상변화 액침 냉각 서버 시장 보고서 : 동향, 예측, 경쟁 분석(-2035년)

Phase Change Liquid Immersion Cooling Server Market

The future of the global phase change liquid immersion cooling server market looks promising with opportunities in the internet, telecommunication, financial, and government markets. The global phase change liquid immersion cooling server market is expected to reach an estimated $5.1 billion by 2035 from $1.8 billion in 2027 with a CAGR of 13.1% from 2027 to 2035. The major drivers for this market are the increasing demand for energy-efficient cooling solutions, the rising adoption of high-performance computing systems, and the growing need for sustainable data center cooling.

• Lucintel forecasts that, within the type category, AI server is expected to witness higher growth over the forecast period due to increasing computing density calls for more advanced heat dissipation methods.
• Within the application category, internet is expected to witness the highest growth over the forecast period due to adding more data center capacity to meet growing demand for ISP services.
• In terms of regions, APAC is expected to witness the highest growth over the forecast period due to rapidly expanding data centers to support demand for digital economy growth.

Emerging Trends in Phase Change Liquid Immersion Cooling Server Market

The phase change liquid immersion cooling server market is transitioning from niche deployments to infrastructure that supports AI and high-density computing. Lucintel anticipates the adoption of phase change cooling during the 2025-2027 period due to growing rack power requirements, limited water availability, and data center efficiency goals. Operators are expected to consider the total cost of ownership, as opposed to price of cooling equipment, when evaluating future phase change liquid cooling systems.

• AI Power Density: As of March 2025, the GB200 NVL72 platform from NVIDIA pushes rack-level power to 120kW. Phase change cooling systems remove heat at the source, facilitating denser configurations of computing accelerators. The trend toward denser configurations of computing accelerators will persist due to advances in AI training and inference which put increased demands on rack level power in the range of 120kW during 2030.
• Water Efficiency: Water efficiency of cooling systems is becoming a primary consideration for data center operators in regions effected by droughts. Microsoft announced a zero-water cooling design for new data centers in August 2024, and several 2025 projects are evaluating immersions systems. In the next 3-5 years, data center operators will shift site selection and permitting in accordance with water conservation goals.
• Fluids and Regulation: The phase change liquid cooling market will shift to the use of fluids with a low global warming potential (GWP). As 3M completed their exit of PFAS manufacture in December 2025, suppliers will have an incentive to develop new alternative fluids with boiling points and dielectrics comparable to existing fluids. Regulatory controls will impact the sourcing, qualification, and operating costs of cooling systems.
• Modular Deployment: Colocation data center providers are developing factory made immersion tanks that do not require complete construction of hallways. 2025 saw continued deployments by GRC and Liquid Stack of their modular systems based around 20-40 kW cabinets. Standardized modules will help shorten deployment times. * Service-based adoption: Cooling service providers are reducing the burden on customers by offering fluid management, monitoring, and tank maintenance under long-term deals. This will drive adoption of smaller systems in 2025 to 2027 as providers begin to focus more on the service rather than the one-time hardware sale.

Over the coming five years, phase change liquid immersion cooling will dominate markets where economic incentive to avoid air cooling begins to outweigh the potential challenges of higher rack density. Selective adoption will continue for the foreseen future due to the high market entry barriers, such as the cost and disruption of system retrofits, the required chemical certifications and warranties for fluids, and qualification for new fluid immersion technology. The strongest markets for liquid immersion cooling will be AI infrastructure, but water policy will likely constrain market size and growth

Recent Developments in the Phase Change Liquid Immersion Cooling Server Market

Phase change liquid immersion cooling servers will experience an increase in activities through 2025-2027 as artificial intelligence workloads push rack densities beyond what conventional air cooling can accommodate. Lucintel projects market investment will follow hyperscale deployments while suppliers work on refining cooling fluids, service models, and retrofit economics. The market is transitioning from a stage of demonstrations to the development of repeatable energy and space savings goal projects.

• Hyperscale Deployment Commitments: Microsoft increased liquid cooling trials for AI infrastructure in March 2025. This step indicates high demand for systems designed to support racks in excess of 100 kW. This validates phase change designs, and therefore, data center operators now specify immersion-ready capacity for new builds.
• Specialty-fluids Investments: Shell reported that it was developing immersion cooling fluids for data centers in 2025, and focused on dielectric formulations, that aim to lower thermal resistance and reduce the maintenance risk. The availability of commercial fluids may determine if users can go beyond the pilot scale.
• Server-platform Integration: In 2025, Dell Technologies and Intel continued their work to validate liquid cooling systems for high performance computing. They continued to develop capabilities around high-power processors and factory-integrated cooling systems that enhance the sealing and monitoring of liquid cooling systems, lowering their complexity to a level suitable for colocation systems.
• Data-center Efficiency Mandates: The revised Energy Efficiency Directive of the European Union began influencing reporting and influencing infrastructure planning in 2025. This directive places a greater focus on the energy performance of data centers. Operators will be motivated to invest in this technology to improve the power usage effectiveness and lower cooling infrastructure costs.
• AI Infrastructure Expansion: With Nvidia's data center revenue of $115.2 billion for fiscal year 2025 (reported in February 2025), we now understand the scope of the growth of accelerator-centered capacity. Increased heat loads will drive data center operators towards immersion computing architectures (especially where mechanical cooling infrastructure will not allow for more power onto the grid).

There are good financial reasons for operators to use immersion architectures, but those reasons wholly rest on reducing lifecycle costs. Operators need immersion technology that will allow them to recover liquids, compliance with fire codes, and will provide reliable services. Companies that can deliver systems integrated with fluid chilling technology and include server and controls packages and monitoring systems will be able to provide systems with expedited delivery. Over the next five years, AI density, restricted power availability, and increasing efficiency demands will push advanced data center design to incorporate immersion computing for some main-stream data center deployments. There will still be very uneven growth rates as fluid standards will slow adoption as will the costs of retrofitting.

Strategic Growth Opportunities in the Phase Change Liquid Immersion Cooling Server Market

The increased rack power density. These are causing issues for data center operators due to increasing electricity, water, and space needs. Lucintel predicts that, in the next few years, new client projects will increase, thanks to the hyperscalers and a focus on efficiency.

• High Performance and AI Workloads: Liquid immersion cooling is used to address dense rack mount GPU workloads that become uneconomical with air cooling. NVIDIA launched the GB200 NVL72 platform in March 2024 and is able to fit 72 GPUs per rack, highlighting the design's thermal limits. Over the next 3-5 years, immersion cooling will see the greatest demand for workload deployment due to AI infrastructure workloads.
• Edge and Telecom Deployments: Cooling technology with low thermal capacity and low maintenance cooling systems are needed in edge deployments. According to the GSMA, mobile data traffic continued to increase sharply in February 2025. This supports the deployment of thermally efficient edge computing.
• Low Carbon Premium Data Centers: Data center operators are looking for chiller utilization alternatives and water minimization designs. Microsoft announced in August 2024 that the design of its newest data centers will be without water cooling. This will also create demand for phase change systems as clients start linking procurement decisions to their water stewardship and carbon reporting goals.
• Retrofit and Colocation Solutions: Present infrastructure provides a large target customer base because legacy racks cannot accommodate AI hardware. Equinix reported 280 data centers spanning 72 metro areas in February 2025. Immersions tanks can offer flexible, collocated AI solutions. It provides additional service offerings with a large potential revenue stream.
• Specialized Fluids and Lifecycle Services: Fluid formulation and management further enhance profit potential beyond equipment sales. With the October 2025 launch of their expanded activity of immersion-cooling fluids, Shell illustrates the market's interest. In the next 3-5 years, validated fluid systems with simplified environmental compliance should allow customers to replace warranty risk systems.

Combining hardware and software solutions should be the goal of most suppliers. However, because of the expected uneven demand, AI clusters and space restricted facilities should take priority over conventional enterprise sites. Thriving in this market requires significant field coverage, compelling data, and feasible financing options. Other components should be improved to ensure reliable performance. In the end, potential customers will be most concerned with product reliability.

Phase Change Liquid Immersion Cooling Server Market Drivers and Challenges

The strong emphasis on artificial intelligence and rapid development of other cooled data center activities is driving the phase change liquid immersion cooling server market. Investments in customer demand, infrastructure, and manufacturing based on available technological advances and modifications of regulatory demands are some of the factors that support the expected market growth. High capital costs and limited supply chains, safety concerns, and rapidly evolving standards pose restraints. Lucintel sees the strong market potential.

The factors responsible for driving this market include:

• Artificial Intelligence Workloads: With the rapid deployment of artificial intelligence and high-performance computing, along with large language models, there is a rapid increase in the power density of racks. A number of major data center operators continue to announce large-scale artificial intelligence deployments, further perpetuating demand for pharmaceutical cooling in data center infrastructure. Phase change immersion systems can absorb heat right at the source and help maintain optimal performance of the servers. In the next three to five years, dominant servers with sophisticated processors and more accelerated computing will entice data center operators to deploy cooling technologies capable of supporting high heat loads in small spaces.
• Energy Efficiency: Price increases and the strategic use of sustainability targets drive data centers to reduce the energy consumed by cooling. Increasing electricity demand and the resulting high costs mean substantial growth for data centers and continue to challenge the industry in 2025. Cooling systems consume a large percentage of a facility's total energy. There are opportunities to reduce the energy consumed by data centers using innovative phase change systems to cool data centers. Phase change systems allow data centers to depend less on air conditioning, resulting in greater energy efficiency and better thermal equality with less cooling equipment. Over the next three to five years, energy consumption will drive demands for higher energy efficiency and demands for lower carbon emissions. This will further drive the use of immersion cooling technologies.
• Data-center Expansion: Increasing demand for cloud and edge computing, digital services, and AI will continue to drive new data center investments. By January of 2025, the capacity planning for data centers remained strongly influenced by the growth of artificial intelligence and higher rack densities. Data centers can adopt high-density computing in locations that have less available space for air cooling using phase change immersion cooling technology. This technology also supports retrofits and specialized high-performance installations. In the next three to five years, the digital infrastructure will increase and provide further opportunities for immersion cooling systems in enterprise, hyperscale, and colocation data centers.
• Product Innovation: Recent advancements in dielectric fluids, sealed tanks, heat exchangers, monitoring software, and server compatibility are making immersion cooling systems easier to implement. In 2025, many suppliers said they were working to develop systems that integrate more hardware, take less time to maintain, and have a greater capacity to handle larger thermal loads. Improvements like this are expected to make systems more serviceable and have more stable performance characteristics. Improvements in sensors and controls are also enabling the monitoring of fluid conditions and equipment health more readily. It is expected product innovations will continue to decrease the barriers of adoption over the next 3 to 5 years, and phase change cooling will shift from rare, unique deployments to standard deployments in data centers.
• Infrastructure and Regulatory Pressure: Governments and utilities have begun to examine the power and water consumption of data centers, as well as their impact on the environment. In 2025, the European Union continued to mandate that data center operators provide reports about the energy efficiency of their operations. The use of phase change immersion cooling can enable data center operators to become less reliant on water and more efficient with respect to their power consumption. Because of the expected regulatory environment and the anticipated utility environment, data center operators will probably select technologies that provide greater computing capacity in less space and less power. In the next 3 to 5 years, cooling systems will be impacted by changes in regulations related to efficiency and sustainability, and changes related to permitting.

The challenges facing this market include:

• The Outlay at The Outset: Due to the highly technical nature of this type of cooling, initial outlay not only includes the design and creation of the immersion tanks, but also dielectric fluids, and cooling machinery as well as risk-considerate server installation. In 2025, capital discipline was still a priority for the majority of project developers, as the construction and electricity infrastructure costs remained as they were. All of this negatively impacts the justification for small scale deployments and lower density applications. Consideration must be given to potential savings due to reduced cooling costs over time as well as longer equipment lifespans. Adoption and deployment are expected to occur over the next 3 to 5 years with decreased prices on systems, improvements in financing, and conclusively positive lifecycle economics.
• Compatibility and Maintenance: The first construction of an immersion cooled data center can involve service agreement modifications, design changes, fire protection, and staff relearning as well as training. For 2025, the majority of the data centers opted to use air cooled equipment due to the economies of scale, coupled with a sympathetic service network. Since 2025, a number of challenges and potential concerns revolve around the complexities of operations involving the handling of fluids, component replacement, and keeping the system free of contamination and impurities as well as staff who lack the necessary specialization. In the next 3 to 5 years, confidence and deployment risk can be reduced with improvements in design and manufacture, remote monitoring, and staff specialization training.
• Fluid, Safety, and Standardization Concerns: Dielectric fluids must maintain a consistent level of thermal performance without compromising safety, environmental, storage, or disposal concerns. In 2025, customers showed more interest in fluid chemistry and sustainability and more long-term material partnerships. Speed bumps to procurement and system integrations with inconsistent specifications provided by various suppliers. Uncertainty remains about leaks, potential fluid handling problems, and the end of life treatment of the fluid. In the next 3 to 5 years, the industry will have to pay more attention to advances in fluid management and standardized testing in order to create a more adverse business climate for the competition.

The phase change liquid immersion cooling server market has huge opportunity for growth due to the changing landscape of data center design for artificial intelligence, high density computing, energy costs, and sustainability. Innovation and growth in supporting infrastructure will allow for adoption. Even with the challenges created by capital costs, compatibility, complexity and maintenance of fluid systems, and the associated risks, the market will grow with standardized equipment, reliable supply chains, validated lifecycle savings, and a trained service staff. As deployments mature, phase change immersion cooling is likely to move from specialized applications towards broader use in various markets like hyperscale, enterprise, edge, and high performance computing.

List of Phase Change Liquid Immersion Cooling Server Market Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Through these strategies phase change liquid immersion cooling server market companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the phase change liquid immersion cooling server market companies profiled in this report include-

• Dell
• HPE
• Cisco
• Supermicro
• 2CRSI
• H3C
• GIGABYTE

Phase Change Liquid Immersion Cooling Server Market by Segment

The study includes a forecast for the global phase change liquid immersion cooling server market by type, application, and region.

Phase Change Liquid Immersion Cooling Server Market by Type [Value ($B) from 2019 to 2035]:

• AI Server
• General Purpose Server
• Others

Phase Change Liquid Immersion Cooling Server Market by Application [Value ($B) from 2019 to 2035]:

• Internet
• Telecommunications
• Financial
• Government
• Others

Phase Change Liquid Immersion Cooling Server Market by Region [Value ($B) from 2019 to 2035]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

Country Wise Outlook for the Phase Change Liquid Immersion Cooling Server Market

Development of liquid immersion cooling technology is closely related to hyperscale AI deployment, tighter regulations and strategic investments in advanced thermal management. As per Lucintel's latest analysis, leading market vendors are spreading their offerings beyond specialized applications. As of 2027, vendor offerings are predicted to have generalized further.

• U.S.: Microsoft continues to test two-phase immersion cooling solutions for high-density AI infrastructure, and Intel made some progress on liquid cooled Xeon and accelerator platforms (April 2025). These reported developments and deployments are important, as the market demand and the prevalence of AI and high density infrastructure in data centers increases, with supply following close behind.
• China: The Ministry of Industry and Information Technology announced green and low-carbon data centers as priority policy areas, and Sugon has made the first commercialized immersion cooling systems for AI deployments (May 2025). Local policy, system integration, and the establishments of domestic supply chains are predicted to reduce reliance on imported cooling systems in the next three to five years.
• Germany: Data centers of any kind constructed after July 2026 will require a power usage effectiveness of 1.2, along with more stringent server heat-reuse requirements (July 2026). These requirements will encourage operators to take a serious look at immersion and server heat-reuse technologies when they consider upgrading high-density data centers.
• India: CtrlS plans to add 1.3 GW of data centers in Hyderabad, along with new cooling and renewable energy infrastructure (June 2025). The continuously growing demand for AI and colocation in India will create a demand for more data centers, and with new supply, will create a need for advanced immersion technologies in the region.
• Japan: NTT DATA and Schneider Electric continue collaboration on liquid cooling solutions for Japanese data centers. The partnership now supports high-density computing deployments (February 2025). These types of partnerships combining facility engineering with thermal-management equipment will reduce the deployment times and increase customer confidence for phase change cooling for AI infrastructures.

Features of the Global Phase Change Liquid Immersion Cooling Server Market

• Market Size Estimates: phase change liquid immersion cooling server market size estimation in terms of value ($B).
• Trend and Forecast Analysis: Market trends (2019 to 2026) and forecast (2027 to 2035) by various segments and regions.
• Segmentation Analysis: phase change liquid immersion cooling server market size by type, application, and region in terms of value ($B).
• Regional Analysis: phase change liquid immersion cooling server market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
• Growth Opportunities: Analysis of growth opportunities in different type, application, and regions for the phase change liquid immersion cooling server market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape of the phase change liquid immersion cooling server market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

If you are looking to expand your business in this or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the phase change liquid immersion cooling server market by type (AI server, general purpose server, and others), application (internet, telecommunications, financial, government, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 7 years and what has its impact been on the industry?

Table of Contents

1. Executive Summary

2. Market Overview

• 2.1 Background and Classifications
• 2.2 Supply Chain

3. Market Trends & Forecast Analysis

• 3.1 Macroeconomic Trends and Forecasts
• 3.2 Industry Drivers and Challenges
• 3.3 PESTLE Analysis
• 3.4 Patent Analysis
• 3.5 Regulatory Environment

4. Global Phase Change Liquid Immersion Cooling Server Market by Type

• 4.1 Overview
• 4.2 Attractiveness Analysis by Type
• 4.3 AI Server : Trends and Forecast 2019 to 2035
• 4.4 General Purpose Server : Trends and Forecast 2019 to 2035
• 4.5 Others : Trends and Forecast 2019 to 2035

5. Global Phase Change Liquid Immersion Cooling Server Market by Application

• 5.1 Overview
• 5.2 Attractiveness Analysis by Application
• 5.3 Internet : Trends and Forecast 2019 to 2035
• 5.4 Telecommunications : Trends and Forecast 2019 to 2035
• 5.5 Financial : Trends and Forecast 2019 to 2035
• 5.6 Government : Trends and Forecast 2019 to 2035
• 5.7 Others : Trends and Forecast 2019 to 2035

6. Regional Analysis

• 6.1 Overview
• 6.2 Global Phase Change Liquid Immersion Cooling Server Market by Region

7. North American Phase Change Liquid Immersion Cooling Server Market

• 7.1 Overview
• 7.2 North American Phase Change Liquid Immersion Cooling Server Market by Type
• 7.3 North American Phase Change Liquid Immersion Cooling Server Market by Application
• 7.4 The United States Phase Change Liquid Immersion Cooling Server Market
• 7.5 Canadian Phase Change Liquid Immersion Cooling Server Market
• 7.6 Mexican Phase Change Liquid Immersion Cooling Server Market

8. European Phase Change Liquid Immersion Cooling Server Market

• 8.1 Overview
• 8.2 European Phase Change Liquid Immersion Cooling Server Market by Type
• 8.3 European Phase Change Liquid Immersion Cooling Server Market by Application
• 8.4 German Phase Change Liquid Immersion Cooling Server Market
• 8.5 French Phase Change Liquid Immersion Cooling Server Market
• 8.6 Italian Phase Change Liquid Immersion Cooling Server Market
• 8.7 Spanish Phase Change Liquid Immersion Cooling Server Market
• 8.8 The United Kingdom Phase Change Liquid Immersion Cooling Server Market

9. APAC Phase Change Liquid Immersion Cooling Server Market

• 9.1 Overview
• 9.2 APAC Phase Change Liquid Immersion Cooling Server Market by Type
• 9.3 APAC Phase Change Liquid Immersion Cooling Server Market by Application
• 9.4 Chinese Phase Change Liquid Immersion Cooling Server Market
• 9.5 Indian Phase Change Liquid Immersion Cooling Server Market
• 9.6 Japanese Phase Change Liquid Immersion Cooling Server Market
• 9.7 South Korean Phase Change Liquid Immersion Cooling Server Market
• 9.8 Indonesian Phase Change Liquid Immersion Cooling Server Market

10. ROW Phase Change Liquid Immersion Cooling Server Market

• 10.1 Overview
• 10.2 ROW Phase Change Liquid Immersion Cooling Server Market by Type
• 10.3 ROW Phase Change Liquid Immersion Cooling Server Market by Application
• 10.4 Middle Eastern Phase Change Liquid Immersion Cooling Server Market
• 10.5 South American Phase Change Liquid Immersion Cooling Server Market
• 10.6 African Phase Change Liquid Immersion Cooling Server Market

11. Competitor Analysis

• 11.1 Product Portfolio Analysis
• 11.2 Operational Integration
• 11.3 Porter's Five Forces Analysis
  • Competitive Rivalry
  • Bargaining Power of Buyers
  • Bargaining Power of Suppliers
  • Threat of Substitutes
  • Threat of New Entrants
• 11.4 Market Share Analysis

12. Opportunities & Strategic Analysis

• 12.1 Value Chain Analysis
• 12.2 Growth Opportunity Analysis
  • 12.2.1 Growth Opportunity by Type
  • 12.2.2 Growth Opportunity by Application
• 12.3 Emerging Trends in the Global Phase Change Liquid Immersion Cooling Server Market
• 12.4 Strategic Analysis
  • 12.4.1 New Product Development
  • 12.4.2 Certification and Licensing
  • 12.4.3 Mergers, Acquisitions, Agreements, Collaborations, and Joint Ventures

13. Company Profiles of the Leading Players Across the Value Chain

• 13.1 Competitive Analysis Overview
• 13.2 Dell
  • Company Overview
  • Phase Change Liquid Immersion Cooling Server Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.3 HPE
  • Company Overview
  • Phase Change Liquid Immersion Cooling Server Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.4 Cisco
  • Company Overview
  • Phase Change Liquid Immersion Cooling Server Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.5 Supermicro
  • Company Overview
  • Phase Change Liquid Immersion Cooling Server Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.6 2CRSI
  • Company Overview
  • Phase Change Liquid Immersion Cooling Server Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.7 H3C
  • Company Overview
  • Phase Change Liquid Immersion Cooling Server Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing
• 13.8 GIGABYTE
  • Company Overview
  • Phase Change Liquid Immersion Cooling Server Market Business Overview
  • New Product Development
  • Merger, Acquisition, and Collaboration
  • Certification and Licensing

14. Appendix

• 14.1 List of Figures
• 14.2 List of Tables
• 14.3 Research Methodology
• 14.4 Disclaimer
• 14.5 Copyright
• 14.6 Abbreviations and Technical Units
• 14.7 About Us
• 14.8 Contact Us