Global Data Center Liquid Cooling Market Set For 25.8% Growth, Reaching $10.61 Billion By 2028
Data Center Liquid Cooling Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Is The projected Size Of The Data Center Liquid Cooling Market In 2024 And What Is The Growth Rate?
In recent years, the data center liquid cooling market size has grown exponentially. It is forecasted to grow from $3.41 billion in 2023 to $4.24 billion in 2024 at a compound annual growth rate CAGR of 24.5%. The surge in the historic period can be attributed to increased data collection, growth of data centers, energy efficiency demands, cloud computing growth, and expansion of hyperscale data centers.
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What Is The Growth Forecast For The Data Center Liquid Cooling Market?
Looking ahead, the data center liquid cooling market size is slated to see vigorous growth in the next few years. It is projected to swell to $10.61 billion in 2028 at a compound annual growth rate CAGR of 25.8%. The growth trajectory in the forecast period can be traced back to growing needs for data storage, edge computing and micro data centers, along with environmental sustainability, data security and privacy concerns, and regulatory compliance. Major trends in the forecast period include edge computing and micro data centers, AI and machine learning workloads, 5G network expansion, technological innovations, innovative solutions, and strategic partnerships.
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What Are The Key Drivers Propelling The Growth Of The Data Center Liquid Cooling Market?
An increasing number of data centers and server density are expected to expedite the growth of the data center liquid cooling market going forward. Data centers have become a vital part of business operations to enterprises, offering numerous benefits that include computation, data storage, network, business application support, and other functions critical to smooth business operations. These perks have driven an increase in the number of data centers and server density, thereby hiking demand for liquid cooling systems. Technologies such as cloud services, virtualization and containerization, artificial intelligence AI, machine learning ML, Internet of Things IoT, blockchains, and edge computing are demanding higher processing power and high-density racks. As an example, according to a September 2021 article by phoenixNAP, with increased demand for compute-intensive workloads, the average server density in enterprises and on-premises data centers rose from 7.3 kW per rack in 2019 to 8.4 kW per rack in 2021, thereby driving the growth of the data center liquid cooling market.
Who Are The Key Industry Players In The Data Center Liquid Cooling Market?
Major players that are actively operating in the data center liquid cooling market include entities such as Asetek Inc., Rittal GmbH & Co. KG, Fujitsu Limited, Vertiv Group Corp, Green Revolution Cooling Inc, Submer Technologies SL, Midas Green Technologies LLC, Schneider Electric SE, Alfa Laval AB, Chilldyne Inc, Iceotope Technologies Limited, CoolIT Systems Inc, 3M Company, Aspen Systems Inc, Mitsubishi Group, IBM Corporation, ExaScaler Inc, Stulz GmbH, Ebullient Inc, Aquila Group Holdings Limited, LiquidStack Inc, KyotoCooling BV, Asperitas B.V., Airedale International Air Conditioning Ltd, Motivair Corporation, Munters Group AB, Aegis Data Ltd, DownUnder GeoSolutions DUG Pty Ltd, Delta Electronics Inc.
What Are Some Of The Emerging Trends In The Data Center Liquid Cooling Market?
Technological advancements are becoming a prevalent trend in the data center liquid cooling market. Demands for power in data centers are incessant, requiring significant energy to run and cool their facilities. Recent advancements have seen the implementation of a computer room air handler CRAH that harmonizes air and liquid cooling in the process, thereby preserving temperature, air distribution, and humidity levels in data centers. Companies are focusing on developing advanced and better solutions to strengthen their market positions. An example of this can be seen in May 2021 when Super Micro Computer, Inc. introduced a range of cost-effective liquid cooling solutions capable of enabling applications to run with less jitter and at elevated CPU frequencies. This solution can potentially reduce data center power usage effectiveness PUE and total cost of ownership TCO by over 40% on power costs.
How Is The Data Center Liquid Cooling Market Segmented?
In this report, the data center liquid cooling market is broken down as per the following segments:
1 By Type: Single Phase Cooling, Two Phase Cooling
2 By Component: Solutions, Services
3 By Data Center Type: Hyperscale Centers, Enterprise type, Colocation Data Centers, Other Data Center Types
4 By Industry Type: Telecom and IT, BFSI, Research, Energy, Government and Academia, Healthcare, Other Industry Types
What Is The Regional Outlook For The Data Center Liquid Cooling Market?
In terms of regional market performance, North America emerged as the largest region in the data center liquid cooling market in 2023. Asia-Pacific, on the other hand, is forecasted to be the fastest-growing region in the coming years. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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