# Data Center Cooling Liquid cooling, chip-level cooling and facility thermal systems. Theme: Cooling (Technology). Page: https://thematiq.io/themes/cooling/data-center-cooling/ ## Key facts - **The market: $12bn** Data center cooling market, whole segment (MarkNtel Advisors, 2023) - **Growth: +13%** Data center cooling market, whole segment (growth, a year) (Market Research Future, 2025-2035) - **The build: 2** of the 18 parts in the AI Supercycle bill of materials, each traced to the companies that supply it (ThematIQ research) - **The companies: 6** companies worth $152 billion, earning on average 53% of their revenue here (Annual reports and exchange data, 2026-10-28) ## What it holds Listed companies that earn their revenue supplying these parts of the AI Supercycle bill of materials, each read from its own reports. | Part | Covers | |---|---| | Cooling System | direct to chip cooling, thermal management components | | Power and Cooling Systems | liquid cooling, data center thermal systems | ## 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 | By listing country: Taiwan 46%, United States 36%, China 18%. ## The market - Data center cooling market, whole segment: $9.1bn (2024), Stratview Research - 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: $12bn (2023), MarkNtel Advisors - Data center cooling market, whole segment; reaches USD 26.82 billion by 2030 (growth, a year): +14% (2024-2030), MarkNtel Advisors - Data center cooling market, whole segment (growth, a year): +13% (2025-2035), Market Research Future - Thermal management, liquid and air cooling (growth, a year): +20% (2026 forecast (January 2026)), Dell'Oro Group - Thermal management, earlier forecast: $13bn (2028), Dell'Oro Group (reported by Fierce Network) - Data Center Physical Infrastructure (power, racks, software and cooling); surpassing this level: $80bn (2030), Dell'Oro Group - Liquid cooling, within the earlier thermal management forecast: $4.3bn (2028), Dell'Oro Group (reported by Fierce Network) - 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, forecast: $7.9bn (2031), Stratview Research - Data center liquid cooling market (growth, a year): +23% (2025-2031), Stratview Research - Data center liquid cooling market: $4.8bn (2025), Global Market Insights - Data center liquid cooling market (growth, a year): +18% (2026-2035), Global Market Insights - Data center liquid cooling market: $4.1bn (2026), MarketsandMarkets - Data center liquid cooling market, forecast: $28bn (2033), MarketsandMarkets - Data center liquid cooling market (growth, a year): +32% (2026-2033), 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 (growth, a year): +17% (2025-2035), Market Research Future - Data center liquid cooling market: $5.6bn (2026), Research Nester - Data center liquid cooling market, forecast: $55bn (2036), Research Nester - Data center liquid cooling market (growth, a year): +26% (2027-2036), 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 - Total liquid cooling (DLC, immersion and rear-door heat exchangers), manufacturer revenue: $7.0bn (2029), Dell'Oro Group - Direct-to-chip cooling: $3.3bn (2026), MarketsandMarkets - Direct-to-chip cooling, forecast: $17bn (2032), MarketsandMarkets - Direct-to-chip cooling (growth, a year): +26% (2026-2032), MarketsandMarkets - Direct-to-chip liquid cooling: $1.9bn (2024), Global Market Insights - Direct-to-chip liquid cooling (stated as over 20.5%) (growth, a year): +20% (2025-2034), Global Market Insights - Direct-to-chip liquid cooling: $2.3bn (2025), Market.us - Direct-to-chip liquid cooling, forecast: $14bn (2035), Market.us - Direct-to-chip liquid cooling (growth, a year): +20% (2026-2035), Market.us - Direct-to-chip liquid cooling: $2.4bn (2025), SNS Insider - Direct-to-chip liquid cooling, forecast: $16bn (2035), SNS Insider - Direct-to-chip liquid cooling (growth, a year): +21% (2026-2035), SNS Insider - Direct-to-chip coolants (fluids), a related product rather than the hardware: $0.2bn (2026), MarketsandMarkets - Direct-to-chip coolants (fluids) (growth, a year): +39% (2026-2032), MarketsandMarkets Whole-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. ### 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). ## What it is not - 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 Data as of 2026-10-28. Source: ThematIQ (industry research, company filings, exchange data), ETFIQ (fund counts), and the publishers linked above. Not investment advice.