Cold Plate Liquid Cooling to Surge, Immersion Liquid Cooling Promising

The report analyzes the liquid cooling industry, driven by increasing rack power consumption of NVIDIA GPUs. As GPU power reaches 40kW and beyond, liquid cooling becomes essential. Cold plate liquid cooling, both single-phase and two-phase, is expected to see volume growth in 2025, with China's market projected to reach 25.3 billion yuan by 2028. Immersion liquid cooling is anticipated for next-generation chips like Rubin, with China's market forecasted to hit 72.9 billion yuan by 2028. Domestic coolant opportunities arise as 3M halts production. Key players include Invic, Shenling Environment for cold plate, and 800 million Spacetime, Runhe Materials for immersion. Risks include technological delays and market competition.