Abstract
Summary
The immersion cooling market is projected to grow from USD 0.4 billion in 2023 to USD 2.1 billion by 2031, at a CAGR of 24.1% from 2023 to 2031. The development of more efficient and effective immersion cooling technologies is driving the market's growth, as these advancements enable better performance and reduced temperature increases, which are crucial for maintaining optimal system performance.
Immersion cooling technology is being used in various industries and applications where there is a need to efficiently cool electronic components, particularly in high-performance computing environments.
“By type, the single-phase segment is estimated to be the largest segment of the immersion cooling market from 2023 to 2031.”
By type, single-phase are estimated to be the largest segment in the immersion cooling market in 2022. The driving force of the market is the efficiency of single-phase immersion cooling in dissipating heat. The dielectric liquid used in single-phase immersion cooling has a high heat capacity and thermal conductivity, allowing it to efficiently absorb and transfer heat away from electronic components. This results in enhanced cooling performance, enabling high-performance computing systems to operate at optimal temperatures, ultimately boosting overall system efficiency and longevity.
“By application, the high performance computing is estimated to be the largest segment of the immersion cooling market from 2023 to 2031.”
By application, the high performance computing is to lead the immersion cooling market. The technology's ability to address the heat dissipation challenges associated with HPC, coupled with its energy efficiency, environmental sustainability, and ongoing technological advancements, positions immersion cooling as a key player in the evolving landscape of data center cooling solutions.
“By cooling fluid, the synthetic fluids is estimated to be the largest segment of the immersion cooling market from 2023 to 2031.”
By synthetic fluid, the synthetic fluids is to lead the immersion cooling market. Energy efficiency is a significant driver for the growth of the immersion cooling market with synthetic fluids. Synthetic fluids often exhibit better heat transfer characteristics than traditional cooling methods, leading to improved energy efficiency. By efficiently absorbing and dissipating heat from electronic components, synthetic fluids enable data centers to achieve better overall energy performance and reduce operational costs associated with cooling.
“Asia Pacific immersion cooling market is projected to witness the greatest during the forecast period.”
During the forecast period, North America is projected to be the most significant market for immersion cooling. North America's emphasis on sustainability and energy efficiency has played a pivotal role in the rising popularity of immersion cooling solutions. As data centers strive to minimize their environmental impact and reduce energy consumption, the efficiency gains offered by immersion cooling become particularly attractive. By directly submerging hardware components in a dielectric liquid, these systems eliminate the need for traditional air conditioning, leading to significant energy savings and aligning with the region's commitment to green technologies.
Profile break-up of primary participants for the report:
• By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
• By Designation: C-level Executives – 60%, Directors – 20%, and Others – 20%
• By Region: North America – 30%, Europe – 30%, Asia Pacific – 30%, South America – 5%, Middle East & Africa – 5%
The immersion cooling market report is dominated by LiquidStack (Netherlands), Fujitsu (Japan), Green Revolution Cooling Inc (US), Submer (Spain), Asperitas (Netherlands), Midas Green Technologies (US), Iceotope Technologies Ltd (US), LiquidCool Solutions (US), and DUG Technology (Australia).
Research Coverage:
The report defines, segments, and projects the size of the immersion cooling market based on application, type, cooling fluid, components and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments such as expansions, product launches, partnerships, collaborations, agreements, and joint ventures undertaken by them in the market.
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the automotive immersion cooling market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the immersion cooling market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (Adoption in cryptocurrency mining & blockchain, Growing density of servers, growing need for eco-friendly data center cooling solutions, and Increasing demand for compact and noise-free cooling solutions), restraints (Susceptibility to leakage, Air cooling remains dominant cooling technology), opportunities (Adoption in low-density data servers, Emergence in AI, high-performance electronics, telecom, and other technology, Development of cooling solutions for deployment in harsh environments, High density cooling requirements), and challenges (High investment in existing infrastructure, Retrofitting immersion cooling solutions in large and medium scale data centers) influencing the growth of the immersion cooling market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the immersion cooling market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the immersion cooling market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in immersion cooling market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading as well as other players in the immersion cooling market.
Table of Contents
1 INTRODUCTION 31
1.1 STUDY OBJECTIVES 31
1.2 MARKET DEFINITION 31
1.3 INCLUSIONS AND EXCLUSIONS 31
1.4 MARKET SCOPE 33
1.4.1 IMMERSION COOLING MARKET SEGMENTATION 33
1.4.2 REGIONS COVERED 34
1.4.3 YEARS CONSIDERED 34
1.5 CURRENCY 35
1.6 STAKEHOLDERS 35
1.7 SUMMARY OF CHANGES 35
2 RESEARCH METHODOLOGY 36
2.1 RESEARCH DATA 36
2.1.1 SECONDARY DATA 37
- 2.1.1.1 Key data from secondary sources 37
2.1.2 PRIMARY DATA 37
- 2.1.2.1 Key data from primary sources 38
- 2.1.2.2 Key industry insights 38
- 2.1.2.3 Breakdown of primary interviews 39
- 2.1.2.4 Primary participants 39
2.2 MARKET SIZE ESTIMATION 40
2.2.1 BOTTOM-UP APPROACH 40
2.2.2 TOP-DOWN APPROACH 40
2.3 CALCULATION OF BASE MARKET SIZE 41
2.3.1 SUPPLY-SIDE APPROACH 41
2.3.2 DEMAND-SIDE APPROACH 42
2.4 DATA TRIANGULATION 43
2.5 GROWTH RATE ASSUMPTIONS/GROWTH FORECAST 44
2.6 ASSUMPTIONS 45
2.7 RISK ASSESSMENT 45
3 EXECUTIVE SUMMARY 46
4 PREMIUM INSIGHTS 51
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN IMMERSION COOLING MARKET 51
4.2 IMMERSION COOLING MARKET, BY REGION 51
4.3 NORTH AMERICA IMMERSION COOLING MARKET, BY APPLICATION AND COUNTRY 52
4.4 IMMERSION COOLING MARKET, BY MAJOR COUNTRIES 53
5 MARKET OVERVIEW 54
5.1 INTRODUCTION 54
5.1.1 DRIVERS 55
- 5.1.1.1 Adoption in cryptocurrency mining & blockchain 55
- 5.1.1.2 Growing density of servers 55
- 5.1.1.3 Growing need for eco-friendly data center cooling solutions 56
- 5.1.1.4 Rising need for cost-effective cooling solutions 57
- 5.1.1.5 Increasing demand for compact and noise-free solutions 58
5.1.2 RESTRAINTS 58
- 5.1.2.1 Susceptibility to leakage 58
- 5.1.2.2 Dominance of air cooling technology 59
5.1.3 OPPORTUNITIES 59
- 5.1.3.1 Adoption in low-density data centers 59
- 5.1.3.2 Emergence of AI, high-performance electronics, telecom, and other technologies 59
- 5.1.3.3 Development of cooling solutions for deployment in harsh environments 60
- 5.1.3.4 High-density cooling requirements 60
5.1.4 CHALLENGES 60
- 5.1.4.1 High investments in existing infrastructure 60
- 5.1.4.2 Retrofitting immersion cooling solutions in large and medium-scale data centers 61
5.2 PORTER'S FIVE FORCES ANALYSIS 61
5.2.1 BARGAINING POWER OF SUPPLIERS 62
5.2.2 BARGAINING POWER OF BUYERS 62
5.2.3 THREAT OF SUBSTITUTES 63
5.2.4 THREAT OF NEW ENTRANTS 63
5.2.5 INTENSITY OF COMPETITIVE RIVALRY 64
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 64
5.4 PRICING ANALYSIS 66
5.4.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TYPE 66
5.4.2 AVERAGE SELLING PRICE TREND, BY REGION 67
5.5 SUPPLY CHAIN ANALYSIS 68
5.6 ECOSYSTEM/MARKET MAP 70
5.7 TECHNOLOGY ANALYSIS 72
5.7.1 SINGLE-PHASE 72
- 5.7.1.1 IT chassis 72
- 5.7.1.2 Tub/Open bath 72
5.7.2 TWO-PHASE 72
- 5.7.2.1 Tub/Open bath 72
5.7.3 HYBRID 73
5.8 PATENTS ANALYSIS 73
5.8.1 INTRODUCTION 73
5.8.2 METHODOLOGY 73
5.8.3 DOCUMENT TYPE 73
5.8.4 INSIGHTS 75
5.9 TRADE DATA 77
5.9.1 IMPORT SCENARIO 77
5.9.2 EXPORT SCENARIO 79
5.10 KEY CONFERENCES & EVENTS 80
5.11 TARIFF & REGULATORY LANDSCAPE 80
5.11.1 OPEN COMPUTE PROJECT (OCP) - QUALITY & SAFETY REQUIREMENTS FOR IMMERSION COOLING TECHNOLOGY 81
5.11.2 OPEN COMPUTE PROJECT (OCP) - DIELECTRIC COOLING FLUID REQUIREMENTS FOR DATA CENTER APPLICATIONS 82
5.11.3 IMMERSION COOLING TECHNOLOGY - COUNTRY/REGIONAL REGULATIONS 85
- 5.11.3.1 US 85
- 5.11.3.2 Europe 86
- 5.11.3.3 China 87
- 5.11.3.4 Japan 87
- 5.11.3.5 India 88
5.11.4 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 89
5.12 KEY STAKEHOLDERS & BUYING CRITERIA 91
5.12.1 KEY STAKEHOLDERS IN BUYING PROCESS 91
- 5.12.1.1 Buying criteria for cryptocurrency mining 91
5.12.2 BUYING CRITERIA 92
5.13 MARKETING CHANNELS USED BY IMMERSION COOLING SOLUTION PROVIDERS: COMPARATIVE ANALYSIS 93
5.13.1 B2B MARKETING CHANNELS - COMPARATIVE ANALYSIS 93
5.14 PARTNERS OF IMMERSION COOLING COMPANIES 95
5.14.1 PARTNERSHIPS 95
5.15 TOTAL COST OF OWNERSHIP 98
5.16 CASE STUDY ANALYSIS 99
5.16.1 ASPERITAS AND ITRENEW PARTNER TO BRING SUSTAINABLE, PLUG-AND-PLAY DATA CENTER SOLUTION FULL CIRCLE 99
5.16.2 DUG REDUCED ENERGY SPENDING IN DATA CENTER BY ADOPTING GRC'S IMMERSION COOLING TECHNOLOGY 100
5.16.3 MICROSOFT CHOSE IMMERSION COOLING TECHNOLOGY BY LIQUIDSTACK FOR ITS CLOUD SERVERS 100
5.16.4 BITFURY GROUP ENHANCES DATA CENTER COOLING EFFICIENCY USING 3M'S ENGINEERED FLUIDS 100
5.16.5 MACQUARIE TELECOM GROUP TO DEPLOY SUBMER'S IMMERSION COOLING SOLUTIONS AT ITS DATA CENTERS 101
5.16.6 NTT DATA CORPORATION TO ADOPT LIQUIDSTACK'S TWO-PHASE IMMERSION COOLING SOLUTIONS AT ITS DATA CENTERS 101
6 IMMERSION COOLING MARKET, BY TYPE 102
6.1 INTRODUCTION 103
6.2 SINGLE-PHASE IMMERSION COOLING 104
6.2.1 OFFERS EFFICIENT COOLING AND LOW MAINTENANCE 104
6.3 TWO-PHASE IMMERSION COOLING 105
6.3.1 FLUID LOSS REMAINS PRIMARY CONCERN IN TWO-PHASE IMMERSION COOLING SYSTEMS 105
7 IMMERSION COOLING MARKET, BY APPLICATION 107
7.1 INTRODUCTION 108
7.2 HIGH-PERFORMANCE COMPUTING 109
7.2.1 NEED FOR HIGH-EFFICIENCY COOLING TO DRIVE MARKET 109
7.3 EDGE COMPUTING 110
7.3.1 EDGE COMPUTING GAINING TRACTION IN OIL & GAS, DEFENSE, AND TELECOM INDUSTRIES 110
7.4 ARTIFICIAL INTELLIGENCE 111
7.4.1 DIGITAL TRANSFORMATION OF COMPANIES EXPECTED TO DRIVE MARKET IN AI APPLICATION SEGMENT 111
7.5 CRYPTOCURRENCY MINING 113
7.5.1 IMMERSION COOLING MARKET TO WITNESS HIGHEST GROWTH IN CRYPTOCURRENCY MINING APPLICATION 113
7.6 OTHERS 114
8 IMMERSION COOLING MARKET, BY COMPONENT 116
8.1 INTRODUCTION 117
8.2 SOLUTIONS 118
8.2.1 GROWING DEMAND FOR HIGH-DENSITY SERVER COOLING TO DRIVE MARKET 118
8.3 SERVICES 119
8.3.1 ASIA PACIFIC TO WITNESS HIGHEST GROWTH IN SERVICES SEGMENT 119
9 IMMERSION COOLING MARKET, BY COOLING FLUID 120
9.1 INTRODUCTION 121
9.2 MINERAL OIL 122
9.2.1 ASIA PACIFIC TO BE FASTEST-GROWING MARKET FOR MINERAL OIL SEGMENT 122
9.3 FLUOROCARBON-BASED FLUIDS 123
9.3.1 FLUOROCARBON-BASED FLUIDS INCREASINGLY USED IN HIGH-PERFORMANCE LIQUID COOLING APPLICATIONS 123
9.4 SYNTHETIC FLUIDS 124
9.4.1 LOW CORROSION & LOW FLAMMABILITY FUELING DEMAND 124
9.5 OTHERS 125
10 IMMERSION COOLING MARKET, BY REGION 127
10.1 INTRODUCTION 128
10.2 ASIA PACIFIC 129
10.2.1 CHINA 134
- 10.2.1.1 Rise in number of data centers to drive market 134
10.2.2 INDIA 135
- 10.2.2.1 Surging demand from data centers to boost market 135
10.2.3 JAPAN 136
- 10.2.3.1 Redesigning of existing data center facilities to drive market 136
10.2.4 SOUTH KOREA 137
- 10.2.4.1 Advancements in AI and cryptocurrency mining to drive market 137
10.2.5 THAILAND 138
- 10.2.5.1 Expansion of digital hardware infrastructure to fuel market 138
10.2.6 MALAYSIA 140
- 10.2.6.1 Rapid cloud service adoption to fuel market 140
10.2.7 REST OF ASIA PACIFIC 141
10.3 EUROPE 141
10.3.1 GERMANY 146
- 10.3.1.1 Attractive investments and growth of data centers to boost market 146
10.3.2 FRANCE 147
- 10.3.2.1 Rising demand for immersion cooling from cloud providers to drive market 147
10.3.3 NETHERLANDS 148
- 10.3.3.1 Use of green energy for data centers to propel market 148
10.3.4 UK 149
- 10.3.4.1 New eco-design requirements set by European parliament for servers and data centers to drive market 149
10.3.5 RUSSIA 150
- 10.3.5.1 Growing demand for computing resources and data storage systems to drive market 150
10.3.6 SPAIN 151
- 10.3.6.1 Innovations in cloud computing to boost demand for data center solutions 151
10.3.7 REST OF EUROPE 152
10.4 NORTH AMERICA 153
10.4.1 US 157
- 10.4.1.1 Surging demand from cryptocurrency providers to drive market 157
10.4.2 CANADA 158
- 10.4.2.1 Increasing digitalization and massive data generation to drive market 158
10.4.3 MEXICO 159
- 10.4.3.1 Big data and automation technologies to drive market 159
10.5 MIDDLE EAST & AFRICA 160
10.6 SOUTH AMERICA 163
11 COMPETITIVE LANDSCAPE 167
11.1 INTRODUCTION 167
11.2 STRATEGIES ADOPTED BY KEY MARKET PLAYERS 167
11.2.1 STRATEGIES ADOPTED BY KEY IMMERSION COOLING TECHNOLOGY PROVIDERS 167
11.3 MARKET SHARE ANALYSIS 169
11.3.1 RANKING OF KEY MARKET PLAYERS, 2022 169
11.3.2 MARKET SHARE OF KEY PLAYERS 169
11.4 COMPANY EVALUATION MATRIX 171
11.4.1 STARS 171
11.4.2 EMERGING LEADERS 171
11.4.3 PERVASIVE PLAYERS 172
11.4.4 PARTICIPANTS 172
11.4.5 COMPANY FOOTPRINT 173
11.4.6 COMPANY PRODUCT TYPE FOOTPRINT 174
11.4.7 COMPANY APPLICATION FOOTPRINT 175
11.4.8 COMPANY REGION FOOTPRINT 176
11.4.9 COMPANY OVERALL FOOTPRINT 177
11.5 STARTUP/SME EVALUATION MATRIX 178
11.5.1 PROGRESSIVE COMPANIES 178
11.5.2 RESPONSIVE COMPANIES 178
11.5.3 DYNAMIC COMPANIES 178
11.5.4 STARTING BLOCKS 178
11.5.5 COMPETITIVE BENCHMARKING 180
11.6 COMPETITIVE SCENARIO AND TRENDS 182
12 COMPANY PROFILES 185
12.1 KEY COMPANIES 185
12.1.1 GREEN REVOLUTION COOLING INC 185
12.1.2 SUBMER 189
12.1.3 ASPERITAS 195
12.1.4 LIQUIDSTACK 200
12.1.5 MIDAS IMMERSION COOLING 203
12.1.6 FUJITSU 206
12.1.7 ICEOTOPE TECHNOLOGIES LIMITED 209
12.1.8 LIQUIDCOOL SOLUTIONS 211
12.1.9 DUG TECHNOLOGY 213
12.1.10 DCX- THE LIQUID COOLING COMPANY 216
12.1.11 BITFURY GROUP LIMITED 218
12.1.12 3M 219
12.1.13 ENGINEERED FLUIDS 220
12.1.14 TEIMMERS 221
12.1.15 TMGCORE, INC 222
12.1.16 GIGA-BYTE TECHNOLOGY CO., LTD 224
12.1.17 WIWYNN 226
12.1.18 HYPERTEC 227
12.1.19 PEZY COMPUTING 228
12.1.20 PRASA 229
12.1.21 2CRSI GROUP 230
12.1.22 KAORI HEAT TREATMENT CO., LTD 231
12.1.23 TAS 232
12.1.24 DELTA POWER SOLUTIONS 233
12.1.25 BOYD 235
12.1.26 RSI K.K 236
13 ADJACENT AND RELATED MARKETS 237
13.1 INTRODUCTION 237
13.2 LIMITATIONS 237
13.3 IMMERSION COOLING INTERCONNECTED MARKETS 237
13.3.1 DATA CENTER LIQUID COOLING MARKET 237
- 13.3.1.1 Market definition 237
- 13.3.1.2 Market overview 237
- 13.3.1.3 Data center liquid cooling market, by type of cooling 238
13.4 COLD PLATE LIQUID COOLING 238
13.4.1 HIGH-DENSITY DATA CENTER INSTALLATION TO DRIVE DEMAND 238
13.5 IMMERSED LIQUID COOLING 238
13.5.1 LOW CARBON FOOTPRINT THROUGH IMMERSION LIQUID COOLING TO DRIVE SEGMENT 238
14 APPENDIX 240
14.1 DISCUSSION GUIDE 240
14.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 244
14.3 CUSTOMIZATION OPTIONS 246
14.4 RELATED REPORTS 246
14.5 AUTHOR DETAILS 247