液冷--不只有出海链

Core Insights - The article discusses the growth potential of the liquid cooling market, particularly in China, driven by increasing domestic demand and regulatory support for energy-efficient data centers [1][5]. Group 1: Market Overview - China's "Special Plan for Green and Low-Carbon Development of Data Centers" mandates that by the end of 2025, the overall rack rate of data centers should not be less than 60%, with a PUE (Power Usage Effectiveness) of less than 1.5 [1]. - The article highlights that liquid cooling technology is becoming increasingly important, with PUE values for different cooling methods showing significant efficiency advantages: air cooling (1.4-1.6+), cold plate liquid cooling (1.1-1.2), and immersion liquid cooling (<1.09) [2]. Group 2: Cost and Delivery Models - The initial investment costs for air cooling are low, while cold plate liquid cooling has medium costs, and immersion cooling has high initial costs. However, operational costs are lower for immersion cooling compared to the other methods [2]. - The delivery models for liquid cooling systems can be categorized into decoupled and integrated delivery, with decoupled delivery allowing for more flexibility and competition in procurement, while integrated delivery offers clearer responsibility but may limit options [3][4]. Group 3: Industry Dynamics - The market for liquid cooling components is concentrated, with the top three suppliers holding an average market share of 60-70%. The top two suppliers have a combined market share exceeding 85%, indicating a strong oligopoly [5]. - Major manufacturers are projected to have significant procurement amounts for cold plates, with estimates of over 10 billion RMB for one major player and close to 15 billion RMB for another, highlighting the financial scale of the industry [5].