AI进入“液冷时代”，市场低估了“转变力度”，国产供应链正加速入局

Core Insights - The transition to liquid cooling in data centers is becoming essential due to the rising power consumption of AI chips, marking a significant structural shift in the industry [1][2][4] - The global market for direct liquid cooling (DLC) is projected to grow from $1.138 billion in 2024 to $31.191 billion by 2030, with a compound annual growth rate (CAGR) of 51% [14][16] - The shift towards liquid cooling is driven by the need to meet stringent energy efficiency standards and the increasing power density of server cabinets [7][10] Market Dynamics - AI accelerator thermal design power (TDP) is rapidly increasing, with NVIDIA's GPUs expected to reach power levels between 1,800W to 7,000W in the coming years [2][4] - Traditional air cooling methods are becoming inadequate as cabinet power density exceeds 30-40kW, necessitating a shift to liquid cooling solutions [5][10] - Liquid cooling technology can reduce Power Usage Effectiveness (PUE) to below 1.2, making it a favorable option for meeting regulatory requirements [7] Technology Trends - The liquid cooling market is bifurcating into two main technology segments: Cold Plate technology for applications below 3,500W and Micro-Channel Lid (MCL) technology for higher power applications [10][12] - Cold Plate technology is expected to remain dominant for lower power applications, while MCL technology is anticipated to become mainstream for high-performance chips by 2026 [11][12] - The value of liquid cooling per rack is expected to quadruple by 2030, indicating a significant increase in market value [15] Supply Chain Evolution - NVIDIA is shifting its supply chain strategy from a "closed delivery" model to an "open ecosystem," allowing more suppliers to enter its supply chain [17][19] - This change provides opportunities for domestic suppliers to become either secondary suppliers through ODMs or primary suppliers as their technologies mature [17][19] - The estimated market for liquid cooling systems required for ASIC chips is projected to reach 35.3 billion RMB by 2026, with NVIDIA's platform requiring even more [19]