算力奔腾，谁将成下一个千亿AI细分赛道？

Core Insights - The liquid cooling market for intelligent computing centers in China is projected to grow from 18.4 billion yuan in 2024 to approximately 130 billion yuan by 2029, representing an increase of over 7 times in five years [1][8][9]. Market Growth - The rapid growth of the liquid cooling market is driven by the explosive demand for AI computing power, which has significantly increased chip power consumption, surpassing the limits of traditional air cooling [1][9]. - The liquid cooling market is expected to see a compound annual growth rate (CAGR) of 46.2% for intelligent computing and 18.8% for general computing from 2023 to 2028 [5]. Technology Adoption - Cold plate liquid cooling is anticipated to become the mainstream solution, with a projected penetration rate of at least 30% to 40% by 2030 [1][14]. - The current liquid cooling penetration rate is about 10%, with expectations for rapid growth in the coming years [14]. Industry Dynamics - The demand for liquid cooling solutions is driven by the significant increase in server chip power consumption, which has tripled to quintupled in the past five years [9][10]. - Major companies in the industry, such as Shuguang and foreign leaders like Viavi Technologies, are expanding their market presence both domestically and internationally [15]. Challenges and Opportunities - The transition from air cooling to liquid cooling faces challenges, including longer construction and server development cycles, as well as concerns about the reliability of new technologies [14]. - As industry standards for liquid cooling become more established, the ecosystem is expected to mature, facilitating broader adoption and commercial use [14].