What it holds
Data Center Cooling follows the money through the Cooling 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 |
| Power and Cooling Systems | liquid cooling, data center thermal systems |
How it breaks down
- Taiwan46%
- United States36%
- China18%
- Large cap ($10bn to $200bn)36%
- Mid cap ($2bn to $10bn)54%
- Small cap (under $2bn)10%
Shares of the strategy as of the data date.
Largest companies
| Company | Listing | Market value |
|---|---|---|
| Modine Manufacturing | MOD.XNYS | $8 billion |
| Vertiv Holdings | VRT.XNYS | $94 billion |
| Shenzhen Envicool Technology | 002837.SHE | $6 billion |
| Asia Vital Components | 3017.TW | $39 billion |
| Auras Technology | 3324.TWO | $4 billion |
| Sunonwealth Electric Machine Industry | 2421.TW | $1 billion |
The market
Thermal management, earlier forecast
Dell'Oro Group (reported by Fierce Network), 2028Thermal management, liquid and air cooling (growth, a year)
Dell'Oro Group, 2026 forecast (January 2026)Data center cooling market, whole segment
Stratview Research, 2024Data center liquid cooling market, forecast
Research Nester, 2036Whole-segment sizes for 2024–2025 range from USD 9.1 billion to USD 20.5 billion, and liquid cooling estimates vary from about USD 1.1 to 5.6 billion depending on whether the source counts only direct liquid cooling or all liquid cooling. The excerpts don't explain these gaps, and the growth rates differ widely by forecast window, so the figures are not directly comparable.
All 41 published estimates, with sources
| What it measures | Figure | Year | Source |
|---|---|---|---|
| Data center cooling market, whole segment (growth, a year) | +13% | 2025-2035 | Market Research Future |
| Data center cooling market, whole segment | $9.1bn | 2024 | Stratview Research |
| Data center cooling market, whole segment | $12bn | 2023 | MarkNtel Advisors |
| Data center cooling market, whole segment; reaches USD 17.1 billion by 2031 (growth, a year) | +11% | 2025-2031 | Stratview Research |
| Data center cooling market, whole segment; reaches USD 26.82 billion by 2030 (growth, a year) | +14% | 2024-2030 | MarkNtel Advisors |
| Thermal management, earlier forecast | $13bn | 2028 | Dell'Oro Group (reported by Fierce Network) |
| Thermal management, liquid and air cooling (growth, a year) | +20% | 2026 forecast (January 2026) | Dell'Oro Group |
| Data Center Physical Infrastructure (power, racks, software and cooling); surpassing this level | $80bn | 2030 | Dell'Oro Group |
| Data center liquid cooling market (growth, a year) | +23% | 2025-2031 | Stratview Research |
| Data center liquid cooling market (growth, a year) | +18% | 2026-2035 | Global Market Insights |
| Data center liquid cooling market (growth, a year) | +32% | 2026-2033 | MarketsandMarkets |
| Data center liquid cooling market (growth, a year) | +17% | 2025-2035 | Market Research Future |
| Data center liquid cooling market (growth, a year) | +26% | 2027-2036 | Research Nester |
| Data center liquid cooling market | $1.3bn | 2024 | Stratview Research |
| Data center liquid cooling market | $2.2bn | 2025 | Stratview Research |
| Data center liquid cooling market | $4.8bn | 2025 | Global Market Insights |
| Data center liquid cooling market | $4.1bn | 2026 | MarketsandMarkets |
| Data center liquid cooling market | $5.3bn | 2024 | Market Research Future |
| Data center liquid cooling market | $6.1bn | 2025 | Market Research Future |
| Data center liquid cooling market | $5.6bn | 2026 | Research Nester |
| Data center liquid cooling market, forecast | $7.9bn | 2031 | Stratview Research |
| Data center liquid cooling market, forecast | $28bn | 2033 | MarketsandMarkets |
| Data center liquid cooling market, forecast | $55bn | 2036 | Research Nester |
| Direct liquid cooling (DLC) | $1.1bn | 2024 | Dell'Oro Group |
| Direct liquid cooling (DLC), forecast | $5.8bn | 2029 | Dell'Oro Group |
| Direct liquid cooling (DLC), on pace to exceed this yearly revenue | $2.0bn | 2025 (annualized pace in 3Q 2025) | Dell'Oro Group |
| Direct-to-chip coolants (fluids) (growth, a year) | +39% | 2026-2032 | MarketsandMarkets |
| Direct-to-chip coolants (fluids), a related product rather than the hardware | $0.2bn | 2026 | MarketsandMarkets |
| Direct-to-chip cooling (growth, a year) | +26% | 2026-2032 | MarketsandMarkets |
| Direct-to-chip cooling | $3.3bn | 2026 | MarketsandMarkets |
| Direct-to-chip cooling, forecast | $17bn | 2032 | MarketsandMarkets |
| Direct-to-chip liquid cooling (growth, a year) | +20% | 2026-2035 | Market.us |
| Direct-to-chip liquid cooling (growth, a year) | +21% | 2026-2035 | SNS Insider |
| Direct-to-chip liquid cooling | $1.9bn | 2024 | Global Market Insights |
| Direct-to-chip liquid cooling | $2.3bn | 2025 | Market.us |
| Direct-to-chip liquid cooling | $2.4bn | 2025 | SNS Insider |
| Direct-to-chip liquid cooling (stated as over 20.5%) (growth, a year) | +20% | 2025-2034 | Global Market Insights |
| Direct-to-chip liquid cooling, forecast | $14bn | 2035 | Market.us |
| Direct-to-chip liquid cooling, forecast | $16bn | 2035 | SNS Insider |
| Liquid cooling, within the earlier thermal management forecast | $4.3bn | 2028 | Dell'Oro Group (reported by Fierce Network) |
| Total liquid cooling (DLC, immersion and rear-door heat exchangers), manufacturer revenue | $7.0bn | 2029 | Dell'Oro Group |
Questions
- What is Data Center Cooling?
- Liquid cooling, chip-level cooling and facility thermal systems.
- What does Data Center Cooling hold?
- Listed companies that earn their revenue from the parts it takes to build AI Supercycle: Cooling System, Power and Cooling Systems. 6 companies as of 2026-10-28.
- What is not in Data Center 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 Cooling market?
- About 12.3 USD billion (2023), the middle of independent estimates that agree (for example MarkNtel Advisors).
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/ · 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 · 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 · investing.com/news/stock-market-news/how-much-does-a-gw-of-d · investing.com/news/technology-news/what-it-costs-to-deploy-1 · remio.ai/post/bernstein-ai-data-center-costs-hit-39-5-billio · thetakeoff.ai/blog/data-center-construction-cost-in-2026-wha
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.