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浸漬冷却市場 – 2032年までの世界予測

Immersion Cooling Market - Global Forecast To 2032

浸漬冷却市場 - タイプ（単相、二相）、用途（高性能コンピューティング、エッジコンピューティング、暗号通貨マイニング）、冷却液、コンポーネント（ソリューション、サービス）、地域別 - 2032年までの世界予測
Immersion Cooling Market by Type (Single Phase, Two Phase), Application (High-performance Computing, Edge Computing, Cryptocurrency Mining), Cooling Fluid, Component (Solutions, Services), and Region - Global Forecast to 2032

商品番号 : SMB-4579

出版社MarketsandMarkets
出版年月2025年6月
ページ数236
図表数258
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

本レポートは、浸漬冷却（液浸冷却）市場を、用途、タイプ、冷却液、コンポーネント、地域に基づいて定義、セグメント化し、市場規模を予測しています。主要プレーヤーを戦略的にプロファイルし、市場シェアとコアコンピテンシーを包括的に分析しています。また、市場における事業拡大、製品投入、パートナーシップ、協業、契約、合弁事業といった競合動向も追跡・分析しています。

本レポートは、浸漬冷却（液浸冷却）市場における市場牽引要因、制約要因、機会、課題についても包括的に分析しています。さらに、これらの市場の定量的側面に加えて、定性的な側面も網羅しています。

The immersion cooling market is projected to grow from USD 0.57 billion in 2025 to USD 2.60 billion by 2032, registering a CAGR of 24.2%. Enhanced system performance and reduced thermal loads are critical factors in ensuring optimal operational efficiency. Advancements in immersion cooling technologies are making it increasingly feasible to achieve both objectives simultaneously, positioning this approach as a superior alternative to conventional cooling methods. As a result, the market is witnessing strong growth, driven by the development of next-generation immersion cooling solutions that offer improved thermal management, energy efficiency, and reliability. These technologies are being adopted across a wide range of industries and applications where efficient cooling of electronic components is essential—particularly in high-performance computing (HPC) environments, where heat density and performance demands are exceptionally high. The ability of immersion cooling to maintain system stability, extend hardware lifespan, and support higher compute densities makes it a compelling solution in the evolving landscape of compute-intensive infrastructure.

浸漬冷却市場は、2025年の5億7,000万米ドルから2032年には26億米ドルに成長し、年平均成長率（CAGR）24.2%を記録すると予測されています。システム性能の向上と熱負荷の低減は、最適な運用効率を確保する上で重要な要素です。浸漬冷却技術の進歩により、この2つの目的を同時に達成することがますます可能になり、このアプローチは従来の冷却方法に代わる優れた選択肢として位置付けられています。その結果、市場は、熱管理、エネルギー効率、信頼性を向上させる次世代液浸冷却ソリューションの開発に牽引され、力強い成長を遂げています。これらの技術は、電子部品の効率的な冷却が不可欠な幅広い業界や用途、特に熱密度と性能に対する要求が非常に高い高性能コンピューティング（HPC）環境で採用されています。システムの安定性を維持し、ハードウェア寿命を延ばし、より高いコンピューティング密度をサポートする浸漬冷却（液浸冷却）の能力は、進化するコンピューティング集約型インフラストラクチャの環境において魅力的なソリューションとなっています。

浸漬冷却市場 - 2032年までの世界予測
immersion-cooling-market-Overview

“By type, single-phase to be larger segment of immersion cooling market between 2025 and 2032”

Single-phase immersion cooling is projected to be a larger segment of the global immersion cooling market. This dominance is primarily attributed to its proven efficiency in heat dissipation and operational simplicity. The dielectric fluids used in single-phase systems possess high heat capacity and strong thermal conductivity, enabling them to effectively absorb and transfer heat away from electronic components without undergoing a phase change. This consistent thermal performance supports the stable operation of high-performance computing (HPC) systems by maintaining optimal operating temperatures. As a result, single-phase immersion cooling not only enhances system efficiency and reliability but also contributes to extended hardware lifespan. These advantages, coupled with lower maintenance complexity and easier integration into existing infrastructure, continue to drive its widespread adoption across data centers and compute-intensive environments.

“By application, high-performance computing to be largest segment of immersion cooling market from 2025 to 2032”

The growing adoption of high-performance computing (HPC) is a major catalyst for the rising demand for immersion cooling technologies. As a critical solution within the broader data center cooling ecosystem, immersion cooling addresses the key challenges associated with HPC workloads, including extreme heat dissipation, energy efficiency requirements, environmental sustainability, and the need to support ongoing technological advancements. With traditional air cooling systems approaching their thermal and spatial limitations, immersion cooling is emerging as a more viable and scalable alternative. The increasing processing density of HPC systems—driven by applications in artificial intelligence, climate modeling, genomics, and complex simulations—demands robust thermal management solutions that conventional methods struggle to deliver. Immersion cooling offers superior thermal efficiency, enabling higher server density, better space utilization, and support for more intensive processor loads. This alignment with performance and sustainability goals accelerates investment and innovation in next-generation cooling technologies across the HPC landscape.

“By cooling fluid, synthetic fluids to be largest segment of immersion cooling market from 2025 to 2032”

Synthetic fluids are expected to dominate the immersion cooling market due to their superior thermal performance and contribution to enhanced energy efficiency. These engineered dielectric fluids typically offer significantly better heat transfer properties compared to traditional cooling media, making them well-suited for high-density computing environments. By effectively absorbing and dissipating heat from electronic components, synthetic fluids enable data centers to optimize cooling efficiency, reduce energy consumption, and lower overall operational costs. Their consistent thermal stability, extended service life, and compatibility with sensitive IT hardware further strengthen their position as the preferred choice in next-generation immersion cooling systems. As energy efficiency and sustainability become critical priorities for data center operators, the adoption of synthetic fluids is anticipated to accelerate, driving growth and innovation across the global immersion cooling landscape.

浸漬冷却市場 - 2032年までの世界予測 region
immersion-cooling-market-Region

“North America immersion cooling market to exhibit highest growth during forecast period”

North America is projected to remain the most significant regional market for immersion cooling throughout the forecast period, driven by strong commitments to sustainability, energy efficiency, and technological innovation. As data centers across the region face increasing pressure to reduce their environmental footprint and optimize energy use, immersion cooling presents a compelling solution. By submerging IT hardware directly in thermally conductive dielectric fluids, immersion systems eliminate reliance on traditional air-based cooling, significantly lowering energy consumption and operational costs. These efficiency gains align closely with North America’s broader initiatives around green data center practices and carbon reduction goals. The region’s advanced digital infrastructure, early adoption of high-performance computing, and favorable regulatory landscape further reinforce its position at the forefront of immersion cooling adoption.

Profile break-up of primary participants for report:

  • By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
  • By Designation: C-level Executives – 60%, Directors – 20%, and Others – 20%
  • By Region: North America – 30%, Europe – 30%, Asia Pacific – 30%, South America – 5%, and Middle East & Africa – 5%

The immersion cooling market report is dominated by LiquidStack (Netherlands),  Green Revolution Cooling Inc (US), Submer (Spain), Asperitas (Netherlands), Midas Green Technologies (US), Iceotope Technologies Ltd (US), LiquidCool Solutions (US), DUG Technology (Australia), DCX Liquid Cooling Systems (Poland), Vertiv Group Corp (US),  Kaori Heat Treatment Co., Ltd (Taiwan), BOYD (US), and GIGA-BYTE Technology Co., Ltd. (Taiwan).

浸漬冷却市場 - 2032年までの世界予測 ecosystem
immersion-cooling-market-Ecosystem

Research Coverage

The report defines, segments, and projects the size of the immersion cooling market based on application, type, cooling fluid, component, and region. It strategically profiles the key players and comprehensively analyzes their market share and core competencies. It also tracks and analyzes competitive developments such as expansions, product launches, partnerships, collaborations, agreements, and joint ventures they undertake in the market.

The report also comprehensively reviews market drivers, restraints, opportunities, and challenges in the immersion cooling market. It covers qualitative aspects in addition to the quantitative aspects of these markets.

Reasons to Buy Report

The report is expected to help the market leaders/new entrants by providing them with the closest approximations of revenue numbers of the immersion cooling market and its segments. This report is also expected to help stakeholders understand the market’s competitive landscape better, gain insights to improve the position of their businesses and make suitable go-to-market strategies. It will enable stakeholders to understand the market’s pulse and provide them with information on key market drivers, restraints, challenges, and opportunities.

Report provides insights into following points:

  • Analysis of key drivers (Adoption in cryptocurrency mining and blockchain technology, Growing density of servers, rising need for eco-friendly data center cooling solutions, and increasing demand for compact and noise-free cooling solutions), restraints (Susceptibility to leakage and preference for air cooling technology), opportunities (Adoption in low-density data servers, emergence of AI, high-performance electronics, telecom, and other technologies, development of cooling solutions for deployment in harsh environments, high-density cooling requirements), and challenges (High investment in existing infrastructure and retrofitting immersion cooling solutions in large- and medium-scale data centers) influencing the growth of the immersion cooling market.
  • Product Development/Innovation: Detailed insights into upcoming technologies, research & development activities, and product & service launches in the immersion cooling market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the immersion cooling market across several regions.
  • Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the immersion cooling market.
  • Competitive Assessment: In-depth assessment of the market shares, growth strategies, and service offerings of leading and other players in the immersion cooling market.

Table of Contents

1               INTRODUCTION              24

1.1           STUDY OBJECTIVES       24

1.2           MARKET DEFINITION   24

1.3           MARKET SCOPE AND SEGMENTATION 25

1.3.1        IMMERSION COOLING MARKET, INCLUSIONS AND EXCLUSIONS      25

1.3.2        IMMERSION COOLING MARKET SEGMENTATION AND REGIONAL SCOPE            27

1.3.3        YEARS CONSIDERED      28

1.3.4        CURRENCY CONSIDERED            28

1.4           STAKEHOLDERS               28

1.5           SUMMARY OF CHANGES               29

2               RESEARCH METHODOLOGY       30

2.1           RESEARCH DATA              30

2.1.1        SECONDARY DATA          31

2.1.1.1    Key data from secondary sources       31

2.1.2        PRIMARY DATA 31

2.1.2.1    Key data from primary sources           32

2.1.2.2    Key industry insights           32

2.1.2.3    Breakdown of interviews with experts               33

2.1.2.4    Primary participants             33

2.2           MARKET SIZE ESTIMATION         34

2.2.1        BOTTOM-UP APPROACH              34

2.2.2        TOP-DOWN APPROACH                34

2.3           CALCULATION OF BASE MARKET SIZE  35

2.3.1        SUPPLY-SIDE APPROACH             35

2.3.2        DEMAND-SIDE APPROACH          36

2.4           DATA TRIANGULATION                37

2.5           GROWTH RATE ASSUMPTIONS/GROWTH FORECAST                 38

2.6           ASSUMPTIONS  39

2.7           LIMITATIONS AND RISK ASSESSMENT   39

3               EXECUTIVE SUMMARY  40

4               PREMIUM INSIGHTS       45

4.1           ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN IMMERSION COOLING MARKET                45

4.2           IMMERSION COOLING MARKET, BY REGION      45

4.3           NORTH AMERICA IMMERSION COOLING MARKET, BY APPLICATION AND COUNTRY   46

4.4           IMMERSION COOLING MARKET, BY MAJOR COUNTRIES                 47

5               MARKET OVERVIEW       48

5.1           INTRODUCTION              48

5.2           MARKET DYNAMICS       48

5.2.1        DRIVERS               49

5.2.1.1    Adoption in cryptocurrency mining and blockchain       49

5.2.1.2    Growing density of servers 49

5.2.1.3    Increasing need for eco-friendly data center cooling solutions                 50

5.2.1.4    Rising need for cost-effective cooling solutions               51

5.2.1.5    Increasing demand for compact and noise-free solutions                 52

5.2.2        RESTRAINTS      52

5.2.2.1    Susceptibility to leakage      52

5.2.2.2    Dominance of air cooling technology                53

5.2.3        OPPORTUNITIES              53

5.2.3.1    Adoption in low-density data centers                53

5.2.3.2    Emergence of AI, high-performance electronics, telecom, and other technologies                 53

5.2.3.3    Development of cooling solutions for deployment in harsh environments         54

5.2.3.4    High-density cooling requirements   54

5.2.4        CHALLENGES    54

5.2.4.1    Significant investments in existing infrastructure           54

5.2.4.2    Retrofitting immersion cooling solutions in large and medium-scale data centers 55

5.3           PORTER’S FIVE FORCES ANALYSIS            55

5.3.1        BARGAINING POWER OF SUPPLIERS       56

5.3.2        BARGAINING POWER OF BUYERS             56

5.3.3        THREAT OF SUBSTITUTES          57

5.3.4        THREAT OF NEW ENTRANTS      57

5.3.5        INTENSITY OF COMPETITIVE RIVALRY 58

5.4           KEY STAKEHOLDERS AND BUYING CRITERIA     58

5.4.1        KEY STAKEHOLDERS IN BUYING PROCESS           58

5.4.2        BUYING CRITERIA FOR CRYPTOCURRENCY MINING                 59

5.5           BUYING CRITERIA           59

5.6           TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES       61

5.7           PRICING ANALYSIS          62

5.7.1        AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TYPE, 2024           62

5.7.2        AVERAGE SELLING PRICE TREND, BY REGION, 2020–2030                 63

5.8           SUPPLY CHAIN ANALYSIS             64

5.9           ECOSYSTEM/MARKET MAP         65

5.10         TECHNOLOGY ANALYSIS             67

5.10.1      SINGLE-PHASE 67

5.10.1.1  IT chassis               67

5.10.1.2  Single-phase tub/open bath                67

5.10.2      TWO-PHASE       67

5.10.2.1  Two-phase tub/open bath  67

5.10.3      HYBRID                68

5.11         PATENT ANALYSIS          68

5.11.1      METHODOLOGY              68

5.12         INVESTMENT AND FUNDING SCENARIO               71

5.13         TRADE DATA     72

5.13.1      IMPORT SCENARIO (HS CODE 271019)    72

5.13.2      EXPORT SCENARIO (HS CODE 271019)    73

5.14         IMPACT OF AI/GEN AI ON DATA CENTER LIQUID COOLING MARKET          73

5.14.1      TOP USE CASES AND MARKET POTENTIAL          74

5.14.2      BEST MARKET PRACTICES           75

5.15         KEY CONFERENCES AND EVENTS, 2025–2026        75

5.16         REGULATORY LANDSCAPE         76

5.16.1      OPEN COMPUTE PROJECT (OCP) – QUALITY & SAFETY REQUIREMENTS FOR IMMERSION COOLING TECHNOLOGY                 76

5.16.2      OPEN COMPUTE PROJECT (OCP) – DIELECTRIC COOLING FLUID REQUIREMENTS FOR DATA CENTER APPLICATIONS 77

5.16.3      IMMERSION COOLING TECHNOLOGY – COUNTRY/REGIONAL REGULATIONS    80

5.16.3.1  US           80

5.16.3.2  Europe   81

5.16.3.2.1                China      82

5.16.3.2.2                Japan      82

5.16.3.2.3                India       83

5.16.4      REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS             84

5.17         MARKETING CHANNELS USED BY IMMERSION COOLING SOLUTION PROVIDERS: COMPARATIVE ANALYSIS                 85

5.17.1      B2B MARKETING CHANNELS – COMPARATIVE ANALYSIS                 85

5.18         PARTNERS OF IMMERSION COOLING COMPANIES                 87

5.18.1      PARTNERSHIPS 87

5.19         TOTAL COST OF OWNERSHIP   91

5.20         CASE STUDY ANALYSIS 92

5.20.1      ASPERITAS AND ITRENEW PARTNER TO BRING SUSTAINABLE, PLUG-AND-PLAY DATA CENTER SOLUTION FULL CIRCLE     92

5.20.2      DUG REDUCED ENERGY SPENDING IN DATA CENTER BY ADOPTING GRC’S IMMERSION COOLING TECHNOLOGY                 92

5.20.3      MICROSOFT CHOSE IMMERSION COOLING TECHNOLOGY BY LIQUIDSTACK FOR ITS CLOUD SERVERS                 93

5.20.4      BITFURY GROUP ENHANCES DATA CENTER COOLING EFFICIENCY USING 3M’S ENGINEERED FLUIDS  93

5.20.5      MACQUARIE TELECOM GROUP TO DEPLOY SUBMER’S IMMERSION COOLING SOLUTIONS AT ITS DATA CENTERS                 93

5.20.6      NTT DATA CORPORATION TO ADOPT LIQUIDSTACK’S TWO-PHASE IMMERSION COOLING SOLUTIONS AT ITS DATA CENTERS             94

5.21         GLOBAL MACROECONOMIC OUTLOOK                94

5.21.1      GDP       94

5.22         IMPACT OF 2025 US TARIFF- IMMERSION COOLING MARKET               97

5.22.1      INTRODUCTION              97

5.22.2      KEY TARIFF RATES IMPACTING MARKET              97

5.22.3      PRICE IMPACT ANALYSIS             98

5.22.4      KEY IMPACT ON VARIOUS REGIONS/COUNTRIES                 98

5.22.4.1  US           98

5.22.4.2  Europe   98

5.22.4.3  Asia Pacific            98

5.22.5      IMPACT ON APPLICATIONS        99

6               IMMERSION COOLING MARKET, BY TYPE             100

6.1           INTRODUCTION              101

6.2           SINGLE-PHASE IMMERSION COOLING   102

6.2.1        DEMAND FOR EFFICIENT COOLING AND LOW MAINTENANCE TO DRIVE MARKET         102

6.3           TWO-PHASE IMMERSION COOLING        103

6.3.1        FLUID LOSS TO BE PRIMARY CONCERN                 103

7               IMMERSION COOLING MARKET, BY APPLICATION                 105

7.1           INTRODUCTION              106

7.2           HIGH-PERFORMANCE COMPUTING        107

7.2.1        DEMAND FOR SOLVING COMPLEX COMPUTE-INTENSIVE PROBLEMS TO DRIVE MARKET          107

7.3           EDGE COMPUTING         108

7.3.1        SIGNIFICANT INCREASE IN NUMBER OF INTELLIGENT APPLICATIONS TO BOOST MARKET       108

7.4           ARTIFICIAL INTELLIGENCE        109

7.4.1        DIGITAL TRANSFORMATION OF COMPANIES TO PROPEL MARKET             109

7.5           CRYPTOCURRENCY MINING       111

7.5.1        HIGH POTENTIAL FOR GROWTH TO FUEL DEMAND                 111

7.6           OTHER APPLICATIONS 112

8               IMMERSION COOLING MARKET, BY COMPONENT                 114

8.1           INTRODUCTION              115

8.2           SOLUTIONS        116

8.2.1        GROWING DEMAND FOR HIGH-DENSITY SERVER COOLING TO DRIVE MARKET    116

8.3           SERVICES             117

8.3.1        INCREASING ADOPTION OF CUSTOMIZED SERVICES TO BOOST MARKET               117

9               IMMERSION COOLING MARKET, BY COOLING FLUID                 118

9.1           INTRODUCTION              118

9.2           SYNTHETIC FLUIDS        118

9.2.1        LOW CORROSION AND FLAMMABILITY TO FUEL DEMAND             118

9.3           MINERAL OIL     118

9.3.1        INEXPENSIVE, NON-TOXIC, AND LOW CORROSION TO DRIVE GROWTH               118

9.4           FLUOROCARBON-BASED FLUIDS             119

9.4.1        INCREASING DEMAND IN HIGH-PERFORMANCE LIQUID COOLING APPLICATIONS TO BOOST GROWTH 119

9.5           OTHER COOLING FLUIDS            119

10            IMMERSION COOLING MARKET, BY REGION      120

10.1         INTRODUCTION              121

10.2         ASIA PACIFIC     124

10.2.1      CHINA  127

10.2.1.1  Rise in number of data centers to drive market               127

10.2.2      INDIA    128

10.2.2.1  Surging demand from data centers to boost market       128

10.2.3      JAPAN   129

10.2.3.1  Redesigning existing data center facilities to drive market                 129

10.2.4      SOUTH KOREA  130

10.2.4.1  Advancements in AI and cryptocurrency mining to drive market                 130

10.2.5      THAILAND          131

10.2.5.1  Expansion of digital hardware infrastructure to fuel market                 131

10.2.6      MALAYSIA           132

10.2.6.1  Rapid cloud service adoption to fuel market    132

10.2.7      REST OF ASIA PACIFIC   133

10.3         EUROPE               134

10.3.1      GERMANY           138

10.3.1.1  Attractive investments and growth of data centers to boost market    138

10.3.2      FRANCE                139

10.3.2.1  Rising demand for immersion cooling from cloud providers to drive market          139

10.3.3      NETHERLANDS 140

10.3.3.1  Use of green energy for data centers to propel market   140

10.3.4      UK          141

10.3.4.1  New eco-design requirements set by European parliament for servers and data centers to drive market           141

10.3.5      RUSSIA 142

10.3.5.1  Growing demand for computing resources and data storage systems to drive market       142

10.3.6      SPAIN    143

10.3.6.1  Innovations in cloud computing to boost demand for data center solutions 143

10.3.7      REST OF EUROPE             144

10.4         NORTH AMERICA             145

10.4.1      US           147

10.4.1.1  Surging demand from cryptocurrency providers to drive market                 147

10.4.2      CANADA               148

10.4.2.1  Increasing digitalization and massive data generation to boost market    148

10.4.3      MEXICO                149

10.4.3.1  Big data and automation technologies to fuel growth     149

10.5         MIDDLE EAST & AFRICA                150

10.5.1      SAUDI ARABIA  152

10.5.1.1  Harsh climatic conditions and government-backed digital transformation initiatives to drive market        152

10.5.2      UAE        152

10.5.2.1  Sustainability and hyperscale growth to boost market    152

10.5.3      REST OF GCC     153

10.5.4      REST OF MIDDLE EAST & AFRICA             153

10.6         SOUTH AMERICA             153

11            COMPETITIVE LANDSCAPE         155

11.1         INTRODUCTION              155

11.1.1      STRATEGIES ADOPTED BY KEY MARKET PLAYERS, 2019–2025        155

11.2         REVENUE ANALYSIS       157

11.3         MARKET SHARE ANALYSIS, 2024                 157

11.3.1      MARKET SHARE OF KEY PLAYERS             157

11.4         BRAND PRODUCT COMPARISON              160

11.5         COMPANY EVALUATION MATRIX, 2024  161

11.5.1      STARS   161

11.5.2      EMERGING LEADERS     161

11.5.3      PERVASIVE PLAYERS      161

11.5.4      PARTICIPANTS 161

11.5.5      COMPANY FOOTPRINT: KEY PLAYERS, 2024         163

11.5.5.1  Company footprint               163

11.5.5.2  Region footprint   164

11.5.5.3  Type footprint       165

11.5.5.4  Application footprint            166

11.6         STARTUP/SME EVALUATION MATRIX, 2024          167

11.6.1      PROGRESSIVE COMPANIES         167

11.6.2      DYNAMIC COMPANIES  167

11.6.3      RESPONSIVE COMPANIES            167

11.6.4      STARTING BLOCKS         167

11.6.5      COMPETITIVE BENCHMARKING               169

11.7         COMPANY VALUATION AND FINANCIAL METRICS                 171

11.8         COMPETITIVE SCENARIO             172

11.8.1      PRODUCT LAUNCHES   172

11.8.2      DEALS  174

11.8.3      EXPANSIONS     175

12            COMPANY PROFILES      177

12.1         KEY PLAYERS     177

12.1.1      GREEN REVOLUTION COOLING INC.      177

12.1.1.1  Business overview 177

12.1.1.2  Products/Solutions/Services offered 177

12.1.1.3  Recent developments           178

12.1.1.3.1                Product launches  178

12.1.1.3.2                Deals      178

12.1.1.4  MnM view              179

12.1.1.4.1                Right to win           179

12.1.1.4.2                Strategic choices   179

12.1.1.4.3                Weaknesses and competitive threats 180

12.1.2      SUBMER               181

12.1.2.1  Business overview 181

12.1.2.2  Products/Solutions/Services offered 181

12.1.2.3  Recent developments           182

12.1.2.3.1                Product launches  182

12.1.2.3.2                Deals      182

12.1.2.3.3                Expansions             185

12.1.2.3.4                Others    185

12.1.2.4  MnM view              185

12.1.2.4.1                Right to win           185

12.1.2.4.2                Strategic choices   186

12.1.2.4.3                Weaknesses and competitive threats 186

12.1.3      ASPERITAS          187

12.1.3.1  Business overview 187

12.1.3.2  Products/Solutions/Services offered 187

12.1.3.3  Recent developments           188

12.1.3.3.1                Product launches  188

12.1.3.3.2                Deals      189

12.1.3.4  MnM view              190

12.1.3.4.1                Right to win           190

12.1.3.4.2                Strategic choices   190

12.1.3.4.3                Weaknesses and competitive threats 190

12.1.4      LIQUIDSTACK HOLDING B. V.    191

12.1.4.1  Business overview 191

12.1.4.2  Products/Solutions/Services offered 191

12.1.4.3  Recent developments           192

12.1.4.3.1                Deals      192

12.1.4.3.2                Others    193

12.1.4.4  MnM view              193

12.1.4.4.1                Right to win           193

12.1.4.4.2                Strategic choices   193

12.1.4.4.3                Weaknesses and competitive threats 193

12.1.5      MIDAS IMMERSION COOLING    194

12.1.5.1  Business overview 194

12.1.5.2  Products/Solutions/Services offered 194

12.1.5.3  Recent developments           195

12.1.5.3.1                Deals      195

12.1.5.4  MnM view              195

12.1.5.4.1                Right to win           195

12.1.5.4.2                Strategic choices   195

12.1.5.4.3                Weaknesses and competitive threats 195

12.1.6      VERTIV GROUP CORP.   196

12.1.6.1  Business overview 196

12.1.6.2  Products/Solutions/Services offered 197

12.1.6.3  Recent developments           198

12.1.6.3.1                Deals      198

12.1.6.4  MnM view              199

12.1.6.4.1                Right to win           199

12.1.6.4.2                Strategic choices   199

12.1.6.4.3                Weaknesses and competitive threats 199

12.1.7      ICEOTOPE PRECISION LIQUID COOLING              200

12.1.7.1  Business overview 200

12.1.7.2  Products/Solutions/Services offered 200

12.1.7.3  Recent developments           201

12.1.7.3.1                Product launches  201

12.1.7.3.2                Deals      201

12.1.8      LIQUIDCOOL SOLUTIONS           203

12.1.8.1  Business overview 203

12.1.8.2  Products/Solutions/Services offered 203

12.1.8.3  Recent developments           204

12.1.8.3.1                Deals      204

12.1.9      DUG TECHNOLOGY       205

12.1.9.1  Business overview 205

12.1.9.2  Products/Solutions/Services offered 206

12.1.9.3  Recent developments           206

12.1.9.3.1                Deals      206

12.1.10   DCX LIQUID COOLING SYSTEMS              207

12.1.10.1                 Business overview 207

12.1.10.2                 Products/Solutions/Services offered 207

12.1.10.3                 Recent developments           208

12.1.10.3.1             Product launches  208

12.1.10.3.2             Others    208

12.1.11   STULZ GMBH     209

12.1.11.1                 Business overview 209

12.1.11.2                 Products/Solutions/Services offered 209

12.1.11.3                 Recent developments           209

12.1.11.3.1             Product launches  209

12.1.12   MODINE               210

12.1.12.1                 Business overview 210

12.1.12.2                 Products/Solutions/Services offered 211

12.1.12.3                 Recent developments           212

12.1.12.3.1             Product launches  212

12.1.12.3.2             Deals      212

12.1.12.3.3             Expansions             213

12.1.13   GIGA-BYTE TECHNOLOGY CO., LTD.     214

12.1.13.1                 Business overview 214

12.1.13.2                 Products/Solutions/Services offered 215

12.1.14   WIWYNN CORPORATION              216

12.1.14.1                 Business overview 216

12.1.14.2                 Products/Solutions/Services offered 217

12.1.15   KAORI HEAT TREATMENT CO., LTD.      218

12.1.15.1                 Business overview 218

12.1.15.2                 Products/Solutions/Services offered 219

12.1.16   DELTA POWER SOLUTIONS        220

12.1.16.1                 Business overview 220

12.1.16.2                 Products/Solutions/Services offered 221

12.1.17   BOYD    222

12.1.17.1                 Business overview 222

12.1.17.2                 Products/Solutions/Services offered 222

12.2         OTHER PLAYERS              223

12.2.1      HYPERTEC GROUP INC.                223

12.2.2      PEZY COMPUTING          223

12.2.3      TAS        224

12.2.4      RSI K.K. 224

12.2.5      TEIMMERS          225

13            ADJACENT AND RELATED MARKETS      226

13.1         INTRODUCTION              226

13.2         LIMITATIONS    226

13.3         IMMERSION COOLING INTERCONNECTED MARKETS                 226

13.3.1      DATA CENTER LIQUID COOLING MARKET          226

13.3.1.1  Market definition 226

13.3.1.2  Market overview   226

13.3.1.3  Data center liquid cooling market, by type of cooling    227

13.3.1.3.1                Cold plate liquid cooling     227

13.3.1.3.1.1            high-density data center installation TO drive demand                 227

13.3.1.4  Immersed liquid cooling      227

13.3.1.4.1                low carbon footprint through immersion liquid cooling to drive segment   227

14            APPENDIX           229

14.1         DISCUSSION GUIDE        229

14.2         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                232

14.3         CUSTOMIZATION OPTIONS        234

14.4         RELATED REPORTS         234

14.5         AUTHOR DETAILS           235

LIST OF TABLES

TABLE 1                IMMERSION COOLING MARKET, BY TYPE: INCLUSIONS AND EXCLUSIONS 25

TABLE 2                IMMERSION COOLING MARKET, BY COOLING FLUID: INCLUSIONS

AND EXCLUSIONS           25

TABLE 3                IMMERSION COOLING MARKET, BY COMPONENT: INCLUSIONS AND EXCLUSIONS  25

TABLE 4                IMMERSION COOLING MARKET, BY APPLICATION: INCLUSIONS AND EXCLUSIONS 26

TABLE 5                IMMERSION COOLING MARKET, BY REGION: INCLUSIONS AND EXCLUSIONS 26

TABLE 6                FACTOR ANALYSIS          38

TABLE 7                LIMITATIONS AND ASSOCIATED RISKS 39

TABLE 8                IMMERSION COOLING MARKET SNAPSHOT: 2025 VS. 2032       41

TABLE 9                CARBON FOOTPRINT OF AIR-COOLING VERSUS IMMERSION-COOLING

FOR DATA CENTERS       51

TABLE 10              AIR-COOLING VERSUS IMMERSION COOLING FOR DATA CENTERS       51

TABLE 11              COMPARATIVE NOISE LEVEL     52

TABLE 12              WATER CONSUMPTION IN AIR-COOLING VERSUS IMMERSION-COOLING

FOR DATA CENTERS       54

TABLE 13              IMMERSION COOLING MARKET: PORTER’S FIVE FORCES ANALYSIS           56

TABLE 14              INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS (%)  59

TABLE 15              KEY BUYING CRITERIA  59

TABLE 16              KEY BUYING CRITERIA, BY END-USE INDUSTRY                 60

TABLE 17              AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TYPE, 2024 (USD/L)               62

TABLE 18              AVERAGE SELLING PRICE TREND OF IMMERSION COOLING FLUIDS, BY REGION, 2020–2030 (USD/L)                 63

TABLE 19              IMMERSION COOLING MARKET: ROLE IN ECOSYSTEM       66

TABLE 20              MAJOR PATENTS RELATED TO DATA CENTER LIQUID COOLING SOLUTIONS  70

TABLE 21              DATA CENTER IMMERSION COOLING MARKET: TOP USE CASES AND MARKET POTENTIAL          74

TABLE 22              DATA CENTER IMMERSION COOLING MARKET: BEST PRACTICES              75

TABLE 23              DATA CENTER IMMERSION COOLING MARKET: LIST OF CONFERENCES

AND EVENTS, 2025–2026                 75

TABLE 24              DIELECTRIC COOLING FLUID SPECIFICATIONS                 77

TABLE 25              DIELECTRIC COOLING FLUID MINIMUM REQUIREMENTS               79

TABLE 26              HYDROCARBON FLUID QUALITY MANAGEMENT TABLE  79

TABLE 27              FLUOROCARBON FLUID QUALITY MANAGEMENT TABLE  80

TABLE 28              APPROACHES IN INDIAN CONTEXT        83

TABLE 29              NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES,

AND OTHER ORGANIZATIONS  84

TABLE 30              EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS                 85

TABLE 31              DETAILS OF DIFFERENT DISTRIBUTION CHANNELS          86

TABLE 32              LIST OF PARTNER COMPANIES OF MAJOR IMMERSION COOLING SOLUTION PROVIDERS  88

TABLE 33              AVERAGE PRICE OF COOLING FLUID (USD/LITER)      91

TABLE 34              REAL GDP GROWTH (ANNUAL PERCENTAGE CHANGE), BY COUNTRY, 2021–2024          95

TABLE 35              UNEMPLOYMENT RATE, BY COUNTRY, 2021–2024        95

TABLE 36              INFLATION RATE (AVERAGE CONSUMER PRICES), BY COUNTRY, 2021–2024              96

TABLE 37              FOREIGN DIRECT INVESTMENT, 2022–2023                 96

TABLE 38              TABLE 1: US ADJUSTED RECIPROCAL TARIFF RATES   97

TABLE 39              KEY PRODUCT-RELATED TARIFF EFFECTIVE FOR IMMERSION COOLING         98

TABLE 40              IMMERSION COOLING MARKET, BY TYPE, 2020–2024 (USD MILLION)       101

TABLE 41              IMMERSION COOLING MARKET, BY TYPE, 2025–2032 (USD MILLION)       101

TABLE 42              SINGLE-PHASE IMMERSION COOLING: IMMERSION COOLING MARKET, BY REGION, 2020–2024 (USD MILLION)            102

TABLE 43              SINGLE-PHASE IMMERSION COOLING: IMMERSION COOLING MARKET, BY REGION, 2025–2032 (USD MILLION)            103

TABLE 44              TWO-PHASE IMMERSION COOLING: IMMERSION COOLING MARKET,

BY REGION, 2020–2024 (USD MILLION)   104

TABLE 45              TWO-PHASE IMMERSION COOLING: IMMERSION COOLING MARKET,

BY REGION, 2025–2032 (USD MILLION)   104

TABLE 46              IMMERSION COOLING MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              106

TABLE 47              IMMERSION COOLING MARKET, BY APPLICATION, 2025–2032 (USD MILLION)              107

TABLE 48              HIGH-PERFORMANCE COMPUTING: IMMERSION COOLING MARKET, BY REGION, 2020–2024 (USD MILLION)            108

TABLE 49              HIGH-PERFORMANCE COMPUTING: IMMERSION COOLING MARKET, BY REGION, 2025–2032 (USD MILLION)            108

TABLE 50              EDGE COMPUTING: IMMERSION COOLING MARKET, BY REGION,

2020–2024 (USD MILLION)            109

TABLE 51              EDGE COMPUTING: IMMERSION COOLING MARKET, BY REGION,

2025–2032 (USD MILLION)            109

TABLE 52              ARTIFICIAL INTELLIGENCE: IMMERSION COOLING MARKET, BY REGION,

2020–2024 (USD MILLION)            110

TABLE 53              ARTIFICIAL INTELLIGENCE: IMMERSION COOLING MARKET, BY REGION,

2025–2032 (USD MILLION)            110

TABLE 54              CRYPTOCURRENCY MINING: IMMERSION COOLING MARKET, BY REGION,

2020–2024 (USD MILLION)            111

TABLE 55              CRYPTOCURRENCY MINING: IMMERSION COOLING MARKET, BY REGION,

2025–2032 (USD MILLION)            112

TABLE 56              OTHER APPLICATIONS: IMMERSION COOLING MARKET, BY REGION,

2020–2024 (USD MILLION)            112

TABLE 57              OTHER APPLICATIONS: IMMERSION COOLING MARKET, BY REGION,

2025–2032 (USD MILLION)            113

TABLE 58              IMMERSION COOLING MARKET, BY COMPONENT, 2020–2024 (USD MILLION)              115

TABLE 59              IMMERSION COOLING MARKET, BY COMPONENT, 2025–2032 (USD MILLION)              115

TABLE 60              SOLUTIONS: IMMERSION COOLING MARKET, BY REGION,

2020–2024 (USD MILLION)            116

TABLE 61              SOLUTIONS: IMMERSION COOLING MARKET, BY REGION,

2025–2032 (USD MILLION)            116

TABLE 62              SERVICES: IMMERSION COOLING MARKET, BY REGION,

2020–2024 (USD MILLION)            117

TABLE 63              SERVICES: IMMERSION COOLING MARKET, BY REGION,

2025–2032 (USD MILLION)            117

TABLE 64              IMMERSION COOLING MARKET, BY REGION, 2020–2024 (USD MILLION)            122

TABLE 65              IMMERSION COOLING MARKET, BY REGION, 2025–2032 (USD MILLION)            122

TABLE 66              IMMERSION COOLING MARKET, BY REGION, 2020–2024 (MW) 122

TABLE 67              IMMERSION COOLING MARKET, BY REGION, 2025–2032 (MW) 123

TABLE 68              IMMERSION COOLING MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              123

TABLE 69              IMMERSION COOLING MARKET, BY APPLICATION, 2025–2032 (USD MILLION)              123

TABLE 70              IMMERSION COOLING MARKET, BY TYPE, 2020–2024 (USD MILLION)       124

TABLE 71              IMMERSION COOLING MARKET, BY TYPE, 2025–2032 (USD MILLION)       124

TABLE 72              ASIA PACIFIC: IMMERSION COOLING MARKET, BY COUNTRY,

2020–2024 (USD MILLION)            126

TABLE 73              ASIA PACIFIC: IMMERSION COOLING MARKET, BY COUNTRY,

2025–2032 (USD MILLION)            126

TABLE 74              ASIA PACIFIC: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            126

TABLE 75              ASIA PACIFIC: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            127

TABLE 76              ASIA PACIFIC: IMMERSION COOLING MARKET, BY TYPE,

2020–2024 (USD MILLION)            127

TABLE 77              ASIA PACIFIC: IMMERSION COOLING MARKET, BY TYPE,

2025–2032 (USD MILLION)            127

TABLE 78              CHINA: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            128

TABLE 79              CHINA: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            128

TABLE 80              INDIA: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            129

TABLE 81              INDIA: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            129

TABLE 82              JAPAN: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            130

TABLE 83              JAPAN: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            130

TABLE 84             SOUTH KOREA: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            131

TABLE 85             SOUTH KOREA: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            131

TABLE 86              THAILAND: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            132

TABLE 87              THAILAND: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            132

TABLE 88              MALAYSIA: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            133

TABLE 89              MALAYSIA: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            133

TABLE 90              REST OF ASIA PACIFIC: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            134

TABLE 91              REST OF ASIA PACIFIC: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            134

TABLE 92              EUROPE: IMMERSION COOLING MARKET, BY COUNTRY,

2020–2024 (USD MILLION)            136

TABLE 93              EUROPE: IMMERSION COOLING MARKET, BY COUNTRY,

2025–2032 (USD MILLION)            136

TABLE 94              EUROPE: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            136

TABLE 95              EUROPE: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            137

TABLE 96              EUROPE: IMMERSION COOLING MARKET, BY TYPE, 2020–2024 (USD MILLION)                137

TABLE 97              EUROPE: IMMERSION COOLING MARKET, BY TYPE, 2025–2032 (USD MILLION)                137

TABLE 98              GERMANY: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            138

TABLE 99              GERMANY: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            138

TABLE 100            FRANCE: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            139

TABLE 101            FRANCE: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            139

TABLE 102            NETHERLANDS: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            140

TABLE 103            NETHERLANDS: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            140

TABLE 104            UK: IMMERSION COOLING MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              141

TABLE 105            UK: IMMERSION COOLING MARKET, BY APPLICATION, 2025–2032 (USD MILLION)              141

TABLE 106            RUSSIA: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            142

TABLE 107            RUSSIA: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            142

TABLE 108            SPAIN: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            143

TABLE 109            SPAIN: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            143

TABLE 110            REST OF EUROPE: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            144

TABLE 111            REST OF EUROPE: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            144

TABLE 112            NORTH AMERICA: IMMERSION COOLING MARKET, BY COUNTRY,

2020–2024 (USD MILLION)            146

TABLE 113            NORTH AMERICA: IMMERSION COOLING MARKET, BY COUNTRY,

2025–2032 (USD MILLION)            146

TABLE 114            NORTH AMERICA: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            146

TABLE 115            NORTH AMERICA: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            147

TABLE 116            NORTH AMERICA: IMMERSION COOLING MARKET, BY TYPE,

2020–2024 (USD MILLION)            147

TABLE 117            NORTH AMERICA: IMMERSION COOLING MARKET, BY TYPE,

2025–2032 (USD MILLION)            147

TABLE 118            US: IMMERSION COOLING MARKET, BY APPLICATION, 2020–2024 (USD MILLION)              148

TABLE 119            US: IMMERSION COOLING MARKET, BY APPLICATION, 2025–2032 (USD MILLION)              148

TABLE 120            CANADA: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            149

TABLE 121            CANADA: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            149

TABLE 122            MEXICO: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            150

TABLE 123            MEXICO: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            150

TABLE 124            MIDDLE EAST & AFRICA: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            151

TABLE 125            MIDDLE EAST & AFRICA: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            151

TABLE 126            MIDDLE EAST & AFRICA: IMMERSION COOLING MARKET, BY TYPE,

2020–2024 (USD MILLION)            151

TABLE 127            MIDDLE EAST & AFRICA: IMMERSION COOLING MARKET, BY TYPE,

2025–2032 (USD MILLION)            152

TABLE 128            SOUTH AMERICA: IMMERSION COOLING MARKET, BY APPLICATION,

2020–2024 (USD MILLION)            153

TABLE 129            SOUTH AMERICA: IMMERSION COOLING MARKET, BY APPLICATION,

2025–2032 (USD MILLION)            154

TABLE 130            SOUTH AMERICA: IMMERSION COOLING MARKET, BY TYPE,

2020–2024 (USD MILLION)            154

TABLE 131            SOUTH AMERICA: IMMERSION COOLING MARKET, BY TYPE,

2025–2032 (USD MILLION)            154

TABLE 132            STRATEGIES ADOPTED BY KEY IMMERSION COOLING TECHNOLOGY MANUFACTURERS, 2019–2025 155

TABLE 133            IMMERSION COOLING MARKET: DEGREE OF COMPETITION 158

TABLE 134            IMMERSION COOLING MARKET: DEGREE OF COMPETITION, 2024       158

TABLE 135            IMMERSION COOLING MARKET: REGION FOOTPRINT, 2024             164

TABLE 136            IMMERSION COOLING MARKET: TYPE FOOTPRINT, 2024             165

TABLE 137            IMMERSION COOLING MARKET: APPLICATION FOOTPRINT, 2024             166

TABLE 138            IMMERSION COOLING MARKET: DETAILED LIST OF KEY STARTUPS/SMES   169

TABLE 139            IMMERSION COOLING MARKET: COMPETITIVE BENCHMARKING OF KEY STARTUPS/SMES          170

TABLE 140            IMMERSION COOLING MARKET: PRODUCT LAUNCHES, JANUARY 2019–MAY 2025      172

TABLE 141            IMMERSION COOLING MARKET: DEALS, JANUARY 2019–MAY 2025               174

TABLE 142            IMMERSION COOLING MARKET: EXPANSIONS, JANUARY 2019–MAY 2025               175

TABLE 143            GREEN REVOLUTION COOLING INC.: COMPANY OVERVIEW   177

TABLE 144            GREEN REVOLUTION COOLING, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    177

TABLE 145            GREEN REVOLUTION COOLING, INC.: PRODUCT LAUNCHES,

JANUARY 2019–MAY 2025               178

TABLE 146            GREEN REVOLUTION COOLING, INC.: DEALS, JANUARY 2019–MAY 2025               178

TABLE 147            SUBMER: COMPANY OVERVIEW                181

TABLE 148            SUBMER: PRODUCTS/SOLUTIONS/SERVICES OFFERED             181

TABLE 149            SUBMER: PRODUCT LAUNCHES, JANUARY 2019–MAY 2025              182

TABLE 150            SUBMER: DEALS, JANUARY 2019–MAY 2025                 182

TABLE 151            SUBMER: EXPANSIONS, JANUARY 2019–MAY 2025                 185

TABLE 152            SUBMER: OTHERS, JANUARY 2019–MAY 2025                 185

TABLE 153            ASPERITAS: COMPANY OVERVIEW           187

TABLE 154            ASPERITAS: PRODUCTS/SOLUTIONS/SERVICES OFFERED             187

TABLE 155            ASPERITAS: PRODUCT LAUNCHES, JANUARY 2019–MAY 2025   188

TABLE 156            ASPERITAS: DEALS, JANUARY 2019–MAY 2025                 189

TABLE 157            LIQUIDSTACK HOLDING B.V.: COMPANY OVERVIEW          191

TABLE 158            LIQUIDSTACK HOLDING B.V.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    191

TABLE 159            LIQUIDSTACK HOLDING B.V.: DEALS, JANUARY 2019–MAY 2025   192

TABLE 160            LIQUIDSTACK HOLDING B.V.: OTHERS, JANUARY 2019–MAY 2025               193

TABLE 161            MIDAS IMMERSION COOLING: COMPANY OVERVIEW          194

TABLE 162            MIDAS IMMERSION COOLING: PRODUCTS/SOLUTIONS/SERVICES OFFERED    194

TABLE 163            MIDAS IMMERSION COOLING: DEALS, JANUARY 2019–MAY 2025   195

TABLE 164            VERTIV GROUP CORP.: COMPANY OVERVIEW                 196

TABLE 165            VERTIV GROUP CORP.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    197

TABLE 166            VERTIV GROUP CORP.: DEALS, JANUARY 2019–MAY 2025              198

TABLE 167            ICEOTOPE PRECISION LIQUID COOLING: COMPANY OVERVIEW   200

TABLE 168            ICEOTOPE PRECISION LIQUID COOLING: PRODUCTS/SOLUTIONS/SERVICES OFFERED    200

TABLE 169            ICEOTOPE PRECISION LIQUID COOLING: PRODUCT LAUNCHES,

JANUARY 2019–MAY 2025               201

TABLE 170            ICEOTOPE PRECISION LIQUID COOLING: DEALS, JANUARY 2019–MAY 2025                201

TABLE 171            LIQUIDCOOL SOLUTIONS: COMPANY OVERVIEW          203

TABLE 172            LIQUIDCOOL SOLUTIONS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    203

TABLE 173            LIQUIDCOOL SOLUTIONS: DEALS, JANUARY 2019–MAY 2025   204

TABLE 174            DUG TECHNOLOGY: COMPANY OVERVIEW                 205

TABLE 175            DUG TECHNOLOGY: PRODUCTS/SOLUTIONS/SERVICES OFFERED    206

TABLE 176            DUG TECHNOLOGY: DEALS, JANUARY 2019–MAY 2025              206

TABLE 177            DCX LIQUID COOLING SYSTEMS: COMPANY OVERVIEW          207

TABLE 178            DCX LIQUID COOLING SYSTEMS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    207

TABLE 179            DCX LIQUID COOLING SYSTEMS: PRODUCT LAUNCHES, JANUARY 2019–MAY 2025      208

TABLE 180            DCX LIQUID COOLING SYSTEMS: OTHERS, JANUARY 2019–MAY 2025               208

TABLE 181            STULZ GMBH: COMPANY OVERVIEW     209

TABLE 182            STULZ GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED    209

TABLE 183            STULZ GMBH: PRODUCT LAUNCHES, JANUARY 2019–MAY 2025   209

TABLE 184            MODINE: COMPANY OVERVIEW                210

TABLE 185            MODINE: PRODUCTS/SOLUTIONS/SERVICES OFFERED             211

TABLE 186            MODINE: PRODUCT LAUNCHES                212

TABLE 187            MODINE: DEALS               212

TABLE 188            MODINE: EXPANSIONS 213

TABLE 189            GIGA-BYTE TECHNOLOGY CO., LTD.: COMPANY OVERVIEW   214

TABLE 190            GIGA-BYTE TECHNOLOGY CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    215

TABLE 191            WIWYNN CORPORATION: COMPANY OVERVIEW          216

TABLE 192            WIWYNN CORPORATION: PRODUCTS/SOLUTIONS/SERVICES OFFERED    217

TABLE 193            KAORI HEAT TREATMENT CO., LTD.: COMPANY OVERVIEW          218

TABLE 194            KAORI HEAT TREATMENT CO., LTD: PRODUCTS/SOLUTIONS/SERVICES OFFERED    219

TABLE 195            DELTA POWER SOLUTIONS: COMPANY OVERVIEW          220

TABLE 196            DELTA POWER SOLUTIONS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    221

TABLE 197            BOYD: COMPANY OVERVIEW     222

TABLE 198            BOYD: PRODUCTS/SOLUTIONS/SERVICES OFFERED             222

TABLE 199            HYPERTEC GROUP INC.: COMPANY OVERVIEW                 223

TABLE 200            PEZY COMPUTING.: COMPANY OVERVIEW                 223

TABLE 201            TAS: COMPANY OVERVIEW         224

TABLE 202            RSI K. K.: COMPANY OVERVIEW 224

TABLE 203            TEIMMERS: COMPANY OVERVIEW           225

TABLE 204            DATA CENTER LIQUID COOLING MARKET, BY TYPE OF COOLING,

2017–2024 (USD MILLION)            228

TABLE 205            DATA CENTER LIQUID COOLING MARKET, BY TYPE OF COOLING,

2023–2028 (USD MILLION)            228

LIST OF FIGURES

FIGURE 1              IMMERSION COOLING MARKET SEGMENTATION AND REGIONAL SCOPE              27

FIGURE 2              IMMERSION COOLING MARKET: RESEARCH DESIGN                30

FIGURE 3              MARKET SIZE ESTIMATION: BOTTOM-UP APPROACH         34

FIGURE 4              MARKET SIZE ESTIMATION: TOP-DOWN APPROACH         34

FIGURE 5              MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 (SUPPLY SIDE)      35

FIGURE 6              MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 2—BOTTOM-UP

(DEMAND SIDE)               36

FIGURE 7              IMMERSION COOLING MARKET: DATA TRIANGULATION             37

FIGURE 8              HIGH-PERFORMANCE COMPUTING TO ACCOUNT FOR LARGEST SHARE OF IMMERSION COOLING MARKET               42

FIGURE 9              SINGLE-PHASE IMMERSION COOLING SEGMENT TO LEAD IMMERSION COOLING MARKET      42

FIGURE 10            SOLUTIONS SEGMENT TO ACCOUNT FOR LARGER SHARE OF OVERALL IMMERSION COOLING MARKET                 43

FIGURE 11            NORTH AMERICA TO ACCOUNT FOR LARGEST SHARE OF IMMERSION COOLING MARKET          44

FIGURE 12            ADOPTION IN CRYPTOCURRENCY MINING AND GROWING SERVER DENSITY DRIVING GROWTH                45

FIGURE 13            ASIA PACIFIC IMMERSION COOLING MARKET PROJECTED TO WITNESS HIGHEST CAGR BETWEEN 2025 AND 2032        45

FIGURE 14            CRYPTOCURRENCY MINING ACCOUNTED FOR LARGEST SHARE OF

NORTH AMERICA IMMERSION COOLING MARKET IN 2024                 46

FIGURE 15            IMMERSION COOLING MARKET IN CHINA PROJECTED TO WITNESS HIGHEST CAGR BETWEEN 2025 AND 2032        47

FIGURE 16            DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES IN IMMERSION COOLING MARKET             48

FIGURE 17            AVERAGE SERVER RACK DENSITY, 2020–2024                 50

FIGURE 18            IMMERSION COOLING MARKET: PORTER’S FIVE FORCES ANALYSIS           55

FIGURE 19            INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE APPLICATIONS           58

FIGURE 20            KEY BUYING CRITERIA FOR TOP THREE APPLICATIONS 60

FIGURE 21            REVENUE SHIFTS AND NEW REVENUE POCKETS IN IMMERSION COOLING MARKET          61

FIGURE 22            AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY TYPE, 2024                 62

FIGURE 23            AVERAGE SELLING PRICE OF IMMERSION COOLING FLUIDS, BY REGION,

2020–2030              63

FIGURE 24            IMMERSION COOLING MARKET: SUPPLY CHAIN ANALYSIS            64

FIGURE 25            IMMERSION COOLING MARKET: ECOSYSTEM MAPPING             65

FIGURE 26            TYPES OF IMMERSION COOLING SOLUTIONS                 67

FIGURE 27            LIST OF MAJOR PATENTS RELATED TO DATA CENTER IMMERSION COOLING SOLUTIONS       69

FIGURE 28            DATA CENTER IMMERSION COOLING MARKET: INVESTMENT AND FUNDING RELATED TO STARTUPS/SMES, 2019–2024 (USD MILLION)            71

FIGURE 29            IMPORT DATA FOR HS CODE 271019-COMPLIANT PRODUCTS, BY KEY COUNTRY, 2018–2022 (USD BILLION)             72

FIGURE 30            EXPORT DATA FOR HS CODE 271019-COMPLIANT PRODUCTS, BY KEY COUNTRY, 2018–2022 (USD BILLION)             73

FIGURE 31            SINGLE-PHASE IMMERSION COOLING SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD                 101

FIGURE 32            HIGH-PERFORMANCE COOLING APPLICATION TO LEAD MARKET DURING

FORECAST PERIOD         106

FIGURE 33            SOLUTIONS SEGMENT TO DOMINATE MARKET DURING FORECAST PERIOD       115

FIGURE 34            IMMERSION COOLING MARKET IN CHINA TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD  121

FIGURE 35            ASIA PACIFIC: IMMERSION COOLING MARKET SNAPSHOT          125

FIGURE 36            EUROPE: IMMERSION COOLING MARKET SNAPSHOT          135

FIGURE 37            NORTH AMERICA: IMMERSION COOLING MARKET SNAPSHOT       145

FIGURE 38            REVENUE ANALYSIS OF KEY COMPANIES (2021–2024)      157

FIGURE 39            LEADING PLAYERS IN IMMERSION COOLING MARKET, 2024    158

FIGURE 40            BRAND PRODUCT COMPARISON              160

FIGURE 41            COMPANY EVALUATION MATRIX FOR IMMERSION COOLING MARKET, 2024     162

FIGURE 42            IMMERSION COOLING MARKET: COMPANY FOOTPRINT       163

FIGURE 43            STARTUP/SME EVALUATION MATRIX FOR IMMERSION COOLING MARKET, 2024     168

FIGURE 44            EV/REVENUE     171

FIGURE 45            EV/EBITDA         171

FIGURE 46            YEAR-TO-DATE (YTD) PRICE TOTAL RETURN AND FIVE-YEAR STOCK BETA

OF KEY MANUFACTURERS           172

FIGURE 47            VERTIV GROUP CORP.: COMPANY SNAPSHOT                 197

FIGURE 48            DUG TECHNOLOGY: COMPANY SNAPSHOT                 205

FIGURE 49            MODINE: COMPANY SNAPSHOT               211

FIGURE 50            GIGA-BYTE TECHNOLOGY CO., LTD.: COMPANY SNAPSHOT   214

FIGURE 51            WIWYNN CORPORATION: COMPANY SNAPSHOT          216

FIGURE 52            KAORI HEAT TREATMENT CO., LTD: COMPANY SNAPSHOT          218

FIGURE 53            DELTA POWER SOLUTIONS: COMPANY SNAPSHOT          220

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