An increase in demand from the gaming and IT industries and the generation of a massive volume of data in data centers drive the growth of the global liquid cooling systems market. However, high maintenance cost hinders market growth.
On the other hand, technological innovations across the IT sector and the introduction of portable liquid cooling systems for in-build server rooms and industries with mild temperatures create new opportunities in the coming years.
According to the report published by Allied Market Research, the global liquid cooling systems market generated $2.75 billion in 2020, and is estimated to reach $12.99 billion by 2030, witnessing a CAGR of 17.1% from 2021 to 2030.
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Leading players of the global liquid cooling systems market analyzed in the research include Allied Control Ltd., Rittal GmbH & Co. KG, Asetek, Inc., Boyd Corporation, Schneider Electric SE, Emerson Electric Co., CooIIT Systems, Inc., Laird Thermal Systems, Green Revolution Cooling Inc., and Midas Green Technologies LLC.
The report offers detailed segmentation of the global liquid cooling systems market based on component, type, end user, and region.
Based on component, the solution segment accounted for the highest share in 2020, holding around four-fifths of the total share, and is expected to maintain its lead position during the forecast period. However, the services segment is projected to manifest the largest CAGR of 19.5% from 2021 to 2030.
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Based on end user, the IT & telecom segment contributed to the highest share in 2020, accounting for nearly one-third of the global liquid cooling systems market, and is expected to continue its leadership status in terms of revenue throughout the forecast period. However, the healthcare segment is projected to register the fastest CAGR of 24.3% from 2021 to 2030.
Based on region, North America held the highest share in 2020, contributing to nearly two-fifths of the total share, and is projected to continue its dominance by 2030. However, Asia-Pacific is estimated to portray the largest CAGR of 21.5% during the forecast period.
Impact of Covid-19 on Liquid Cooling Systems Market-
- Surge in demand for computer applications from residential and commercial sectors along with rise in demand for data center services led to the liquid cooling systems market growth during the Covid-19 pandemic.
- However, the demand for liquid cooling systems was reduced due to a decrease in spending by the manufacturing and automotive industries and the shutdown of production facilities across the globe due to lockdown measures and the unavailability of the workforce.
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