智通财经网·2025-08-18 02:40Core Insights - The report from Dongfang Securities indicates that liquid cooling technology is transitioning from optional to essential, with a projected global penetration rate of around 30% in data centers by 2026 [1] Group 1: Market Trends - The year 2025 is expected to mark a significant acceleration in the penetration of liquid cooling technology, driven by the increasing demand for AI computing power, which traditional cooling methods can no longer adequately support [1] - Major cloud service providers, including Nvidia, Google, Microsoft, Meta, Huawei, and Alibaba, are adopting liquid cooling solutions to meet the rising thermal management needs of high-power chips [1] Group 2: Market Potential - The liquid cooling market is projected to reach approximately 68.8 billion yuan globally by 2026, with the domestic market estimated at around 17.9 billion yuan, indicating substantial market potential [2] - Key components in the liquid cooling system, such as CDU, liquid cooling plates, and manifolds, account for over 90% of the system's value [2] Group 3: Supply Chain Dynamics - The demand for liquid cooling solutions is expected to surge due to the increased deployment of Nvidia's GB200/300 servers and the accelerated adoption of ASIC chips by cloud service providers [3] - Domestic liquid cooling suppliers are anticipated to expand internationally as the overseas market experiences rapid growth and existing suppliers struggle to meet demand [3] Group 4: Competitive Landscape - The liquid cooling supply chain consists of system integrators, core component suppliers, and niche component suppliers, with a current market dominated by foreign and Taiwanese companies [4] - Strong domestic liquid cooling manufacturers are expected to transition from component suppliers to system integrators, enhancing their competitive positioning in the market [4]