
  • 9.7.2. Israel
  • 9.7.3. GCC
  • 9.7.4. North Africa
  • 9.7.5. South Africa
  • 9.7.6. Rest of MEA

10. South America Two-Phase Data Center Liquid Immersion Cooling Market Size Estimates and Forecasts, By Segments, 2019-2032

• 10.1. Key Findings
• 10.2. By Component (USD Million)
  • 10.2.1. Solution
    • 10.2.1.1. Direct Immersion Cooling
    • 10.2.1.2. Indirect Immersion Cooling
  • 10.2.2. Services
• 10.3. By Application (USD Million)
  • 10.3.1. High-Performance Computing (HPC)
  • 10.3.2. Edge Computing
  • 10.3.3. Artificial Intelligence (AI)
  • 10.3.4. Cryptocurrency Mining
  • 10.3.5. Others (Cloud Gaming, OTT Platforms, etc.)
• 10.4. By Cooling Fluid (USD Million)
  • 10.4.1. Mineral Oil
  • 10.4.2. Deionized Water
  • 10.4.3. Fluorocarbon-based Fluids
  • 10.4.4. Synthetic Fluids
• 10.5. By Data Center Type (USD Million)
  • 10.5.1. Small and Medium Sized Data Centers
  • 10.5.2. Large Data Centers
• 10.6. By End Users (USD Million)
  • 10.6.1. Cloud Service Providers (CSPs)
  • 10.6.2. Colocation Data Center Providers
  • 10.6.3. ISP & Telco
  • 10.6.4. Enterprise
• 10.7. By Country (USD Million)
  • 10.7.1. Brazil
  • 10.7.2. Argentina
  • 10.7.3. Rest of South America

11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)

• 11.1. Boyd
  • 11.1.1. Overview
    • 11.1.1.1. Key Management
    • 11.1.1.2. Headquarters
    • 11.1.1.3. Offerings/Business Segments
  • 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.1.2.1. Employee Size
    • 11.1.2.2. Past and Current Revenue
    • 11.1.2.3. Geographical Share
    • 11.1.2.4. Business Segment Share
    • 11.1.2.5. Recent Developments
• 11.2. Delta Electronics, Inc. (Delta Power Solutions)
  • 11.2.1. Overview
    • 11.2.1.1. Key Management
    • 11.2.1.2. Headquarters
    • 11.2.1.3. Offerings/Business Segments
  • 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.2.2.1. Employee Size
    • 11.2.2.2. Past and Current Revenue
    • 11.2.2.3. Geographical Share
    • 11.2.2.4. Business Segment Share
    • 11.2.2.5. Recent Developments
• 11.3. GIGA-BYTE Technology Co., Ltd.
  • 11.3.1. Overview
    • 11.3.1.1. Key Management
    • 11.3.1.2. Headquarters
    • 11.3.1.3. Offerings/Business Segments
  • 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.3.2.1. Employee Size
    • 11.3.2.2. Past and Current Revenue
    • 11.3.2.3. Geographical Share
    • 11.3.2.4. Business Segment Share
    • 11.3.2.5. Recent Developments
• 11.4. Green Revolution Cooling Inc.
  • 11.4.1. Overview
    • 11.4.1.1. Key Management
    • 11.4.1.2. Headquarters
    • 11.4.1.3. Offerings/Business Segments
  • 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.4.2.1. Employee Size
    • 11.4.2.2. Past and Current Revenue
    • 11.4.2.3. Geographical Share
    • 11.4.2.4. Business Segment Share
    • 11.4.2.5. Recent Developments
• 11.5. LiquidStack Holding B.V.
  • 11.5.1. Overview
    • 11.5.1.1. Key Management
    • 11.5.1.2. Headquarters
    • 11.5.1.3. Offerings/Business Segments
  • 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.5.2.1. Employee Size
    • 11.5.2.2. Past and Current Revenue
    • 11.5.2.3. Geographical Share
    • 11.5.2.4. Business Segment Share
    • 11.5.2.5. Recent Developments
• 11.6. Mitsubishi Heavy Industries Group
  • 11.6.1. Overview
    • 11.6.1.1. Key Management
    • 11.6.1.2. Headquarters
    • 11.6.1.3. Offerings/Business Segments
  • 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.6.2.1. Employee Size
    • 11.6.2.2. Past and Current Revenue
    • 11.6.2.3. Geographical Share
    • 11.6.2.4. Business Segment Share
    • 11.6.2.5. Recent Developments
• 11.7. 3M
  • 11.7.1. Overview
    • 11.7.1.1. Key Management
    • 11.7.1.2. Headquarters
    • 11.7.1.3. Offerings/Business Segments
  • 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.7.2.1. Employee Size
    • 11.7.2.2. Past and Current Revenue
    • 11.7.2.3. Geographical Share
    • 11.7.2.4. Business Segment Share
    • 11.7.2.5. Recent Developments
• 11.8. The Chemours Company (Opteon)
  • 11.8.1. Overview
    • 11.8.1.1. Key Management
    • 11.8.1.2. Headquarters
    • 11.8.1.3. Offerings/Business Segments
  • 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.8.2.1. Employee Size
    • 11.8.2.2. Past and Current Revenue
    • 11.8.2.3. Geographical Share
    • 11.8.2.4. Business Segment Share
    • 11.8.2.5. Recent Developments
• 11.9. Vertiv Holdings Co
  • 11.9.1. Overview
    • 11.9.1.1. Key Management
    • 11.9.1.2. Headquarters
    • 11.9.1.3. Offerings/Business Segments
  • 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.9.2.1. Employee Size
    • 11.9.2.2. Past and Current Revenue
    • 11.9.2.3. Geographical Share
    • 11.9.2.4. Business Segment Share
    • 11.9.2.5. Recent Developments
• 11.10. Wiwynn Corporation
  • 11.10.1. Overview
    • 11.10.1.1. Key Management
    • 11.10.1.2. Headquarters
    • 11.10.1.3. Offerings/Business Segments
  • 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
    • 11.10.2.1. Employee Size
    • 11.10.2.2. Past and Current Revenue
    • 11.10.2.3. Geographical Share
    • 11.10.2.4. Business Segment Share
    • 11.10.2.5. Recent Developments