GPU 침지 냉각 시장 : 시장 점유율 분석, 업계 동향 및 통계, 성장 예측(2026-2031년)

According to Mordor Intelligence, the gPU immersion cooling market size is expected to increase from USD 0.80 billion in 2025 to USD 0.98 billion in 2026 and reach USD 3.27 billion by 2031, growing at a CAGR of 27.37% over 2026-2031.

This report is Segmented by Immersion Type (Single-Phase Immersion Cooling, and Two-Phase Immersion Cooling), Solution Type (Immersion Cooling Tanks/Systems, Dielectric Fluids, and Immersion-Optimized GPU Server Systems), Deployment (Hyperscale/Cloud, Enterprise, and More), GPU Power Density (Below 300W, 300W-700W, and Above 700W), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

Global GPU Immersion Cooling Market Trends and Insights

Increasing Rack Power Density In AI Training Facilities

NVIDIA's internal roadmaps indicate that its GB200 NVL72 rack, which currently delivers 132 kilowatts, is expected to scale up significantly to a range of 240-800 kilowatts per rack by 2028. However, supporting these higher loads requires substantial enhancements to air infrastructure, including the implementation of oversized plenums and auxiliary handlers. These components can consume a considerable portion of a facility's power, accounting for approximately 40-50% of total energy usage. In contrast, immersion cooling solutions offer a more energy-efficient alternative, enabling the maintenance of Power Usage Effectiveness (PUE) values as low as 1.02. This approach has the potential to reduce annual energy consumption by up to 40% for facilities with a 10-megawatt capacity, presenting a compelling case for its adoption in high-performance computing environments.

Accelerated Data-Center Sustainability Mandates

Beginning in 2026, the European Energy Efficiency Directive will require the reuse of heat for sites with energy consumption exceeding 1 megawatt. This regulation effectively establishes liquid cooling systems as the default solution in urban areas across Europe. In Germany, the directive mandates a minimum of 30% heat recovery, further emphasizing the shift toward energy-efficient practices. Similarly, Washington state has set a stringent target of achieving a Power Usage Effectiveness (PUE) of less than 1.2 by 2027, while China has introduced a regulation requiring new hyperscale data center builds to meet a PUE threshold of below 1.25 by 2026. These binding regulatory frameworks are driving the widespread adoption of immersion cooling technologies, marking a significant transformation in energy efficiency standards globally.

Limited Field Service Skill Sets For Immersion Systems

Immersion cooling requires technicians to manage dielectric fluid chemistry, monitor dissolved-gas analysis, and perform hot-swap server maintenance within liquid-filled enclosures, competencies absent from traditional data center training curricula. Equipment manufacturers are responding by launching certification programs; Green Revolution Cooling introduced its ElectroSafe Partner Program in 2022, certifying over 200 technicians globally by 2025, yet this remains insufficient to support the projected deployment pipeline. The skill gap is most acute in emerging markets, where data center infrastructure is expanding rapidly but technical education infrastructure lags. India's Ministry of Electronics and Information Technology has partnered with industry associations to develop immersion-cooling training modules, though widespread deployment is not expected until 2027.

Other drivers and restraints analyzed in the detailed report include:

1. Water Scarcity Driving Liquid-Free Cooling Adoption
2. Declining Cost Curve Of Synthetic Dielectric Fluids
3. Long Qualification Cycles For Tier-1 Cloud Providers

For complete list of drivers and restraints, kindly check the Table Of Contents.

Segment Analysis

Single-phase technology carried 79.22% of the GPU (Graphics Processing Unit) immersion cooling market share in 2025, favored for operational simplicity and lower fluid cost. It integrates with existing chillers and suits enterprise retrofits. Two-phase immersion delivers latent-heat boiling that handles >150 kilowatts per rack and is projected for a 27.54% CAGR, ideal for frontier AI clusters where single-phase approaches thermal ceilings.

Hyperscale pilots, such as Microsoft's GB300 cluster, show two-phase racks operating at 1.06 PUE while eliminating pumps. The trade-off remains the high price of fluorinated fluids and looming PFAS regulations. Even so, rising rack power density and the elimination of active pumping are expected to pull two-phase adoption sharply higher in high-electricity jurisdictions.

In 2025, tanks and external systems accounted for 56.45% of total revenue of the GPU immersion cooling market, highlighting the growing preference for modular pods specifically designed to accommodate off-the-shelf servers. This trend reflects the increasing demand for flexible and scalable solutions in data center infrastructure. While dielectric fluids contribute to a steady and recurring revenue stream, their share of the overall value remains comparatively smaller. Immersion-optimized Graphics Processing Unit servers are projected to achieve a significant 27.66% CAGR, driven by the adoption of factory-sealed chassis by OEMs. These chassis eliminate the need for third-party tanks, streamlining the installation process and delivering cost savings of 10-15% on installed systems.

Supermicro's HGX B300, along with equivalent offerings from Dell, HPE, and Lenovo, integrates advanced features such as condensers and drip-less quick disconnects. However, these innovations result in the establishment of proprietary fluid ecosystems, which may limit interoperability. Vendors that incorporate predictive maintenance analytics and heat-reuse integration into their solutions are gaining a competitive edge. These enhancements align with the market's shift toward vertical integration, enabling companies to differentiate themselves in an increasingly competitive landscape.

Geography Analysis

Asia-Pacific led the Graphics Processing Unit immersion cooling market with 67.34% share in 2025 and will likely post a 28.05% CAGR to 2031. China's mandate for sub-1.25 PUE by 2026 forces liquid adoption for new builds above 10 megawatts. Japan's Green Transformation League grants tax credits for liquid cooling, while Singapore's Green Mark adds bonus points for eliminating evaporative water. India is drafting star-ratings that include immersion incentives expected post-2027.

North America ranks second, anchored by U.S. hyperscalers. Washington state's sub-1.2 PUE law and California's updated Title 24 energy code encourage immersion in new projects. Microsoft's 132-kilowatt racks reached 1.06 PUE, proving commercial viability; Canada and Mexico follow with pilot deployments.

Europe's trajectory is shaped by statutory heat-reuse and carbon costs of EUR 60-90 (USD 70-105) per metric ton. Germany demands 30% waste-heat capture, the U.K. is consulting on mandatory PUE disclosure, and France funds municipal heat integrations. South America and the Middle East and Africa are nascent but motivated by high electricity prices, water scarcity, and sovereign AI programs, with Brazil exploring tariff incentives and the UAE piloting immersion for its national AI strategy.

1. Submer Technologies SL
2. Green Revolution Cooling Inc.
3. LiquidStack Inc.
4. Asperitas B.V.
5. Midas Immersion Cooling
6. Engineered Fluids LLC
7. Shell plc (Immersion Fluids)
8. ZutaCore
9. Hypertec Immersion Cooling
10. Fujitsu Limited
11. Dell Technologies Inc. (OEM Immersion-Ready Servers)
12. Lenovo Group Limited
13. Hewlett Packard Enterprise Company
14. NVIDIA Corporation (Reference Designs)
15. Super Micro Computer Inc.
16. Gigabyte Technology Co., Ltd.
17. Wiwynn Corporation
18. Allied Control Ltd.
19. DCX - The Liquid Cooling Company
20. ExaScaler Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

• 1.1 Study Assumptions and Market Definition
• 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET LANDSCAPE

• 4.1 Market Overview
• 4.2 Market Drivers
  • 4.2.1 Increasing Rack Power Density in AI Training Facilities
  • 4.2.2 Accelerated Data-Center Sustainability Mandates
  • 4.2.3 Water Scarcity Driving Liquid-Free Cooling Adoption
  • 4.2.4 Declining Cost Curve of Synthetic Dielectric Fluids
  • 4.2.5 OEM Release of Immersion-Ready GPU Reference Designs
  • 4.2.6 Carbon-Pricing Policies Elevating TCO Gap vs. Air Cooling
• 4.3 Market Restraints
  • 4.3.1 Limited Field Service Skill Sets for Immersion Systems
  • 4.3.2 Long Qualification Cycles for Tier-1 Cloud Providers
  • 4.3.3 Regulatory Ambiguity Around New PFAS-Free Coolants
  • 4.3.4 High Up-Front CAPEX for Retro-Fit Deployments
• 4.4 Industry Value Chain Analysis
• 4.5 Regulatory Landscape
• 4.6 Technological Outlook
• 4.7 Impact of Macroeconomic Factors on the Market
• 4.8 Porter's Five Forces Analysis
  • 4.8.1 Threat of New Entrants
  • 4.8.2 Bargaining Power of Suppliers
  • 4.8.3 Bargaining Power of Buyers
  • 4.8.4 Threat of Substitutes
  • 4.8.5 Competitive Rivalry

5 MARKET SIZE AND GROWTH FORECASTS (VALUE)

• 5.1 By Immersion Type
  • 5.1.1 Single-Phase Immersion Cooling
  • 5.1.2 Two-Phase Immersion Cooling
• 5.2 By Solution Type
  • 5.2.1 Immersion Cooling Tanks / Systems
  • 5.2.2 Dielectric Fluids
  • 5.2.3 Immersion-Optimized GPU Server Systems
• 5.3 By Deployment
  • 5.3.1 Hyperscale / Cloud
  • 5.3.2 Enterprise
  • 5.3.3 Government and Research (HPC)
• 5.4 By GPU Power Density
  • 5.4.1 Below 300W
  • 5.4.2 300W - 700W
  • 5.4.3 Above 700W
• 5.5 By Geography
  • 5.5.1 North America
    • 5.5.1.1 United States
    • 5.5.1.2 Canada
    • 5.5.1.3 Mexico
  • 5.5.2 Europe
    • 5.5.2.1 Germany
    • 5.5.2.2 United Kingdom
    • 5.5.2.3 France
    • 5.5.2.4 Italy
    • 5.5.2.5 Rest of Europe
  • 5.5.3 Asia-Pacific
    • 5.5.3.1 China
    • 5.5.3.2 Japan
    • 5.5.3.3 South Korea
    • 5.5.3.4 India
    • 5.5.3.5 Southeast Asia
    • 5.5.3.6 Rest of Asia-Pacific
  • 5.5.4 South America
    • 5.5.4.1 Brazil
    • 5.5.4.2 Rest of South America
  • 5.5.5 Middle East and Africa

6 COMPETITIVE LANDSCAPE

• 6.1 Market Concentration
• 6.2 Strategic Moves
• 6.3 Market Share Analysis
• 6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share, Products and Services, Recent Developments)
  • 6.4.1 Submer Technologies SL
  • 6.4.2 Green Revolution Cooling Inc.
  • 6.4.3 LiquidStack Inc.
  • 6.4.4 Asperitas B.V.
  • 6.4.5 Midas Immersion Cooling
  • 6.4.6 Engineered Fluids LLC
  • 6.4.7 Shell plc (Immersion Fluids)
  • 6.4.8 ZutaCore
  • 6.4.9 Hypertec Immersion Cooling
  • 6.4.10 Fujitsu Limited
  • 6.4.11 Dell Technologies Inc. (OEM Immersion-Ready Servers)
  • 6.4.12 Lenovo Group Limited
  • 6.4.13 Hewlett Packard Enterprise Company
  • 6.4.14 NVIDIA Corporation (Reference Designs)
  • 6.4.15 Super Micro Computer Inc.
  • 6.4.16 Gigabyte Technology Co., Ltd.
  • 6.4.17 Wiwynn Corporation
  • 6.4.18 Allied Control Ltd.
  • 6.4.19 DCX - The Liquid Cooling Company
  • 6.4.20 ExaScaler Inc.

7 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

• 7.1 White-Space and Unmet-Need Assessment