Data Center Cold Plate Market Size, Share & Forecast to 2035

The Data Center Cold Plate Market is valued at USD 1.78 billion in 2026 and is projected to reach USD 5.77 billion by 2035, up from USD 1.16 billion in 2025, a CAGR of 17.35% from 2025 to 2035 (DC Market Insights estimate). The money moves with chip power: AMD rates its Instinct MI355X at 1,400 W of total board power and NVIDIA builds its GB300 NVL72 rack as fully liquid-cooled, so every accelerator in these racks carries a cold plate. Each kilowatt of liquid-cooled IT capacity built in 2025 carried about USD 261 of cold plates, and the 4,150 MW of new liquid-cooled capacity that year accounts for most of the 2025 value. Supply is concentrating around chip vendors’ approved lists: NVIDIA named four cold plate suppliers for Vera Rubin in March 2026, all of them Taiwanese. Two-phase cold plates are the fastest type at 30.34% a year, and Middle East and Africa is the fastest region at 20.37% a year as Gulf AI campuses are designed for direct-to-chip cooling from the start.

Key Market Statistics: How Much Is Spent on Data Center Cold Plates in 2026?

DC Market Insights values the Data Center Cold Plate Market at USD 1.78 billion in 2026, 53.12% above the USD 1.16 billion of 2025, as Blackwell Ultra and Vera Rubin racks that are liquid-cooled at the tray level replace air-cooled Hopper servers.

• Market size 2025: USD 1.16 billion; 2026: USD 1.78 billion; 2030: USD 4.12 billion; 2035: USD 5.77 billion.
• CAGR 2025-2035: 17.35% in the base case (28.76% to 2030, then 6.95% to 2035); the 2035 range runs from USD 4.66 billion (low, 14.88%) to USD 6.78 billion (high, 19.27%).
• Largest type: single-phase cold plates, USD 1,123.79 million or 96.5% of 2025 spend; fastest type: two-phase, 30.34% a year.
• Largest chip cooled: GPU and accelerators, USD 791.89 million in 2025; memory plates grow fastest at 27.27% a year.
• Leading region: North America, USD 521.72 million (44.8%) in 2025; fastest region: Middle East and Africa, 20.37% a year.
• Largest country: United States, USD 465.37 million in 2025; fastest large country: India, 23.36% a year.
• Market leaders: AVC, Auras, Cooler Master, Boyd Thermal (Eaton) and CoolIT Systems hold about 45% of 2025 value (DC Market Insights estimate).

How Has Cold Plate Spending Grown Since 2020?

The Global Data Center Cold Plate Market size was valued at USD 136.06 million in 2020, reached USD 1.16 billion in 2025, and is anticipated to reach USD 5.77 billion by 2035, at a CAGR of 17.35% during the forecast period.

Attribute	Details
Historical period	2020-2024
Base year	2025
Forecast period	2026-2035
Market size 2025	USD 1.16 billion
Market size 2026	USD 1.78 billion
Market size 2030	USD 4.12 billion
CAGR 2025-2035	17.35%
Market size 2035	USD 5.77 billion

Spending rose 8.56 times between 2020 and 2025, 53.63% a year, because cold plates moved from a niche in high-performance computing (HPC) clusters to the default for artificial intelligence (AI) accelerators: NVIDIA’s H200 graphics processing unit (GPU) in SXM form runs at up to 700 W, and the rack-scale GB200 NVL72 that followed was built around liquid cooling. The steepest part of the curve is now: the market adds USD 618.58 million in 2026 alone. Growth then cools to 6.95% a year between 2030 and 2035 as new liquid-cooled capacity levels off near 20,400 MW a year and content per kW stops rising, so the market reaches USD 5.77 billion in 2035.

What Counts as a Data Center Cold Plate?

The market covers USD 1.16 billion of liquid cold plates bought in 2025 for direct-to-chip cooling of data center servers, valued at the price paid by the server maker or the operator.

Included

• The cold plate itself: the metal heat exchanger mounted on a chip lid or die, with internal channels for the coolant, its retention bracket and any connectors supplied with it.
• Single-phase cold plates (water or water-glycol that does not boil) and two-phase cold plates (a dielectric refrigerant that boils inside the plate, also called an evaporator).
• All designs: microchannel and skived fin, jet impingement, and other designs such as pin fin, additively made and microfluidic plates.
• Plates on GPUs and accelerators, central processing units (CPUs), memory, and voltage regulator modules (VRMs), switches and other tray parts.

Excluded

• The rest of the liquid loop: in-rack and row manifolds, hoses, quick disconnects and fittings, coolant distribution units (CDUs), immersion tanks, rear-door heat exchangers and coolants.
• Air-cooling heat sinks, vapour chambers and heat pipes used without liquid, and cold plates in consumer PCs and workstations.
• Installation, commissioning and maintenance services.

How the Cold Plate Segments Add Up

Each of the five segment views (type, design, material, chip cooled and data center type) sums to USD 1.16 billion in 2025, USD 4.12 billion in 2030 and USD 5.77 billion in 2035. Regions and the top 12 countries are cut from the same total, and the total itself is a slice of the Data Center Liquid Cooling Market, so the two reports never count the same dollar twice.

Why Do Cold Plate Market Estimates Differ?

DC Market Insights puts the 2026 market at USD 1.78 billion because it counts the plate alone; counting the hardware around the plate gives USD 2.01 billion for 2025, 1.72 times the plate value, and the whole direct-to-chip loop with manifolds, hoses and CDUs gives USD 3.59 billion, 3.08 times (DC Market Insights values).

In the Data Center Liquid Cooling Market report, cold plates sit inside a component called “Cold Plates and In-Rack Hardware”, worth USD 2,007.85 million in 2025 and USD 9.01 billion in 2035. Cold plates are USD 1,164.55 million of that in 2025 (58.0%) and USD 5.77 billion in 2035 (64.0%). The remaining USD 843.30 million in 2025 and USD 3.25 billion in 2035 is in-rack manifolds, which the Data Center Liquid Cooling Manifolds Market report sizes at USD 461.26 million and USD 1.73 billion within its wider total of USD 935.61 million in 2025, plus hoses, quick disconnects, fittings, brackets and tray sensors.

Element	In this estimate	2025 (USD million)	2035 (USD million)
Cold plates	Yes	USD 1,164.55 million	USD 5,769.24 million
In-rack manifolds	No, sized in the Manifolds report	USD 461.26 million	USD 1,730.64 million
Hoses, quick disconnects, fittings, brackets, tray sensors	No	USD 382.04 million	USD 1,514.55 million
Cold Plates and In-Rack Hardware (13048 component)	Parent view	USD 2,007.85 million	USD 9,014.43 million

Why the cold plate share rises from 58.0% to 64.0%: more parts on each tray get a plate (memory, VRMs, network interface cards and switches), two-phase and jet impingement plates cost more per kW than a plain skived-fin plate, and manifold content per MW falls 3.6% a year as manifolds standardise. Outside this estimate, in prose too: CDUs, pumps, in-row and in-rack manifolds, quick disconnect couplings, hoses, immersion tanks, rear-door heat exchangers, coolants, heat sinks and vapour chambers, and installation services. In scope are all buyer groups: hyperscale operators, colocation providers, GPU and neocloud operators, HPC and research centres, and enterprise sites, including small and medium enterprises (SMEs) that buy liquid-cooled servers from original equipment makers.

Market Drivers: Why Are Cold Plate Orders Rising So Fast?

Three drivers take the market from USD 1.16 billion in 2025 to USD 4.12 billion in 2030: accelerator power that air cannot remove, trays where every chip is liquid-cooled, and thermal majors buying cold plate capacity.

Accelerator Power Climbs from 700 W to 1,400 W and Toward 2,000 W

NVIDIA lists up to 700 W for the H200 in SXM form, AMD’s MI355X reached 1,400 W of total board power in June 2025, and Taiwanese press reported 1,800 to 2,300 W per chip for Vera Rubin in April 2026. An Open Compute Project (OCP) white paper from February 2025 notes that accelerator thermal design power (TDP) grew about 2.5 times between 2020 and 2024 and calls 2,000 W by 2030 “not unlikely”. DC Market Insights therefore keeps GPU and accelerator plates at 68.0% of 2025 spend, growing from USD 791.89 million to USD 2.72 billion in 2030.

Fully Liquid-Cooled Trays Put Plates on Memory, VRMs and Switches

NVIDIA describes the GB300 NVL72 as a fully liquid-cooled rack-scale design, and in October 2025 it said the Vera Rubin NVL72 compute tray is 100% liquid-cooled with 45°C coolant. Supermicro’s DLC-2 stack, launched in May 2025, already carries cold plates for CPUs, GPUs, memory, PCIe switches and voltage regulators. Each step adds plates per tray: memory plates grow 27.27% a year and VRM and other plates 23.50% a year, against 16.64% for GPU plates.

Eaton and Ecolab Pay USD 14.3 Billion for Two Cold Plate Makers

Eaton closed its purchase of Boyd Thermal on 12 March 2026 for USD 9.55 billion net of cash, and Boyd had forecast USD 1.7 billion of 2026 sales, USD 1.5 billion of it in liquid cooling. Ecolab closed its USD 4.75 billion purchase of CoolIT Systems on 2 July 2026 and said in its March 2026 filing that CoolIT was expected to generate about USD 550 million of sales over the next 12 months. Buyers with this scale fund new skiving and brazing lines, which supports the 2026 jump of 53.12%.

Market Trends: Which Cold Plate Designs Are Gaining?

Three shifts reshape the USD 1.78 billion market of 2026: targeted-flow plates, two-phase plates leaving the lab, and cooling that moves into the chip package.

Jet Impingement and Split-Flow Plates Take Share from Plain Skived Fins

JetCool, part of Flex since November 2024, aims arrays of microjets at the hottest areas of a processor and sells its sealed SmartPlate system on Dell PowerEdge servers. CoolIT showed a 15 kW single-phase Split-Flow microchannel cold plate design in June 2026, almost four times its 4,000 W plate of March 2025. DC Market Insights expects jet impingement to rise from 9.0% of spend in 2025 to 18.0% in 2035, from USD 104.81 million to USD 1.04 billion, while microchannel and skived fin plates fall from 78.0% to 66.0%.

Two-Phase Cold Plates Move from Test Rigs to Funded Products

Accelsius reported cooling a 4,500 W GPU socket test vehicle and a 250 kW rack with two-phase plates in April 2025, ZutaCore raised a USD 100 million Series C in June 2026 for waterless two-phase cooling, and OCP issued Revision 1.1 of its guidelines for dielectric fluids in two-phase cold plate racks in March 2026. Two-phase plates grow from USD 40.76 million (3.5%) in 2025 to USD 576.92 million (10.0%) in 2035, 30.34% a year.

Microfluidic and Co-Packaged Cooling Moves Closer to the Silicon

Microsoft tested microfluidic channels etched into the back of a chip, designed with the Swiss firm Corintis, that removed heat up to three times better than cold plates in September 2025; Corintis raised USD 24 million the same month and says it has shipped over 10,000 cooling systems. Jentech is co-developing a microchannel lid with NVIDIA. These sit in other designs, which grow from USD 151.39 million to USD 923.08 million; DC Market Insights treats in-chip cooling as a risk to plate value after 2032 rather than a base-case substitute.

Market Challenges: What Could Slow Cold Plate Demand?

Two challenges sit behind the low case of USD 4.66 billion in 2035, 2.47 points a year below the base case: record copper costs and unsettled rules for two-phase fluids.

Copper at USD 14,850 per Tonne and a 50% United States Copper Tariff

Copper holds 86.0% of cold plate value. Chile’s state copper commission, Cochilco, recorded London Metal Exchange (LME) cash copper at a record USD 14,850 per tonne on 17 August 2026, and the United States Geological Survey (USGS) put the 2025 COMEX average at a record USD 4.80 per pound, 14% above 2024. Since 1 August 2025 the United States has applied a 50% tariff on semi-finished copper products and intensive copper derivatives. Plates for the American market are mostly made in Taiwan, China, Vietnam and Mexico, so buyers there pay the duty on copper-heavy parts; aluminium plates gain from 9.0% to 11.0% of spend partly for this reason.

PFAS and F-gas Rules Cloud the Two-Phase Fluid Choice

3M said in December 2022 that it would exit all per- and polyfluoroalkyl substances (PFAS) manufacturing, including fluorinated fluids, by the end of 2025, and the European Chemicals Agency (ECHA) published an updated universal PFAS restriction proposal on 20 August 2025 whose outcome is still open. The EU F-gas Regulation (EU) 2024/573, in force since 11 March 2024, phases out hydrofluorocarbons (HFCs) by 2050. Two-phase plates depend on such refrigerants, R-515B in the OCP demonstration, so the low case caps two-phase at 7% of 2035 spend instead of 10.0%.

Market Opportunities: Where Will New Cold Plate Revenue Come From?

Two pools add USD 1,515.86 million between 2025 and 2035: plates beyond the GPU and two-phase plates for chips above 2 kW.

Memory, VRM and Switch Plates: USD 116.45 million to USD 1.10 billion

Accelsius fitted plates to the switches, CPUs and GPUs of a retrofitted H100 server, and Supermicro’s DLC-2 covers memory and voltage regulators. Memory, VRM and other plates together grow from USD 116.45 million in 2025 to USD 1.10 billion in 2035, and their share of spend doubles from 10.0% to 19.0%. Makers that can supply a matched set of plates for one tray win the server maker’s whole bill of materials.

Two-Phase Plates for the Next Chip Generations: USD 40.76 million to USD 576.92 million

Hyperscalers told OCP EMEA in May 2025 that AI racks could pass 500 kW before 2030, and NVIDIA plans 800 V direct current power for racks of over 1 MW. Two-phase plates remove more heat per litre of flow, so DC Market Insights adds USD 227.18 million of two-phase spend by 2030 and a further USD 308.98 million by 2035, mostly in GPU and neocloud and hyperscale halls.

Pricing: What Do Cold Plates Cost per kW of IT Capacity?

Cold plates cost about USD 261 per kW of new liquid-cooled IT capacity in 2025, down from USD 323 in 2020, and settle near USD 252 by 2035 (DC Market Insights estimates).

Year	New liquid-cooled IT capacity (MW)	Cold plate market (USD million)	New-build share	New-build cold plate spend (USD million)	Content per kW
2020	400	USD 136.06 million	95%	USD 129.26 million	USD 323
2025	4,150	USD 1,164.55 million	93%	USD 1,083.03 million	USD 261
2030	15,250	USD 4,122.10 million	91%	USD 3,751.11 million	USD 246
2035	20,400	USD 5,769.24 million	89%	USD 5,134.62 million	USD 252

Content per kW fell from 2020 to 2025 as plates went from hand-built HPC parts to volume parts made in Taiwan and China, and as rack density rose faster than plate count. It dips to USD 246 in 2030 and rises a little to USD 252 in 2035, because two-phase and jet impingement plates and plates on memory and VRMs add value per kW. The 2020 and 2030 capacity figures are DC Market Insights estimates from the Manifolds model. Public cost anchors: the USGS COMEX copper average of USD 4.80 per pound in 2025, LME copper at USD 13,310 per tonne on 14 January 2026 and USD 14,850 on 17 August 2026, and the 50% United States copper tariff. No public list prices for data center cold plates exist; prices are set in supply contracts with server makers.

Standards and Regulation: Which Specifications Govern Cold Plates?

Eight specifications and rules shape the USD 1.78 billion market of 2026, most of them industry guidance rather than law.

• OCP Cold Plate Development and Qualification (October 2022): shock, vibration, thermal cycling and corrosion tests on samples from the production line, and a 0.15 V limit on galvanic potential between wetted metals (OCP white paper).
• OCP Single-Phase Direct-to-Chip Cold Plate Test Specification 1.0.0, effective 3 September 2026: vendor-neutral tests for leakage and pressure, thermal and flow, mechanical strength, reliability and cleanliness.
• OCP guidelines for dielectric heat transfer fluids in two-phase cold plate racks, Revision 1.1 (March 2026): low toxicity, non-flammable fluids with low global warming potential.
• American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) TC 9.9 facility water classes W17 to W+ (2021) and S-classes of 30°C to 50°C for coolant entering IT equipment (September 2024).
• ASHRAE TC 9.9 bulletin on technology cooling system (TCS) coolant integrity and readiness (May 2026), which warns that “it is too easy to violate” direct-to-chip warranty requirements (ASHRAE bulletin).
• EU F-gas Regulation (EU) 2024/573, applying from 11 March 2024 to refrigerants in two-phase loops.
• EU universal PFAS restriction proposal under REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals), updated August 2025.
• United States Section 232 copper proclamation (July 2025): 50% duty on semi-finished copper products from 1 August 2025.

Market Segmentation: Which Cold Plate Segments Lead in 2030?

Single-phase plates lead by type with USD 3.85 billion in 2030, microchannel and skived fin plates by design with USD 2.97 billion, copper by material with USD 3.46 billion, GPU and accelerator plates by chip with USD 2.72 billion, and hyperscale data centers by buyer with USD 2.14 billion.

By Type

Single-phase plates hold 96.5% of 2025 spend because water-glycol loops are the installed base, but two-phase plates reach 6.5% by 2030 and 10.0% by 2035.

Type	2025 (USD million)	Share 2025	2030 (USD million)	Share 2030	2035 (USD million)	CAGR 2025-2035
Single-Phase Cold Plates	USD 1,123.79 million	96.5%	USD 3,854.16 million	93.5%	USD 5,192.32 million	16.54%
Two-Phase Cold Plates	USD 40.76 million	3.5%	USD 267.94 million	6.5%	USD 576.92 million	30.34%

By Design

Microchannel and skived fin plates are 78.0% of 2025 spend; jet impingement grows fastest at 25.78% a year, reaching USD 556.48 million in 2030.

Design	2025 (USD million)	Share 2025	2030 (USD million)	Share 2030	2035 (USD million)	CAGR 2025-2035
Microchannel and Skived Fin	USD 908.35 million	78.0%	USD 2,967.91 million	72.0%	USD 3,807.70 million	15.41%
Jet Impingement	USD 104.81 million	9.0%	USD 556.48 million	13.5%	USD 1,038.46 million	25.78%
Other Designs	USD 151.39 million	13.0%	USD 597.70 million	14.5%	USD 923.08 million	19.82%

By Material

Copper keeps 84.0% of 2030 spend for its conductivity; aluminium and other materials, such as copper-clad, additively made and silicon parts, rise to 18.0% by 2035.

Material	2025 (USD million)	Share 2025	2030 (USD million)	Share 2030	2035 (USD million)	CAGR 2025-2035
Copper	USD 1,001.51 million	86.0%	USD 3,462.56 million	84.0%	USD 4,730.78 million	16.80%
Aluminium	USD 104.81 million	9.0%	USD 412.21 million	10.0%	USD 634.62 million	19.73%
Other Materials	USD 58.23 million	5.0%	USD 247.33 million	6.0%	USD 403.85 million	21.37%

By Chip Cooled

GPU and accelerator plates take 68.0% of 2025 spend; CPU plates fall from 22.0% to 17.0% as each tray adds GPUs faster than CPUs.

Chip cooled	2025 (USD million)	Share 2025	2030 (USD million)	Share 2030	2035 (USD million)	CAGR 2025-2035
GPU and Accelerators	USD 791.89 million	68.0%	USD 2,720.59 million	66.0%	USD 3,692.31 million	16.64%
CPU	USD 256.20 million	22.0%	USD 803.81 million	19.5%	USD 980.77 million	14.37%
Memory	USD 46.58 million	4.0%	USD 267.94 million	6.5%	USD 519.23 million	27.27%
VRM and Other	USD 69.87 million	6.0%	USD 329.77 million	8.0%	USD 576.92 million	23.50%

By Data Center Type

Hyperscale data centers buy USD 617.21 million or 53.0% of 2025 plates; colocation grows 20.00% a year as tenants bring liquid-cooled racks, while HPC and research falls to 6.0% of spend.

Data center type	2025 (USD million)	Share 2025	2030 (USD million)	Share 2030	2035 (USD million)	CAGR 2025-2035
Hyperscale Data Centers	USD 617.21 million	53.0%	USD 2,143.49 million	52.0%	USD 2,942.31 million	16.90%
Colocation Data Centers	USD 186.33 million	16.0%	USD 741.98 million	18.0%	USD 1,153.85 million	20.00%
GPU and Neocloud Data Centers	USD 192.15 million	16.5%	USD 700.76 million	17.0%	USD 980.77 million	17.70%
HPC and Research Data Centers	USD 114.13 million	9.8%	USD 321.52 million	7.8%	USD 346.15 million	11.73%
Enterprise Data Centers	USD 54.73 million	4.7%	USD 214.35 million	5.2%	USD 346.15 million	20.25%

Liquid Loop Bill of Materials: Where the Cold Plate Dollar Sits, 2025 and 2035

This DC Market Insights model, built on 9 inputs from the Liquid Cooling and Manifolds reports, splits the USD 5.80 billion liquid cooling bill of 2025 into seven parts: cold plates are 20.1% of it in 2025 and 21.1% in 2035.

Part of the liquid loop	2025 (USD million)	Share 2025	2035 (USD million)	Share 2035	CAGR 2025-2035
Cold plates (this market)	USD 1,164.55 million	20.1%	USD 5,769.24 million	21.1%	17.35%
In-rack manifolds (Liquid Cooling Manifolds Market, 12351)	USD 461.26 million	7.9%	USD 1,730.64 million	6.3%	14.14%
Hoses, quick disconnects, fittings, brackets and tray sensors	USD 382.04 million	6.6%	USD 1,514.55 million	5.5%	14.77%
Coolant distribution units (CDUs)	USD 1,584.22 million	27.3%	USD 7,233.46 million	26.4%	16.40%
Heat exchangers and tanks	USD 998.12 million	17.2%	USD 3,370.13 million	12.3%	12.94%
Coolants and fluids	USD 336.57 million	5.8%	USD 1,835.76 million	6.7%	18.49%
Services	USD 876.25 million	15.1%	USD 5,945.68 million	21.7%	21.10%
Total liquid cooling (Data Center Liquid Cooling Market, 13048)	USD 5,803.01 million	100.0%	USD 27,399.46 million	100.0%	16.79%

Two readings matter. First, the plate is the single largest piece of hardware inside the server, worth more than in-rack manifolds, hoses and quick disconnects together in both years. Second, CDUs stay larger than cold plates, USD 1.58 billion in the Liquid Cooling model against USD 1.16 billion in 2025, because one CDU serves many racks (the CDU report counts a narrower scope at USD 1.46 billion); the Data Center Coolant Distribution Units Market and the Data Center Cooling CDU Pumps Market reports size that side of the loop.

Regional Insights: Which Region Buys the Most Cold Plates?

North America leads with USD 521.72 million or 44.8% of 2025 spend, and Middle East and Africa grows fastest at 20.37% a year, to USD 334.62 million in 2035.

Region	2025 (USD million)	Share 2025	2030 (USD million)	2035 (USD million)	Share 2035	CAGR 2025-2035
North America	USD 521.72 million	44.8%	USD 1,760.13 million	USD 2,342.31 million	40.6%	16.20%
Asia Pacific	USD 315.59 million	27.1%	USD 1,185.11 million	USD 1,753.85 million	30.4%	18.71%
Europe	USD 223.59 million	19.2%	USD 764.65 million	USD 1,032.69 million	17.9%	16.53%
Latin America	USD 51.24 million	4.4%	USD 199.92 million	USD 305.77 million	5.3%	19.56%
Middle East and Africa	USD 52.41 million	4.5%	USD 212.29 million	USD 334.62 million	5.8%	20.37%

North America

North America spends USD 521.72 million in 2025 and USD 2.34 billion in 2035, 16.20% a year. Supply is moving closer to the buyer: Boyd is more than doubling its thermal campus in Juarez, Mexico, which makes CDUs and direct-to-chip cold plates, to about 460,000 square feet, and Accelsius makes two-phase heat transfer parts in a new facility in Austin, Texas.

Asia Pacific

Asia Pacific spends USD 315.59 million in 2025 and USD 1.75 billion in 2035, 18.71% a year, and is where most plates are made. AVC broke ground on a USD 600 million plant in Vietnam for liquid cooling equipment and water cooling plates in May 2026, and Delta said its installed liquid cooling base passed 3 GW the same month.

Europe

Europe spends USD 223.59 million in 2025 and USD 1.03 billion in 2035, 16.53% a year. The F-gas Regulation and the PFAS proposal weigh on two-phase plates here more than elsewhere.

Latin America

Latin America spends USD 51.24 million in 2025 and USD 305.77 million in 2035, 19.56% a year, led by Brazil with USD 24.24 million in 2025. Ascenty began building its Sumare 3 site in Brazil in March 2026, starting at 90 MW with room for another 90 MW and designed for direct-to-chip liquid cooling, with delivery slated for Q3 2027 (as announced, May 2026).

Middle East and Africa

Middle East and Africa is the fastest region, from USD 52.41 million in 2025 to USD 334.62 million in 2035, 20.37% a year, as Gulf AI campuses are designed for liquid from the start. Saudi AI developer HUMAIN issued an engineering, procurement and construction tender in October 2026 for a 100 MW AI data center in Riyadh whose high-density racks will use direct-to-chip liquid cooling loops with CDUs (MEED, October 2026).

Country Analysis: Which Countries Spend the Most on Cold Plates?

The United States leads with USD 465.37 million in 2025, 40.0% of global spend, and India is the fastest large country at 23.36% a year.

Rank	Country	Region	2025 (USD million)	2030 (USD million)	2035 (USD million)	CAGR 2025-2035
1	United States	North America	USD 465.37 million	USD 1,560.36 million	USD 2,063.58 million	16.06%
2	China	Asia Pacific	USD 124.66 million	USD 442.64 million	USD 617.36 million	17.35%
3	Canada	North America	USD 56.35 million	USD 199.77 million	USD 278.74 million	17.34%
4	Germany	Europe	USD 43.82 million	USD 151.01 million	USD 205.50 million	16.71%
5	Japan	Asia Pacific	USD 43.55 million	USD 152.29 million	USD 208.71 million	16.96%
6	United Kingdom	Europe	USD 41.14 million	USD 136.49 million	USD 178.66 million	15.82%
7	India	Asia Pacific	USD 30.30 million	USD 140.43 million	USD 247.29 million	23.36%
8	France	Europe	USD 27.06 million	USD 93.67 million	USD 128.05 million	16.82%
9	Australia	Asia Pacific	USD 26.19 million	USD 100.14 million	USD 150.83 million	19.13%
10	Brazil	Latin America	USD 24.24 million	USD 93.36 million	USD 140.96 million	19.25%
11	South Korea	Asia Pacific	USD 23.35 million	USD 85.33 million	USD 122.77 million	18.05%
12	Singapore	Asia Pacific	USD 21.78 million	USD 71.11 million	USD 89.45 million	15.18%

India grows fastest among the 12 countries, from USD 30.30 million in 2025 to USD 247.29 million in 2035, 23.36% a year; Yotta said in February 2026 it would deploy 20,736 NVIDIA Blackwell Ultra GPUs in a liquid-cooled cluster at its 60 MW D2 data center in Noida. In Japan, KDDI’s Osaka Sakai site runs NVIDIA GB200 NVL72 hardware with direct liquid cooling.

Forecast Scenarios: How Large Could the Cold Plate Market Be in 2035?

The base case reaches USD 5.77 billion in 2035; the low case USD 4.66 billion and the high case USD 6.78 billion.

Scenario	2035 (USD million)	CAGR 2025-2035	Assumption
Low	USD 4,661.55 million	14.88%	AI capacity slips two years, copper stays above USD 13,000 per tonne, PFAS rules hold two-phase at 7% of spend
Base	USD 5,769.24 million	17.35%	New liquid-cooled capacity reaches 20,400 MW a year, cold plates rise to 64.0% of in-rack hardware
High	USD 6,784.63 million	19.27%	Racks above 500 kW arrive before 2030, two-phase plates pass 12% of spend, memory and VRM plates become standard

Competitive Insights: Who Makes Data Center Cold Plates?

The five largest makers, AVC, Auras, Cooler Master, Boyd Thermal (Eaton) and CoolIT Systems, hold about 45% of 2025 value on the DC Market Insights estimate, built from their reported liquid cooling and thermal revenue and set against the market’s upper and lower bounds; the rest is split among about a dozen specialists and server makers’ in-house teams.

• Asia Vital Components (AVC)
• Auras Technology
• Cooler Master
• Boyd Thermal (Eaton)
• CoolIT Systems (Ecolab)
• Delta Electronics
• Jentech Precision
• Motivair (Schneider Electric)
• JetCool Technologies (Flex)
• Accelsius
• ZutaCore
• Nidec
• Chilldyne (Daikin Applied)
• Alloy Enterprises
• Corintis
• Frore Systems
• Vertiv (cold plate design and integration)

Company facts: Auras reported Q1 2026 revenue of NT$8.55 billion, up 94%, with liquid cooling at 55% of revenue, above air cooling for the first time; AVC’s May 2026 revenue was NT$15.9 billion, up 61%, for the whole company; Boyd Thermal added 25% to Eaton’s Electrical Global sales in Q2 2026; and Ecolab said CoolIT’s year-to-date 2026 sales grew more than 100%.

Recent Developments: What Has Changed for Cold Plate Makers Since 2025?

Five dated moves between March and July 2026 show capital and chip vendors reshaping the supplier base.

• In March 2026, Eaton completed its purchase of Boyd Thermal for USD 9.55 billion net of cash (Source: Eaton).
• In March 2026, NVIDIA named four approved Vera Rubin cold plate suppliers at GTC 2026, reported as AVC, Cooler Master, Delta and Jentech (Source: TVBS News).
• In April 2026, Vertiv acquired Strategic Thermal Labs, a cold plate design and thermal validation firm (Source: Vertiv).
• In May 2026, AVC broke ground on a USD 600 million plant in Vietnam for liquid cooling equipment and water cooling plates (Source: TechNode Global).
• In July 2026, Ecolab completed its USD 4.75 billion purchase of CoolIT Systems (Source: Ecolab).

Methodology: How Did DC Market Insights Size the Cold Plate Market?

DC Market Insights built the USD 1.16 billion 2025 value inside its liquid cooling model from 14 inputs: the USD 5.80 billion liquid cooling total, the 58.0% cold plate share of the USD 2,007.85 million cold plates and in-rack hardware component, and a check against 4,150 MW of new liquid-cooled IT capacity at USD 261 per kW on the 93% new-build share.

• Total: Liquid Cooling component USD 2,007.85 million x cold plate share 58.0% = USD 1,164.55 million (2025); USD 9,014.43 million x 64.0% = USD 5,769.24 million (2035).
• Gap to the component: USD 843.30 million in 2025 = in-rack manifolds USD 461.26 million (Manifolds report) + hoses, quick disconnects, fittings, brackets and tray sensors USD 382.04 million.
• Segments: share paths for 2020, 2025, 2030 and 2035 for each of five dimensions, linear between those years; regions and countries keep the shares of the Liquid Cooling report.
• Ceiling 1: the cold plate value cannot exceed the USD 2,007.85 million cold plates and in-rack hardware component of the Liquid Cooling report in 2025; it is 58.0% of it.
• Ceiling 2: the whole USD 5.80 billion liquid cooling bill of 2025 caps it again; cold plates are 20.1% of that bill, below CDUs at 27.3%.
• Floor: Auras reported 2025 revenue of NT$23.3 billion (about USD 740 million) with liquid cooling at 55%, about USD 400 million from one maker across plates, manifolds and CDUs; even if half were plates, Auras alone would be about 17% of the USD 1.16 billion market, in line with a top five near 45%.

Segments, regions and countries sum to the total in every year, and CAGRs are computed from the end points. The full approach is described in the DC Market Insights research methodology.