The report "Immersion Cooling Market by Type (Single-Phase and Two-Phase), Application (High-Performance Computing, Edge Computing, Cryptocurrency Mining), Cooling Fluid, Components (Solutions, Services), and Geography - Global Forecast to 2030", is projected to grow from USD 302 million in 2022 to USD 1,710 million by 2030, at a CAGR of 24.2% from 2022 to 2030. The increasing need for more efficient and growing demand for a compact and noise-free solution is expected to fuel the growth of immersion cooling market.
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The cryptocurrency mining segment accounted for the largest share in the immersion cooling market.
Based on application, the cryptocurrency mining segment accounted for the largest share in the immersion cooling market. High cost of electricity, need for sustainable cooling solution, and the absence of eco-friendly cooling systems are fueling the adoption of immersion cooling systems in cryptocurrency mining. Immersion cooling is the most cost-effective way to get the maximum hash rate from any ASIC- or GPU-based cryptocurrency miner. Green Revolution Cooling Inc. (US), Submer (Spain), LiquidStack (Netherlands), Midas Green Technologies (US), and DCX – The Liquid Cooling Company (Poland) are the major providers of immersion cooling systems for cryptocurrency miners.
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The synthetic fluids segment led the global immersion cooling market during the forecast period.
Based on cooling fluid, the synthetic fluids segment is projected to grow at the highest CAGR from 2022 to 2030. This growth can be attributed to its extensive use in single-phase immersion cooling and its advantages such as efficiency, cooling capacity, and hardware reliability over other fluid types. Synthetic fluids are hydrocarbon-based fluids. Synthetic fluids offer the best combination of low cost, material compatibility, and long life. Additionally, synthetic fluids overcome all the major disadvantages of mineral oil in terms of corrosiveness and flammability. All these factors are drive the growth of synthetic fluids in immersion cooling market.
The single-phase immersion cooling segment, by type, is projected to account for the fastest growing segment during the forecast period
Based on type, the immersion cooling market is classified into single-phase and two-phase immersion cooling systems. The single-phase immersion cooling segment is projected to grow at the fastest rate during the forecast period by value. Single-phase immersion cooling system has less maintenance as compared to two-phase immersion cooling systems. This is expected to boost the market demand for this segment.
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The solutions segment, by components, is projected to have the largest market share during the forecast period.
Based on components, the immersion cooling is segments into solutions and services segment. The solutions segment is projected to have the largest market share in the market during the forecast period.
The companies developing innovative and customizable solutions for immersion cooling and growing demand for efficient cooling solutions for data center and hyper-scale data centers is driving the segment.
North America accounted for the largest share in the immersion cooling market.
North America is the largest consumer of immersion cooling solutions across the globe due to the presence of many data centers and the rise in the popularity of advanced technologies, such as AI and high-performance computing and cryptocurrency mining in the region. Increase in the demand for eco-friendly data center cooling solutions and substantial growth in rack density have driven the growth of the North American data center immersion cooling market. The presence of technology giants, such as Google, Microsoft, Facebook, and Apple, add to the growth of the North American data center immersion cooling market.
LiquidStack (Netherlands), Green Revolution Cooling Inc (US), Submer (Spain), Iceotope Technologies Ltd (US), DCX - The Liquid Cooling Company (Poland), ExaScaler Inc (Japan), SixtyOneC Technology Corporation (Canada), Engineered Fluids (US) and TEIMMERS (Netherlands), TMGcore, Inc. (US), GIGA-BYTE Technology Co., Ltd. (Taiwan), Wiwynn (Taiwan), Hypertec (Canada), TAS (US), and Delta Power Solutions (Taiwan) are some of the major players operating in the immersion cooling market among others.
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