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 market is witnessing robust growth worldwide due to growing application of immersion cooling technologies for high performance computing and cryptocurrency mining.
Immersion Cooling Market Key Players
Green Revolution Cooling (GRC), Inc. (US), Submer (Spain), Asperitas (Netherlands), LiquidStack (Netherlands), and Midas Immersion Cooling (US) fall under the winners’ category. These are leading global players in the immersion cooling market. These companies often have strong financial positions, allowing them to invest in growth opportunities, withstand economic downturns, and fund research and development.
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Green Revolution Cooling (GRC) is a company that specializes in liquid immersion cooling for data centers. Their patented technology increases performance, enhances sustainability, and optimizes total cost of ownership (TCO) by eliminating conventional power-hungry air-cooling infrastructure.
GRC’s ICEraQ™ micro-modular systems increase efficiency and lower capital and operational expenditures by up to 50% responsible solutions.
Submer is a company that provides immersion cooling solutions for data centers and other IT infrastructure and related hardware. The company is based in Spain and is known for developing innovative products designed to be effective and easy-to-operate liquid immersion cooling solutions. Summer uses inorganic and organic growth strategies to cater to more prominent end-users and gain more market share in the immersion cooling market. In June 2021, Submer announced its partnership with ASA Computers, a leading IT solution provider that delivers innovative systems-to-rack solutions.
Asperitas is a high-tech company based in the Netherlands specializing in global immersion cooling solutions for sustainable and high-density data centers. The company is known for its AIC24 solution, a self-contained unit designed for high-density CPU and GPU immersion cooling. Asperitas’ immersion cooling technology, called Immersed Computing, utilizes natural convection for high-density data centers, enabling sustainability and high performance.
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LiquidStack is one of the leaders in liquid immersion cooling for data centers, telecommunications, and blockchain systems. The company provides innovative and sustainable liquid cooling solutions with high performance, compactness, and energy efficiency. The company’s immersion cooling technology is designed to overcome the cooling crisis through unmatched heat rejection and efficiency. In September 2023, LiquidStack announced the launch of its new prefabricated modular solutions, MicroModular and MegaModular, which are compact, high-density, and designed for the most rugged environments.
Midas Immersion Cooling is a company that provides immersion cooling solutions for data centers and ASIC mining. The company’s immersion cooling technology is designed to reduce total power consumption. Midas Immersion Cooling’s XCI immersion tank can be configured to cool up to 150 kW of compute power and can be located almost anywhere. The company’s immersion cooling technology is specially engineered for ASIC mining and offers better performance at a lower cost.
Recent Developments
- In October 2023, GRC (Green Revolution Cooling) Inc., the leader in single-phase immersion cooling for data centers, announced the launch of a new data center solution, Next-Gen Immersion Cooled Data Centers in Middle East Africa, with the collaboration of Dell Technologies, and DCV Industries.
- In October 2023, Submer and Intel collaborated to enhance single-phase immersion technology through a Forced Convection Heat Sink (FCHS) package. It reduces the quantity and cost of components required for comprehensive heat capture and the dissipation of chips with Thermal Design Power (TDP) exceeding 1000W.
- In May 2020, Asperitas partnered with European data center owner/operator, Maincubes. The two companies planned to offer immersion cooling solutions in dedicated immersion cooling colocation suites in the Maincubes Amsterdam AMS01 data center. AMS01 is also home to the European Open Compute Project (OCP) Experience Center, while Asperitas is a leading OCP standards contributor in immersion cooling.
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TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 31)
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 INCLUSIONS AND EXCLUSIONS
TABLE 1 IMMERSION COOLING MARKET, BY TYPE: INCLUSIONS AND EXCLUSIONS
TABLE 2 IMMERSION COOLING MARKET, BY COOLING FLUID: INCLUSIONS AND EXCLUSIONS
TABLE 3 IMMERSION COOLING MARKET, BY COMPONENT: INCLUSIONS AND EXCLUSIONS
TABLE 4 IMMERSION COOLING MARKET, BY APPLICATION: INCLUSIONS AND EXCLUSIONS
TABLE 5 IMMERSION COOLING MARKET, BY REGION: INCLUSIONS AND EXCLUSIONS
1.4 MARKET SCOPE
1.4.1 IMMERSION COOLING MARKET SEGMENTATION
1.4.2 REGIONS COVERED
1.4.3 YEARS CONSIDERED
1.5 CURRENCY
1.6 STAKEHOLDERS
1.7 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY (Page No. - 36)
2.1 RESEARCH DATA
FIGURE 1 IMMERSION COOLING MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 Key industry insights
2.1.2.3 Breakdown of primary interviews
2.1.2.4 Primary participants
2.2 MARKET SIZE ESTIMATION
2.2.1 BOTTOM-UP APPROACH
FIGURE 2 MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH
2.2.2 TOP-DOWN APPROACH
FIGURE 3 MARKET SIZE ESTIMATION: TOP-DOWN APPROACH
2.3 CALCULATION OF BASE MARKET SIZE
2.3.1 SUPPLY-SIDE APPROACH
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE)
2.3.2 DEMAND-SIDE APPROACH
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2—BOTTOM-UP (DEMAND SIDE)
2.4 DATA TRIANGULATION
FIGURE 6 IMMERSION COOLING MARKET: DATA TRIANGULATION
2.5 GROWTH RATE ASSUMPTIONS/GROWTH FORECAST
TABLE 6 FACTOR ANALYSIS
2.6 ASSUMPTIONS
2.7 RISK ASSESSMENT
TABLE 7 LIMITATIONS AND ASSOCIATED RISKS
3 EXECUTIVE SUMMARY (Page No. - 46)
FIGURE 7 HIGH-PERFORMANCE COMPUTING TO ACCOUNT FOR LARGEST SHARE OF IMMERSION COOLING MARKET
FIGURE 8 SYNTHETIC FLUIDS SEGMENT TO DOMINATE IMMERSION COOLING MARKET DURING FORECAST PERIOD
FIGURE 9 SINGLE-PHASE IMMERSION COOLING SEGMENT TO LEAD IMMERSION COOLING MARKET
FIGURE 10 SOLUTIONS SEGMENT TO ACCOUNT FOR LARGER SHARE OF OVERALL IMMERSION COOLING MARKET
FIGURE 11 NORTH AMERICA TO ACCOUNT FOR LARGEST SHARE OF IMMERSION COOLING MARKET
4 PREMIUM INSIGHTS (Page No. - 51)
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN IMMERSION COOLING MARKET
FIGURE 12 ADOPTION IN CRYPTOCURRENCY MINING AND GROWING SERVER DENSITY DRIVING GROWTH
4.2 IMMERSION COOLING MARKET, BY REGION
FIGURE 13 ASIA PACIFIC IMMERSION COOLING MARKET PROJECTED TO WITNESS HIGHEST CAGR FROM 2023 TO 2031
4.3 NORTH AMERICA IMMERSION COOLING MARKET, BY APPLICATION AND COUNTRY
FIGURE 14 CRYPTOCURRENCY MINING ACCOUNTED FOR LARGEST SHARE OF NORTH AMERICA IMMERSION COOLING MARKET
4.4 IMMERSION COOLING MARKET, BY MAJOR COUNTRIES
FIGURE 15 IMMERSION COOLING MARKET IN CHINA PROJECTED TO WITNESS HIGHEST CAGR FROM 2023 TO 2031
5 MARKET OVERVIEW (Page No. - 54)
5.1 INTRODUCTION
FIGURE 16 IMMERSION COOLING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.1.1 DRIVERS
5.1.1.1 Adoption in cryptocurrency mining blockchain
5.1.1.2 Growing density of servers
FIGURE 17 AVERAGE SERVER RACK DENSITY, 2016–2020
5.1.1.3 Growing need for eco-friendly data center cooling solutions
TABLE 8 CARBON FOOTPRINT OF AIR-COOLING VERSUS IMMERSION-COOLING FOR DATA CENTERS
5.1.1.4 Rising need for cost-effective cooling solutions
TABLE 9 AIR-COOLING VERSUS IMMERSION-COOLING FOR DATA CENTERS
5.1.1.5 Increasing demand for compact and noise-free solutions
TABLE 10 COMPARATIVE NOISE LEVEL
5.1.2 RESTRAINTS
5.1.2.1 Susceptibility to leakage
5.1.2.2 Dominance of air cooling technology
5.1.3 OPPORTUNITIES
5.1.3.1 Adoption in low-density data centers
5.1.3.2 Emergence of AI, high-performance electronics, telecom, and other technologies
5.1.3.3 Development of cooling solutions for deployment in harsh environments
TABLE 11 WATER CONSUMPTION IN AIR-COOLING VERSUS IMMERSION-COOLING FOR DATA CENTERS
5.1.3.4 High-density cooling requirements
5.1.4 CHALLENGES
5.1.4.1 High investments in existing infrastructure
5.1.4.2 Retrofitting immersion cooling solutions in large and medium-scale data centers
5.2 PORTER'S FIVE FORCES ANALYSIS
FIGURE 18 IMMERSION COOLING MARKET: PORTER’S FIVE FORCES ANALYSIS
TABLE 12 IMMERSION COOLING MARKET: PORTER'S FIVE FORCES ANALYSIS
5.2.1 BARGAINING POWER OF SUPPLIERS
5.2.2 BARGAINING POWER OF BUYERS
5.2.3 THREAT OF SUBSTITUTES
5.2.4 THREAT OF NEW ENTRANTS
5.2.5 INTENSITY OF COMPETITIVE RIVALRY
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
FIGURE 19 REVENUE SHIFTS AND NEW REVENUE POCKETS IN IMMERSION COOLING MARKET
5.4 PRICING ANALYSIS
5.4.1 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TYPE
FIGURE 20 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TYPE
TABLE 13 AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TYPE (USD/L)
5.4.2 AVERAGE SELLING PRICE TREND, BY REGION
FIGURE 21 AVERAGE SELLING PRICE OF IMMERSION COOLING FLUIDS, BY REGION
TABLE 14 AVERAGE SELLING PRICE TREND OF IMMERSION COOLING FLUIDS, BY REGION (USD/L)
5.5 SUPPLY CHAIN ANALYSIS
FIGURE 22 IMMERSION COOLING MARKET: SUPPLY CHAIN ANALYSIS
5.6 ECOSYSTEM/MARKET MAP
FIGURE 23 IMMERSION COOLING MARKET: ECOSYSTEM MAPPING
TABLE 15 IMMERSION COOLING MARKET: ROLE IN ECOSYSTEM
5.7 TECHNOLOGY ANALYSIS
FIGURE 24 TYPES OF IMMERSION COOLING SOLUTIONS
5.7.1 SINGLE-PHASE
5.7.1.1 IT chassis
5.7.1.2 Tub/Open bath
5.7.2 TWO-PHASE
5.7.2.1 Tub/Open bath
5.7.3 HYBRID
5.8 PATENTS ANALYSIS
5.8.1 INTRODUCTION
5.8.2 METHODOLOGY
5.8.3 DOCUMENT TYPE
FIGURE 25 NUMBER OF GRANTED PATENTS, PATENT APPLICATIONS, AND LIMITED PATENTS
FIGURE 26 PATENT PUBLICATION TRENDS (2011–2022)
5.8.4 INSIGHTS
FIGURE 27 TOP JURISDICTIONS FOR IMMERSION COOLING SOLUTION PATENTS
FIGURE 28 COMPANIES/APPLICANTS WITH HIGHEST NUMBER OF PATENTS
TABLE 16 LIST OF PATENTS PERTAINING TO IMMERSION COOLING MARKET, 2017–2021
TABLE 17 TOP 10 PATENT OWNERS IN LAST 10 YEARS
5.9 TRADE DATA
5.9.1 IMPORT SCENARIO
FIGURE 29 IMMERSION COOLING FLUIDS IMPORT, BY KEY COUNTRIES, 2018–2022 (USD BILLION)
5.9.2 EXPORT SCENARIO
FIGURE 30 IMMERSION COOLING FLUIDS EXPORT, BY KEY COUNTRIES, 2018–2022 (USD BILLION)
5.10 KEY CONFERENCES EVENTS
TABLE 18 IMMERSION COOLING MARKET: CONFERENCES EVENTS (2022 2023)
5.11 TARIFF REGULATORY LANDSCAPE
5.11.1 OPEN COMPUTE PROJECT (OCP) - QUALITY SAFETY REQUIREMENTS FOR IMMERSION COOLING TECHNOLOGY
5.11.2 OPEN COMPUTE PROJECT (OCP) - DIELECTRIC COOLING FLUID REQUIREMENTS FOR DATA CENTER APPLICATIONS
TABLE 19 DIELECTRIC COOLING FLUID SPECIFICATIONS
TABLE 20 DIELECTRIC COOLING FLUID MINIMUM REQUIREMENTS
TABLE 21 HYDROCARBON FLUIDS QUALITY MANAGEMENT TABLE
TABLE 22 FLUOROCARBON FLUIDS QUALITY MANAGEMENT TABLE
5.11.3 IMMERSION COOLING TECHNOLOGY - COUNTRY/REGIONAL REGULATIONS
5.11.3.1 US
5.11.3.2 Europe
5.11.3.3 China
5.11.3.4 Japan
5.11.3.5 India
Continued....
