数据中心液冷技术专题研究：算力扩建浪潮下服务器高密度、高耗能特征显著，催动液冷技术市场快速扩容

Investment Rating - The investment rating for the industry is "Positive" [6] Core Insights - Liquid cooling technology has multiple parallel routes, and market applications are gradually maturing. The main types of liquid cooling technologies include immersion, spray, and cold plate cooling, with cold plate technology being the most mature and reliable [2][12] - The advantages of liquid cooling technology align with the trend of increasing computing power demands, particularly driven by artificial intelligence and digital economy transformations. Traditional air cooling can only meet a heat dissipation requirement of 2.7kW per cabinet, while liquid cooling can handle 2.7-30kW per cabinet, addressing the needs of high-density data centers [3][21] - National policies are encouraging the deployment of liquid cooling systems in data centers to improve energy efficiency. The PUE (Power Usage Effectiveness) of liquid cooling can be below 1.1, significantly better than the traditional air cooling's limit of 1.25 [4][29] - Domestic liquid cooling technology has matured, with companies like Invec and Sugon entering the global top 10. The global market for data center liquid cooling technology was approximately $1.982 billion in 2023, with a concentrated market share among leading companies [5][35] Summary by Sections Liquid Cooling Technology Maturity - Liquid cooling technology includes immersion, spray, and cold plate methods, with cold plate technology being the most developed and widely used [2][12] - Cold plate cooling offers high reliability and compatibility, while immersion cooling provides better energy efficiency but has higher maintenance costs [12][13] Energy Efficiency and Cooling Performance - Liquid cooling systems can achieve a PUE below 1.2, saving 30-50% of energy compared to traditional air cooling systems [18][19] - The cooling capacity of liquid cooling is significantly higher than that of air cooling, making it suitable for high-power servers [17][18] Market Expansion Driven by AI - The demand for AI infrastructure is driving the growth of liquid cooling technology, with expectations of a compound annual growth rate of 59% in the Chinese liquid cooling data center market over the next five years [26][21] - The global AI server shipment is expected to grow significantly, with a 490.5% increase in high-end AI server shipments in 2023 compared to 2022 [21][24] National Policies and Support - The Chinese government has set higher PUE requirements for data centers, promoting the adoption of energy-efficient technologies like liquid cooling [27][29] - Policies encourage the use of liquid cooling systems to meet energy efficiency goals in data centers [30][29] Competitive Landscape - The domestic liquid cooling technology market is becoming increasingly competitive, with major players like Invec, Sugon, and Huawei gaining global recognition [5][35] - The market is characterized by high entry barriers and significant first-mover advantages, with a concentrated market share among leading manufacturers [33][35]