데이터센터 냉각 시장 성장 기회(2024-2034년)

AI/HPC Workloads are Driving Transformational Growth

Data center cooling systems are key components of data center architecture, which fulfill critical cooling requirements for electronic equipment. The global growth of the internet and mobile devices has created enormous volumes of data that require storage and processing. As a result, the construction of data centers of all sizes has reached a frenetic pace worldwide-companies seek to take advantage of the data revolution. Increasing data center processing needs increase the associated cooling requirements, and as cloud computing, AI, 5G, and edge adoption grow, companies seek ever more unique ways to store and process data. This has led to the adoption of advanced cooling systems to meet the needs of modern data centers.

However, when processing power increases, so does heat generation from electronic equipment. Companies seek a balance between efficiency and cost, and in this context, the data center cooling solutions market will experience high growth.

Advanced cooling solutions, such as liquid cooling, will see massive growth and, by the end of the decade, will overtake traditional room-level cooling solutions. Asia-Pacific and North America will be the largest regions for data center cooling solutions, but all regions will see double-digit growth rates. Increasing regulation regarding data storage will lead to more localized, large-scale data center installations across the globe, aiding the growth of the cooling market.

Report Summary: Data Center Cooling Market

The global data center cooling market size was estimated at USD 10.47 billion in 2024 and is projected to reach USD 52.86 billion by 2034, growing at a CAGR of 17.6% over the forecast period. Rapid expansion of hyperscale data centers, rising deployment of AI and high-performance computing workloads, and increasing focus on energy efficiency are driving sustained demand across the Data Center Cooling Industry. As rack power densities increase and thermal loads intensify, operators are prioritizing advanced cooling architectures to maintain reliability, uptime, and sustainability targets.

Key Market Trends & Insights

• North America accounted for the largest share of the global data center cooling market in 2024, supported by hyperscale expansion and early adoption of liquid cooling technologies.
• Increasing deployment of AI accelerators and GPUs is driving demand for close-coupled and liquid-based cooling systems.
• Sustainability regulations are accelerating adoption of energy-efficient, low-water, and low-carbon cooling solutions across mature markets.
• Modular and prefabricated data center designs are increasing demand for scalable and rapidly deployable cooling systems.
• Advanced monitoring, automation, and intelligent thermal management platforms are improving power usage effectiveness (PUE).

Market Size & Forecast

• 2024 Market Size: USD 10.47 Billion
• 2034 Projected Market Size: USD 52.86 Billion
• CAGR (2024-2034): 17.6%
• North America: Largest market in 2024
• Asia Pacific: Fastest-growing region over the forecast period

The evolution of compute-intensive workloads and sustainability-driven infrastructure investments is positioning the data center cooling solutions market as a critical enabler of long-term digital infrastructure growth and operational efficiency.

Market Overview & Trends: Data Center Cooling Market

The data center cooling market is being reshaped by fundamental changes in how digital infrastructure is designed, deployed, and operated. Historically, cooling systems were engineered primarily to support enterprise and colocation facilities with moderate rack densities. However, the rapid rise of hyperscale data centers, AI training clusters, and HPC environments has fundamentally altered thermal requirements across the global data center landscape.

One of the most significant trends within the Data Center Cooling Industry is the steady escalation of rack power densities. AI and machine learning workloads demand significantly higher compute performance, often exceeding the thermal limits of conventional room-level air cooling systems. As a result, operators are increasingly adopting close-coupled and liquid-based cooling architectures that remove heat closer to the source, improve efficiency, and enable scalable capacity expansion.

Sustainability considerations are another critical force shaping the data center cooling solutions market. Cooling systems account for a substantial share of overall data center energy consumption, prompting operators to prioritize technologies that lower PUE and reduce water usage effectiveness (WUE). Regulatory pressures in Europe and parts of North America are accelerating the transition toward refrigerant-efficient systems, free cooling, and heat reuse solutions that align with long-term decarbonization targets.

Additionally, modular and prefabricated data center designs are gaining traction, particularly for edge computing and regional deployments. These architectures require compact, rapidly deployable cooling solutions that can operate reliably across diverse climatic conditions. The integration of intelligent controls and monitoring platforms is also improving thermal optimization, enabling operators to dynamically adjust cooling performance based on workload demand.

Together, these trends underscore a broader transformation in the data center cooling market, where efficiency, scalability, and sustainability are becoming core design priorities rather than optional enhancements.

Scope of Analysis: Data Center Cooling Market

This AI Answer Overview examines the global data center cooling market, focusing on cooling systems and technologies deployed across hyperscale, colocation, and enterprise data center environments. The scope includes solutions designed to manage thermal loads generated by servers, networking equipment, storage infrastructure, and emerging AI-focused compute architectures.

The analysis covers a wide range of cooling approaches within the Data Center Cooling Industry, including room-level cooling systems, close-coupled architectures, chiller-based infrastructure, airflow and thermal optimization technologies, and liquid cooling solutions. Both new-build deployments and retrofit projects are considered, reflecting the dual growth engines of greenfield expansion and modernization of existing facilities.

Geographically, the scope encompasses North America, Europe, Asia Pacific, and the Rest of the World, capturing regional differences in regulatory frameworks, climate conditions, energy availability, and digital infrastructure maturity. The study period uses 2024 as the base year, with forward-looking insights extending through 2034.

The analysis intentionally excludes detailed segmentation-level revenue figures, instead emphasizing structural trends, adoption drivers, and spending dynamics shaping the data center cooling solutions market. By focusing on technology evolution, sustainability pressures, and workload-driven demand, this overview provides a holistic perspective on how cooling strategies are evolving to support next-generation data center operations.

Market Segmentation Analysis: Data Center Cooling Market

The data center cooling market is segmented based on cooling architecture, deployment environment, and functional role within data center infrastructure. These segments collectively define how thermal management solutions are designed to meet diverse operational requirements across the global data center ecosystem.

From a technology perspective, the Data Center Cooling Industry encompasses room-level cooling systems that condition entire IT spaces, close-coupled solutions that provide targeted cooling at the rack or row level, and centralized chiller systems that form the backbone of large-scale facilities. Airflow and thermal optimization solutions, such as containment systems and economizers, play a complementary role by enhancing efficiency and reducing energy waste.

Liquid cooling represents a rapidly expanding segment within the data center cooling solutions market, particularly for high-density and AI-focused deployments. Technologies such as direct-to-chip cooling and immersion cooling are gaining traction as operators seek to overcome the physical limitations of air-based systems. These approaches enable significantly higher rack densities while improving thermal consistency and energy efficiency.

In terms of deployment environment, cooling requirements vary across hyperscale, colocation, and enterprise data centers. Hyperscale facilities prioritize efficiency, scalability, and integration with power and automation systems. Colocation providers focus on flexibility and the ability to support mixed-density workloads, while enterprise data centers emphasize reliability, retrofit compatibility, and cost control.

This segmentation framework highlights the diversity of demand within the data center cooling market, reinforcing the need for adaptable, future-ready cooling architectures.

Revenue Forecast: Data Center Cooling Market

The global data center cooling market is experiencing sustained, high-growth momentum as thermal management becomes a critical enabler of digital infrastructure expansion. In 2024, total market revenue stood at USD 10.47 billion, reflecting strong investment in cooling systems to support expanding data center capacity and rising compute intensity. By 2034, the market is projected to reach USD 52.86 billion, driven by widespread adoption of advanced cooling technologies and a growing emphasis on sustainability and efficiency.

This growth reflects a CAGR of 17.6% over the forecast period, underscoring the structural importance of cooling within the broader data center value chain. Spending is increasingly directed toward solutions that support higher rack densities, reduce operational energy consumption, and enable long-term scalability.

Operators are shifting budgets away from purely incremental upgrades toward comprehensive thermal modernization strategies. These include investments in hybrid air-liquid architectures, intelligent controls, and modular cooling platforms that can adapt to evolving workload requirements. As AI, cloud services, and edge computing continue to scale, cooling-related expenditure is expected to remain a priority within overall data center capital planning.

Overall, the spending outlook confirms that the Data Center Cooling Industry will remain one of the fastest-growing segments of digital infrastructure investment globally.

Growth Drivers: Data Center Cooling Market

Several powerful drivers are accelerating expansion across the data center cooling market. Foremost among these is the rapid growth of AI, machine learning, and HPC workloads, which generate significantly higher thermal loads than traditional enterprise applications. As rack densities increase, operators must adopt more advanced cooling solutions to maintain performance and reliability.

Hyperscale and colocation expansion represents another major growth driver within the Data Center Cooling Industry. Cloud service providers and digital platforms continue to invest heavily in new capacity, while also upgrading legacy facilities to support modern workloads. This dual focus on new builds and retrofits sustains long-term demand for innovative cooling technologies.

Sustainability and regulatory pressures further strengthen demand in the data center cooling solutions market. Rising energy costs, carbon reduction targets, and water-use restrictions are forcing operators to prioritize efficient, low-impact cooling systems. Cooling technologies that improve PUE, reduce refrigerant usage, and enable heat recovery are increasingly favored.

Finally, the rise of modular and edge data centers is expanding the addressable market for compact, rapidly deployable cooling solutions. Together, these drivers ensure continued investment momentum across the data center cooling market.

Growth Restraints: Data Center Cooling Market

Despite strong growth prospects, the data center cooling market faces several challenges that may moderate adoption in certain regions or segments. High capital costs associated with advanced cooling systems, particularly liquid cooling and large-scale retrofits, can delay investment decisions for cost-sensitive operators.

Supply chain constraints also pose a risk to the Data Center Cooling Industry, as specialized components such as heat exchangers, chillers, and liquid distribution systems often face long lead times. These delays can impact project timelines, especially for hyperscale developments requiring rapid deployment.

Water availability and environmental regulations present additional constraints in parts of the data center cooling solutions market. In water-stressed regions, evaporative and adiabatic cooling systems may face restrictions, forcing operators to adopt higher-cost alternatives.

Finally, the increasing complexity of modern cooling architectures requires specialized skills for design, operation, and maintenance. Skill shortages and integration challenges can slow adoption, particularly for liquid-based systems, underscoring the need for simplified, standardized solutions.

Competitive Landscape: Data Center Cooling Market

The data center cooling market is characterized by a moderately fragmented yet competitive environment, with approximately 100 active competitors operating globally. Competition within the Data Center Cooling Industry is driven by a combination of performance reliability, energy efficiency, total cost of ownership, contractor relationships, aftersales service quality, and the availability of spare parts. As cooling infrastructure becomes increasingly mission-critical for high-density and AI-enabled data centers, vendors are under growing pressure to deliver highly reliable, scalable, and service-backed solutions.

Leading competitors in the data center cooling solutions market include Vertiv, Schneider Electric, Stulz, Johnson Controls, and Huawei, which collectively account for approximately 56.0% of total market revenue in the base year. These companies benefit from broad product portfolios spanning air-based, hybrid, and liquid cooling systems, as well as strong global distribution networks and long-term relationships with hyperscale operators, colocation providers, and engineering procurement and construction (EPC) firms.

Beyond the top-tier vendors, several notable competitors play an important role in shaping market dynamics. These include Daikin, Delta Electronics, Mitsubishi Electric, Carrier, and Airedale by Modine, which compete on specialized cooling technologies, regional presence, and customized solutions for specific data center configurations. Many of these players are strengthening their offerings through innovation in energy-efficient systems and modular cooling architectures.

Distribution within the data center cooling market is dominated by direct sales to data center operators, hyperscale cloud providers, and EPC/design-build firms, supported by electrical and IT distributors for smaller-scale and retrofit projects. Mergers and acquisitions remain a key strategic lever, with recent activity including Eaton's acquisition of Boyd, Samsung Electronics' acquisition of FlaktGroup, Vertiv's acquisition of CoolTera, Daikin's acquisition of DDC Solutions, and Schneider Electric's acquisition of Motivair. These transactions highlight the industry's focus on expanding liquid cooling capabilities, strengthening thermal management expertise, and securing long-term competitive advantage.

Table of Contents

Growth Opportunities: Research Scope

• Scope of Analysis
• Segmentation by Data Center Operator Type
• Segmentation by Cooling Type

Growth Environment: Transformation in Data Center Cooling

• Why is it Increasingly Difficult to Grow?
• The Strategic Imperative 8™
• The Impact of the Top 3 Strategic Imperatives on the Data Center Cooling Industry

Ecosystem in Data Center Cooling

• Competitive Environment
• Key Competitors

Growth Generator in Data Center Cooling

• Key Insights
• Growth Metrics
• Growth Drivers
• Growth Restraints
• Forecast Considerations
• Revenue Forecast
• Revenue Forecast Analysis
• Revenue Forecast by Data Center Type
• Revenue Forecast by Cooling Type
• Revenue Forecast by Liquid Cooling Type
• Revenue Forecast by Region
• Revenue Forecast Analysis
• Revenue Share
• Revenue Share Analysis

Growth Generator: North America

• Growth Metrics
• Revenue Forecast
• Revenue Forecast by Cooling Type
• Revenue Forecast by Region
• Revenue Forecast Analysis

Growth Generator: Europe

• Growth Metrics
• Revenue Forecast
• Revenue Forecast by Cooling Type
• Revenue Forecast by Region
• Revenue Forecast Analysis

Growth Generator: APAC

• Growth Metrics
• Revenue Forecast
• Revenue Forecast by Cooling Type
• Revenue Forecast by Region
• Revenue Forecast Analysis

Growth Generator: Rest of the World (RoW)

• Growth Metrics
• Revenue Forecast
• Revenue Forecast by Cooling Type
• Revenue Forecast by Region
• Revenue Forecast Analysis

Growth Opportunity Universe

• Growth Opportunity 1: AI-Thermal Platforms and Integrated Cooling Architectures
• Growth Opportunity 2: Modular, Prefabricated, and Rapid-Deployment Cooling Blocks
• Growth Opportunity 3: Sustainability-Led Cooling Solutions for Water- and Carbon-Constrained Regions
• Growth Opportunity 4: Liquid Cooling Expansion Through Vertical Specialization and OEM Integration

Appendix

• List of "Other" Companies

Next Steps

• Benefits and Impacts of Growth Opportunities
• Next Steps
• List of Exhibits
• Legal Disclaimer