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

According to Mordor Intelligence, the Europe GPU liquid cooling market is expected to increase from USD 1.17 billion in 2025 to USD 1.40 billion in 2026 and reach USD 4.15 billion by 2031, growing at a CAGR of 24.37% over 2026-2031.

This report is Segmented by Cooling Type (Single-Phase Liquid Cooling, and Two-Phase Liquid Cooling), Cooling Level (Component-Level Cooling, and Server/Rack-Level Cooling), Deployment (Hyperscale/Cloud, Enterprise, Government and Research HPC, and Edge AI), GPU Power Density (Below 300W, 300W-700W, and Above 700W), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

Europe GPU Liquid Cooling Market Trends and Insights

Rapid Proliferation of Generative AI Workloads in European Data Centers

Large language-model training clusters are scaling fast, with individual deployments running well above 50 kilowatts per rack, a density that air cooling fails to support. Projects such as the 13,800-GPU build in Paris and the 100,000-processor campus in Norway highlight how sovereign-AI ambitions are translating into concrete capital spend. Liquid cooling removes heat at the chip, lowering power-usage-effectiveness ratios to below 1.15 and mitigating stranded-asset risk for facilities designed around air handling. Operators able to offer liquid-cooled capacity secure premium utilization rates because generative-AI tenants now specify liquid cooling as mandatory. This workload shift is cascading beyond hyperscalers, prompting mid-market enterprises to evaluate liquid cooling earlier in their refresh cycles. As model sizes grow, demand for higher coolant-return temperatures that support district-heating integration is also accelerating adoption.

Stringent EU Energy Efficiency Directives Favoring Liquid Cooling Adoption

The 2024 revision of the Energy Efficiency Directive mandates annual disclosure of power-usage-effectiveness, water-usage-effectiveness, energy-reuse factor, and renewable-energy factor for data centers exceeding 500 kilowatts. Operators must present waste-heat recovery plans, and only facilities meeting power-usage-effectiveness below 1.3 qualify as green investments under the EU Taxonomy. Liquid cooling, with outlet temperatures above 40 °C, enables operators to sell thermal energy to municipal grids, improving project returns. Early adopters in Germany and France already integrate heat-exchange interfaces into the initial design, reducing retrofit complexity later. The directive also incentivizes hyperscalers to cluster GPU loads in liquid-ready zones within multiregion footprints, concentrating demand and accelerating supply-chain standardization.

High Initial Capital Expenditure for Retrofit in Legacy European Data Centers

Raised-floor facilities built for air distribution often lack the structural support and plumbing needed for distributed coolant units, making retrofits costlier than the new cooling hardware itself. Operators must weigh downtime against relocation expenses, with some choosing greenfield projects such as the EUR 2 billion (USD 2.29 billion) expansion in Frankfurt and Berlin that arrives liquid-ready from day one. Financing hurdles particularly affect colocation providers that rely on tenant commitments to justify upgrades. The result is a bifurcated market in which hyperscalers accelerate the deployment of liquid cooling while legacy multi-tenant facilities defer investment until utilization pressure forces a decision. This delay marginally tempers short-term growth yet opens long-term retrofit opportunities.

Other drivers and restraints analyzed in the detailed report include:

1. Rising GPU Power Density Exceeding 700 W Necessitating Advanced Thermal Solutions
2. Carbon Reduction Targets Driving Shift From Air to Liquid Cooling in Hyperscale Facilities
3. Stringent Safety Certification Requirements for Two-Phase Coolants

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

Segment Analysis

Single-phase solutions accounted for 73.40% of 2025 revenue, underscoring their role as the default retrofit path in the GPU liquid-cooling market. Operators leverage existing chilled-water plants by adding direct-to-chip cold plates without re-engineering facility infrastructure, keeping capital costs predictable. As GPU power envelopes creep upward, single-phase cooling maintains efficiency for devices up to 700 watts, helping colocation providers extend the life of air-cooled halls. Demand is also buoyed by standardized quick-disconnect couplings that simplify maintenance and minimize spill risk.

Two-phase immersion, while only a quarter of the 2025 total, is forecast to outpace overall Europe GPU liquid cooling market growth at a 25.70% CAGR. Hyperscalers adopt it for racks hosting NVIDIA GB200 configurations, where vapor-phase heat transfer removes the pump-power penalties facing single-phase water loops. Vendors such as Submer and LiquidStack offer turnkey tanks that eliminate chassis fans, cutting rack-level acoustic output to near-silent levels. Telecom operators value these characteristics for street-side and metro-edge sites with strict noise limits. As Open Compute Project standards mature, interoperability gains will chip away at current vendor lock-in concerns.

Component-level cold plates accounted for 57.60% of shipments in 2025, reflecting enterprise buyers' preference for incremental upgrades in the Europe GPU liquid-cooling market. Asetek and CoolIT supply cold-plate kits that bolt onto standard GPU reference boards, reducing junction temperatures by up to 30 °C without altering the rack layout. Enterprises appreciate the minimal operational disruption, especially when cooling upgrades coincide with scheduled maintenance windows. Retrofits also preserve depreciated air-cooling assets, such as computer room air handlers, protecting balance sheets.

Rack-level systems, while smaller in installed base, are expanding at a 26.80% CAGR to 2031. Schneider Electric, Rittal, and Vertiv integrate pumps, manifolds, and heat exchangers inside the rack envelope, enabling 100-kilowatt densities that meet hyperscale capacity targets. The approach accelerates site build-outs, as racks ship pre-plumbed and only require two facility water hookups. Deutsche Telekom's 10,000-GPU Munich build reached readiness in weeks using this architecture, illustrating time-to-value advantages that can outweigh higher bill-of-materials costs.

Complete Report Scope:

• By Cooling Type
  • Single-Phase Liquid Cooling
  • Two-Phase Liquid Cooling
• By Cooling Level
  • Component-Level Cooling
  • Server / Rack-Level Cooling
• By Deployment
  • Hyperscale / Cloud
  • Enterprise
  • Government and Research (HPC)
  • Edge AI
• By GPU Power Density
  • Below 300W
  • 300W - 700W
  • Above 700W
• By Geography
  • Germany
  • France
  • United Kingdom
  • Italy
  • Rest of Europe

List of Companies Covered in this Report:

1. Asetek A/S
2. CoolIT Systems Inc.
3. Submer Technologies SL
4. LiquidStack Inc.
5. Schneider Electric SE
6. GRC (Green Revolution Cooling) Inc.
7. Asperitas BV
8. Rittal GmbH and Co. KG
9. Lenovo Group Limited
10. Hewlett Packard Enterprise Company
11. Dell Technologies Inc.
12. NVIDIA Corporation
13. Super Micro Computer Inc.
14. Midas Immersion Cooling
15. Iceotope Technologies Limited
16. EBullient, Inc.
17. EKWB d.o.o.
18. Aquacomputer GmbH and Co. KG
19. Fujitsu Limited
20. Cisco Systems 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 Rapid Proliferation of Generative AI Workloads in European Data Centers
  • 4.2.2 Stringent EU Energy Efficiency Directives Favoring Liquid Cooling Adoption
  • 4.2.3 Rising GPU Power Density Exceeding 700W Necessitating Advanced Thermal Solutions
  • 4.2.4 Accelerated Deployment of Edge AI Inference Nodes in Telecom Networks
  • 4.2.5 Carbon Reduction Targets Driving Shift From Air to Liquid Cooling in Hyperscale Facilities
  • 4.2.6 Availability of EU Recovery Funds for High-Performance Computing Infrastructure Upgrades
• 4.3 Market Restraints
  • 4.3.1 High Initial Capital Expenditure for Retrofit in Legacy European Data Centers
  • 4.3.2 Stringent Safety Certification Requirements for Two-Phase Coolants
  • 4.3.3 Limited Standardization of Cold Plate and Manifold Interfaces Across Vendors
  • 4.3.4 Concerns Around Dielectric Fluid Environmental Disposal Regulations
• 4.4 Impact of Macroeconomic Factors on the Market
• 4.5 Industry Value Chain Analysis
• 4.6 Regulatory Landscape
• 4.7 Technological Outlook
• 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 Substitute Products
  • 4.8.5 Intensity of Competitive Rivalry

5 MARKET SIZE AND GROWTH FORECASTS (VALUE)

• 5.1 By Cooling Type
  • 5.1.1 Single-Phase Liquid Cooling
  • 5.1.2 Two-Phase Liquid Cooling
• 5.2 By Cooling Level
  • 5.2.1 Component-Level Cooling
  • 5.2.2 Server / Rack-Level Cooling
• 5.3 By Deployment
  • 5.3.1 Hyperscale / Cloud
  • 5.3.2 Enterprise
  • 5.3.3 Government and Research (HPC)
  • 5.3.4 Edge AI
• 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 Germany
  • 5.5.2 France
  • 5.5.3 United Kingdom
  • 5.5.4 Italy
  • 5.5.5 Rest of Europe

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 Asetek A/S
  • 6.4.2 CoolIT Systems Inc.
  • 6.4.3 Submer Technologies SL
  • 6.4.4 LiquidStack Inc.
  • 6.4.5 Schneider Electric SE
  • 6.4.6 GRC (Green Revolution Cooling) Inc.
  • 6.4.7 Asperitas BV
  • 6.4.8 Rittal GmbH and Co. KG
  • 6.4.9 Lenovo Group Limited
  • 6.4.10 Hewlett Packard Enterprise Company
  • 6.4.11 Dell Technologies Inc.
  • 6.4.12 NVIDIA Corporation
  • 6.4.13 Super Micro Computer Inc.
  • 6.4.14 Midas Immersion Cooling
  • 6.4.15 Iceotope Technologies Limited
  • 6.4.16 EBullient, Inc.
  • 6.4.17 EKWB d.o.o.
  • 6.4.18 Aquacomputer GmbH and Co. KG
  • 6.4.19 Fujitsu Limited
  • 6.4.20 Cisco Systems Inc.

7 MARKET OPPORTUNITIES AND FUTURE OUTLOOK

• 7.1 White-Space and Unmet-Need Assessment