千亿的液冷赛道

Core Insights - The liquid cooling market is expected to experience significant growth, with a projected global market size of approximately $6.5 billion in 2024 and over $17.6 billion by 2027, reflecting a compound annual growth rate (CAGR) exceeding 50% [2][3] - The rapid expansion of the liquid cooling market is driven by increasing power density in data centers, the rising proportion of AI ASICs, and the expansion of global data center capacity [3][10] Market Growth Projections - According to Goldman Sachs and IDC, the global liquid cooling market is forecasted to reach $6.5 billion in 2024 and exceed $17.6 billion by 2027, with a CAGR of over 50% [2] - By 2030, the liquid cooling components market could reach $25 billion, while the system market may surpass $50 billion, primarily driven by AI computing demand [2] Factors Driving Market Expansion - Power density is expected to increase significantly, with average rack density projected to rise from 15-25 kW in 2024-2025 to over 50 kW by 2028-2029, making liquid cooling essential for managing heat [3] - The share of AI ASICs in the global cloud accelerator semiconductor market is anticipated to grow significantly, with the market expected to exceed $300 billion by 2027, facilitating a more open supply chain ecosystem [8] - Global data center capacity is projected to grow at a CAGR of 20% from 2026 to 2028, further increasing the value of liquid cooling solutions [9] Regional Insights - The current total addressable market (TAM) for liquid cooling globally is approximately ten times that of China, which is expected to grow from $1.6 million in 2024 to $13.8 million by 2028 [10] - The Chinese government mandates that national computing hub data centers achieve a Power Usage Effectiveness (PUE) of less than 1.20 by the end of 2025, accelerating the adoption of liquid cooling technologies [10] Market Dynamics - The liquid cooling market is characterized by increasing competition, with domestic manufacturers striving to break into a market currently dominated by foreign and Taiwanese companies [12] - The liquid cooling value is shifting towards "white space," with the proportion of liquid cooling solutions expected to rise from 40-50% during the air cooling era to 70-90% in the future [12] Product and Technology Insights - The liquid cooling solutions offered by leading companies include cold plate modules, quick disconnects, manifolds, and in-rack liquid to liquid CDU systems, supporting various server platforms and cooling capacities [13]