AI训练引爆散热革命？高盛：液冷明年全面超风冷，年复合增长超100%！

Core Insights - The global server cooling market is experiencing structural growth opportunities, with a projected total scale of $17.6 billion by 2027, driven primarily by AI training servers with a compound annual growth rate (CAGR) of 101% [1][6][7] Market Growth Projections - The server cooling market is expected to grow by 111%, 77%, and 26% year-on-year from 2025 to 2027, reaching $17.6 billion by 2027 [6][8] - The liquid cooling market is anticipated to grow from $1.2 billion in 2024 to $15.2 billion in 2027, while the air cooling market remains relatively stable [7] Liquid Cooling Penetration - Liquid cooling penetration for AI training servers is projected to rise from 15% in 2024 to 80% by 2027, with significant differentiation in penetration rates across segments [3][9] - Full rack AI training servers have already achieved 100% liquid cooling penetration, becoming a key market driver [3] Segment Analysis - The AI training server cooling market is expected to expand from $4.5 billion in 2025 to $12.4 billion in 2027, showcasing strong growth momentum [2][9] - In contrast, the general/HPC and AI inference server cooling markets are projected to grow more modestly, from $3.4 billion in 2025 to $5.1 billion in 2027 [9] Component Innovations - Key components in the liquid cooling segment, such as cold plates, manifolds, and CDU/RPU, are expected to see significant growth, while traditional components like 3D VC and heat sinks will grow at a more stable rate [10] - Innovative cooling designs are being developed to meet the increasing thermal demands of AI servers, including 3D printed cold plates and microchannel solutions [11][12]