Summary of Liquid Cooling Market Research Industry Overview - The liquid cooling market is driven by the growth in AI chip power consumption and shipment volumes, as well as the development of complete cabinet solutions [2][4] - The market potential for liquid cooling in AI chips is estimated to reach hundreds of billions of RMB with approximately 10 million AI chips utilizing liquid cooling [2][4] Key Insights - **Value Breakdown**: - Single chip liquid cooling value is approximately 2,000 to 3,000 RMB, while single cabinet liquid cooling value ranges from 300,000 to 600,000 RMB depending on the model [2][6] - The total market space for 100,000 ML72 cabinets could reach 500 to 600 billion RMB [6] - **Components of Liquid Cooling Systems**: - Liquid cooling systems are divided into primary (external data center equipment) and secondary (internal server equipment) sides [2][7] - Key components include: - Cold plates (30-40% of value) - Quick disconnect couplings (QDC) (10-20% of value, highest profit margin of 50-60%) - Central Distribution Unit (CDU) (10-20% of value, profit margin around 30%) - Manifold and piping (approximately 10% of value) [7][12] - **Material and Cost**: - Cold plates are primarily made of copper, with CPU cold plates valued at around 500 RMB and GPU cold plates at about 1,000 RMB [10] - Domestic quick disconnect couplings are valued at approximately 600 RMB, while overseas they can reach 1,300 RMB [11] - CDU costs about 1,000 RMB per kW domestically and 200-240 USD per kW internationally [11][12] Market Dynamics - The growth of the liquid cooling industry is primarily driven by the increasing power consumption of chips and cabinets [4][6] - Not all chips require liquid cooling; traditional air cooling remains viable for many [4] - Future advancements in cooling technology, such as phase change or immersion cooling, may significantly increase the value contribution of liquid cooling systems [5][13] Additional Considerations - The primary side of the cooling system is mature and competitive, involving equipment like dry coolers and cooling towers [5][9] - The choice of cooling equipment depends on the climate and water resources of the data center's location [9] - The liquid types currently used are mainly water-based solutions, but future innovations may introduce more advanced fluids, enhancing system value [13]