What it holds
Data Center Power and Cooling follows the money through the AI bill of materials: the parts it takes to build it, and the companies that earn their revenue supplying them. Each company is read from its own reports, so a holding reflects what it actually sells into the theme, not what it says about it.
| Part | What it covers |
|---|---|
| Cooling System | direct to chip cooling, thermal management components |
| Voltage Regulator Module (VRM) | voltage regulator modules, power management ICs |
| Power and Cooling Systems | data center power distribution, UPS systems, power supply units, liquid cooling, data center thermal systems |
How it breaks down
- United States55%
- Taiwan37%
- China9%
- Mega cap (over $200bn)9%
- Large cap ($10bn to $200bn)36%
- Mid cap ($2bn to $10bn)46%
- Small cap (under $2bn)9%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Modine Manufacturing | MOD.XNYS | $8 billion |
| Texas Instruments | TXN.XNAS | $283 billion |
| Advanced Energy Industries | AEIS.XNAS | $10 billion |
| Monolithic Power Systems | MPWR.XNAS | $60 billion |
| Vertiv Holdings | VRT.XNYS | $94 billion |
| Shenzhen Envicool Technology | 002837.SHE | $6 billion |
| Delta Electronics | 2308.TW | $124 billion |
| Sunonwealth Electric Machine Industry | 2421.TW | $1 billion |
| Asia Vital Components | 3017.TW | $39 billion |
| Vicor | VICR.XNAS | $6 billion |
| Auras Technology | 3324.TWO | $4 billion |
| Alpha & Omega Semiconductor | AOSL.XNAS | $746 million |
| Silergy | 6415.TW | $6 billion |
The market
Data center physical infrastructure (DCPI) manufacturer revenue: power, cooling and related facility systems
Dell'Oro Group, 2030Data center thermal management
Omdia, 2028Thermal management (growth, a year)
Dell'Oro Group, to end of decadeData center power
Stratview Research, 2032Dell'Oro's broad DCPI forecasts (USD 80 billion and 120 billion by 2030) and the power-only estimates (USD 20 billion to 70 billion) differ mainly in scope, and the cooling and liquid cooling figures range widely (USD 1.3 billion to 5.65 billion in 2024) for the same reason. The UPS and PDU estimates are more consistent, while the VRM estimates are too scattered to use and are omitted here.
All 47 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| Data center power (growth, a year) | +9.1% | 2026-2035 | Global Market Insights |
| Data center power | $70bn | 2025 | Global Market Insights |
| Data center power | $20bn | 2024 | Market Research Future |
| Data center power | $41bn | 2026 | Stratview Research |
| Data center power | $65bn | 2032 | Stratview Research |
| Data center power | $26bn | 2025 | IMARC |
| Data center power (covers UPS, PDUs, generators, energy storage and power management software) (growth, a year) | +7.5% | to 2030 | MarketsandMarkets |
| Data center power (covers UPS, PDUs, generators, energy storage and power management software) | $51bn | 2030 | MarketsandMarkets |
| Data center physical infrastructure (DCPI) manufacturer revenue: power, cooling and related facility systems (growth, a year) | +22% | 2025-2030 | Dell'Oro Group |
| Data center physical infrastructure (DCPI) manufacturer revenue: power, cooling and related facility systems | $120bn | 2030 | Dell'Oro Group |
| DCPI, an earlier forecast | $80bn | 2030 | Dell'Oro Group |
| AI data center power supply units only (growth, a year) | +19% | 2026-2032 | Stratview Research |
| AI data center power supply units only | $9.8bn | 2026 | Stratview Research |
| All data center liquid cooling (growth, a year) | +24% | to 2034 | Research and Markets |
| All data center liquid cooling | $5.7bn | 2024 | Research and Markets |
| All data center liquid cooling | $48bn | 2034 | Research and Markets |
| Data center liquid cooling | $1.3bn | 2024 | Stratview Research |
| Data center liquid cooling | $7.9bn | 2031 | Stratview Research |
| Data center power distribution units | $2.9bn | 2024 | Stratview Research |
| Data center power distribution units | $8.8bn | 2032 | Stratview Research |
| Data center thermal management (growth, a year) | +18% | to 2028 | Omdia |
| Data center thermal management | $7.7bn | not stated (release dated June 2024) | Omdia |
| Data center thermal management | $17bn | 2028 | Omdia |
| Data center thermal management | $26bn | 2025 | DC Market Insights |
| Data center thermal management | $90bn | 2035 | DC Market Insights |
| Data center UPS (growth, a year) | +7.3% | 2025-2030 | MarketsandMarkets |
| Data center UPS (growth, a year) | +6.8% | to 2034 | Straits Research |
| Data center UPS (growth, a year) | +7.5% | 2026-2034 | Fortune Business Insights |
| Data center UPS (growth, a year) | +6.3% | 2025-2034 | Global Market Insights |
| Data center UPS | $8.8bn | 2025 | MarketsandMarkets |
| Data center UPS | $12bn | 2030 | MarketsandMarkets |
| Data center UPS | $6.2bn | 2025 | Straits Research |
| Data center UPS | $6.6bn | 2026 | Fortune Business Insights |
| Data center UPS | $3.9bn | 2024 | Global Market Insights |
| Direct liquid cooling | $8.0bn | 2030 | Dell'Oro Group |
| Direct-to-chip cooling (growth, a year) | +26% | 2026-2032 | MarketsandMarkets |
| Direct-to-chip cooling | $3.3bn | 2026 | MarketsandMarkets |
| Direct-to-chip cooling | $17bn | 2032 | MarketsandMarkets |
| Direct-to-chip liquid cooling (growth, a year) | +20% | to 2035 | Market.us |
| Direct-to-chip liquid cooling (growth, a year) | +20% | 2025-2034 | Global Market Insights |
| Direct-to-chip liquid cooling | $2.3bn | 2025 | Market.us |
| Direct-to-chip liquid cooling | $14bn | 2035 | Market.us |
| Direct-to-chip liquid cooling | $1.9bn | 2024 | Global Market Insights |
| Rack PDUs (growth, a year) | +9.7% | to 2033 | Grand View Research |
| Rack PDUs | $2.8bn | 2025 | Grand View Research |
| Rack PDUs | $5.9bn | 2033 | Grand View Research |
| Thermal management (growth, a year) | +20% | to end of decade | Dell'Oro Group |
Questions
- What is Data Center Power and Cooling?
- Power distribution, UPS, power supplies, liquid cooling and chip power delivery.
- What does Data Center Power and Cooling hold?
- Listed companies that earn their revenue from the parts it takes to build AI Supercycle: Cooling System, Voltage Regulator Module (VRM), Power and Cooling Systems. 13 companies as of 2026-10-28.
- What is not in Data Center Power and Cooling?
- Cold plates, vapor chambers, thermal interface materials and server level liquid loops: Cooling System, not Power and Cooling Systems; CDUs, rack manifolds, rear door exchangers, chillers and CRAH units: Power and Cooling Systems, not Cooling System Board level VRMs, power stages and PMICs: Voltage Regulator Module (VRM), not Power and Cooling Systems Server PSUs, rack power shelves and busbars: Power and Cooling Systems, not Servers and IT Equipment, Voltage Regulator Module (VRM) or Racks and Cable Management; power semiconductors inside them counted only within the PSU price
- How large is the Data Center Power and Cooling market?
- About 25.7 USD billion (2025), the middle of independent estimates that agree (for example IMARC).
Sources
Every part of the bill of materials is researched from published industry sources, and every company from its own annual reports and exchange data. Nothing is estimated that cannot be sourced.
Industry research: akashborate.substack.com/p/understanding-how-to-bring-up-nvi · blog.barrack.ai/nvidia-b300-1400w-data-center-requirements/ · dev.to/gentic_news/nvidia-feynman-gpu-power-semi-content-hit · finance.yahoo.com/news/cooling-system-single-nvidia-blackwel · finance.yahoo.com/real-estate/articles/data-center-construct · gr1d.us/insights/data-center-cost-per-mw · ibinterviewquestions.com/guides/real-estate-investment-banki · itkservices3.com/background/datacentre_opex · jpthoughtsandgrowth.substack.com/p/from-substation-to-chip-a · news.futunn.com/en/post/1000831934/global-research-selection · assetpulse.com/blog/data-center-construction-cost · cnbc.com/2026/10/23/jensen-huang-gtc-robot-ducks-neocloud-di · constructelements.com/post/cost-to-build-modern-data-center- · cushmanwakefield.com/en/united-states/insights/data-center-d · datagravity.dev/p/how-much-does-an-nvidia-nvl72-cost · gigaenergy.com/blog/how-much-does-it-cost-to-build-an-ai-dat · guru3d.com/story/3f5782f43f98056f6165e6938b8fa0f8e06adaeb/ · igorslab.de/en/nvidia-nvl72-liquid-cooling-reaches-50-000-do · infineon.com/assets/row/public/documents/technology/online-m · investing.com/news/stock-market-news/how-much-does-a-gw-of-d
What it is not
Where an item could belong to two parts, these rules decide which owns it; items outside every part are not counted.
- Cold plates, vapor chambers, thermal interface materials and server level liquid loops: Cooling System, not Power and Cooling Systems; CDUs, rack manifolds, rear door exchangers, chillers and CRAH units: Power and Cooling Systems, not Cooling System
- Board level VRMs, power stages and PMICs: Voltage Regulator Module (VRM), not Power and Cooling Systems
- Server PSUs, rack power shelves and busbars: Power and Cooling Systems, not Servers and IT Equipment, Voltage Regulator Module (VRM) or Racks and Cable Management; power semiconductors inside them counted only within the PSU price
- Separately licensed DCIM and monitoring software: Datacenter Software, not Power and Cooling Systems
Not investment advice. Figures are dated and sourced; ThematIQ does not estimate figures it cannot source.