Summary of Liquid Cooling Market Insights and Immersion Solutions Outlook Industry Overview - The report focuses on the liquid cooling market, particularly in data centers, highlighting the transition from air cooling to liquid cooling due to increasing power density and energy efficiency needs [1][4]. Key Insights and Arguments - NVIDIA's GB300 Cabinet: The acceleration in the deployment of NVIDIA's GB300 cabinets is a significant driver for the liquid cooling market, with each cabinet's cold plate value exceeding 250,000 RMB due to enhanced cooling efficiency [1][2]. - Market Growth: The global liquid cooling market is projected to reach 80 billion RMB in 2026 and 140 billion RMB in 2027, with cold plate solutions currently dominating the market [1][6]. - Cooling System Architecture: Liquid cooling systems are divided into primary and secondary sides, with key components including cooling towers, chillers (40%-45% of primary side costs), CDU, and cold plates [1][5]. - Power Density and PUE: The transition to liquid cooling is driven by the need to reduce Power Usage Effectiveness (PUE), as 43% of data center energy is used for cooling [4]. Emerging Trends - Shift to Immersion Cooling: The introduction of NVIDIA's RUC series cabinets is expected to expand the market for immersion cooling solutions, which offer better heat dissipation but come with risks such as liquid leakage and environmental concerns [3][11]. - Domestic Companies' Performance: Domestic liquid cooling companies like Shunling Environment and Tongfei Co. are transitioning from other temperature control industries and are showing strong performance in the CDU sector [3][9]. Market Dynamics - Catalysts for Growth: The recent surge in market sentiment for liquid cooling is attributed to clearer capital expenditure guidance from major cloud providers like Google, Microsoft, and Meta, alongside the rapid growth in global liquid cooling material demand [2][10]. - Competitive Landscape: Taiwanese companies have advantages due to established relationships with top overseas chip clients, but domestic companies are poised to expand internationally, leveraging their technological strengths [10]. Cost Considerations - Cooling Liquid Costs: Each cabinet requires approximately 1,000 liters of cooling liquid, costing around 400 to 500 RMB per liter, leading to significant overall costs for liquid cooling systems [8]. Environmental Considerations - Cooling Liquid Types: The report discusses various types of cooling liquids, including hydrocarbon, organosilicon, and fluorocarbon compounds, highlighting the environmental challenges associated with fluorinated compounds [12][13]. Future Outlook - Investment Opportunities: The liquid cooling sector is expected to present long-term investment opportunities due to evolving supplier dynamics, new project increments, and technological advancements [14][15].
液冷近期观点更新及浸没式方案展望 - 能源革命