国君机械|温控行业:AI算力需求高增,液冷技术加速发展

Investment Rating - The report suggests that liquid cooling technology is an effective means to control temperature and reduce energy consumption in data centers, energy storage stations, and 5G base stations, which aligns with the dual carbon goals of peak carbon emissions and carbon neutrality [2]. Core Insights - The demand for computing power is expected to surge, leading to accelerated development of liquid cooling technology. IDC forecasts that from 2022 to 2027, the CAGR for general computing power in China will reach 16.6%, while smart computing power will see a CAGR of 33.9%. Additionally, CClD predicts that by 2025, the average power per rack in global data centers will reach 25 kW, indicating a continuous rise in power consumption [2]. - The liquid cooling market is poised for growth driven by the demand from energy storage and 5G base stations. According to CNESA, China's electrochemical energy storage capacity grew from 141.3 MW in 2015 to 34,301.0 MW in 2023, with a CAGR of 85.66%. The share of energy storage has increased from 0.6% to 39.7% during this period. The safety and temperature control of energy storage stations are closely linked, making temperature control systems essential [2]. - Liquid cooling is becoming a focal point for future temperature control development, with cold plate liquid cooling and immersion liquid cooling being the mainstream technologies. Liquid cooling inherently offers better heat dissipation efficiency than air cooling and can meet the high-density cooling demands of data centers while reducing costs. Cold plate liquid cooling is the most mature technology with a relatively high market share, while immersion liquid cooling, though more expensive, offers higher heat dissipation efficiency and reliability [2]. - The market for liquid cooling data centers in China has rapidly expanded, growing from 3.69 billion yuan in 2019 to 10.05 billion yuan in 2022. The primary downstream customers include the internet, government, and telecommunications sectors, indicating a period of rapid development and intense competition within the industry. Recent government initiatives to implement PUE management requirements are expected to further accelerate the adoption of liquid cooling technology [2].