Data Center Thermal Management Market Size, Share & Forecast to 2035

The Data Center Thermal Management Market is valued at USD 42.27 billion in 2026 and is projected to reach USD 119.44 billion by 2035, up from USD 34.56 billion in 2025, a compound annual growth rate (CAGR) of 13.20% from 2025 to 2035 (DC Market Insights estimate). Rack density is what moves the money in data center thermal management: NVIDIA Corporation (NVIDIA) states that its Rubin generation is the first to run 100% liquid cooled, so a new artificial intelligence (AI) hall now carries about USD 2.55 million of cooling plant per megawatt (MW) of IT load against about USD 1.75 million for an air-cooled hall at 8 to 15 kilowatts (kW) per rack. Data Center Thermal Management covers the equipment, controls software and services that remove heat from data halls, from computer room air handlers and chillers to coolant distribution units (CDUs), cold-plate loops and immersion tanks. DC Market Insights counts 12.95 gigawatts (GW) of new IT capacity in the 2025 build cohort × USD 2.14 million of cooling capital per MW = USD 27.71 billion of new-build spend, plus USD 6.84 billion of service and software on 116 GW of installed capacity. Liquid cooling systems are the fastest-growing solution at 24.31% a year, and the Middle East and Africa is the fastest-growing region at 17.08% a year, because Gulf AI campuses combine 45 °C ambient air with racks above 100 kW.

Key Market Statistics: How Big Is the Data Center Thermal Management Market in 2026?

DC Market Insights values the Data Center Thermal Management Market at USD 42.27 billion in 2026, 22.32% above 2025, as liquid-cooled AI halls ordered in 2025 receive their cooling plant.

• Market size 2025: USD 34.56 billion
• Market size 2026: USD 42.27 billion
• Market size 2030: USD 76.09 billion
• Market size 2035: USD 119.44 billion
• CAGR 2025-2035: 13.20% in the base case, 11.23% in the low case and 14.51% in the high case
• Largest solution type: air-side cooling systems, 35.3% of 2025 value (USD 12.19 billion)
• Fastest-growing solution type: liquid cooling systems, 24.31% a year to USD 36.64 billion by 2035
• Leading region: North America, 45.0% of 2025 value (USD 15.55 billion)
• Fastest-growing region: the Middle East and Africa, 17.08% a year
• Largest country: the United States, USD 14.17 billion in 2025 (41.0% of global value)
• Market leader: Vertiv, about 13% of 2025 value (DC Market Insights assessment)

Executive Summary: How Fast Is Data Center Thermal Management Spending Growing?

The Global Data Center Thermal Management Market size was valued at USD 12.81 billion in 2020, reached USD 34.56 billion in 2025, and is anticipated to reach USD 119.44 billion by 2035, at a CAGR of 13.20% during the forecast period.

Report attribute	Details
Historical Period	2020-2024
Base Year	2025
Forecast Period	2026-2035
Data Center Thermal Management Market Size 2025	USD 34.56 Billion
Data Center Thermal Management Market Size 2026	USD 42.27 Billion
Data Center Thermal Management Market, CAGR	13.20%
Data Center Thermal Management Market Size 2035	USD 119.44 Billion

Data center thermal management spending grew 21.96% a year from 2020 to 2025, because the annual build cohort doubled from 6.5 GW to 12.95 GW while facility cost per MW rose from USD 7.7 million to USD 10.7 million. Growth of 13.20% a year to 2035 rests on three model inputs: the build cohort reaches 27.25 GW, cooling rises from 20% to 24% of facility cost as liquid loops add CDUs and secondary piping, and service and software on an installed base growing from 116 GW to 311 GW adds USD 23.01 billion by 2035.

Key Takeaways

Four findings explain why data center thermal management spending grows from USD 34.56 billion in 2025 to USD 119.44 billion in 2035.

• Liquid cooling systems rise from 12.0% to 30.7% of thermal management value by 2035, because racks above 50 kW cannot be cooled by air alone.
• Air-side cooling stays the largest 2025 line at USD 12.19 billion, because 65% of the 2025 build is still conventional capacity.
• Service and software reach USD 23.01 billion by 2035, because every MW installed in the 2020s needs maintenance and retrofits for warmer water loops.
• The Middle East and Africa grows fastest at 17.08% a year, because hot, dry sites need both liquid loops and large heat rejection plant.

What Is Data Center Thermal Management, and Where Does Its Boundary Sit?

Data center thermal management is the set of equipment, controls and services that keeps IT equipment inside its allowed temperature range, and DC Market Insights values it at USD 34.56 billion in 2025.

Included. Air-side cooling (computer room air conditioners and air handlers, fan walls, in-row coolers, rear-door heat exchangers, containment); chillers and heat rejection (chillers, cooling towers, adiabatic and dry coolers, pumps and condenser-water piping); liquid cooling systems (CDUs, rack manifolds, cold-plate loops supplied with the facility, single- and two-phase immersion tanks and secondary fluid networks); thermal monitoring and controls software (sensors, computational fluid dynamics (CFD) models, thermal modules of data center infrastructure management (DCIM) software); and thermal maintenance, retrofit, design and commissioning services.

Excluded. Electricity used by cooling, water bills, server fans and heat sinks built into IT equipment, comfort cooling of offices, power equipment, and refrigerant sold separately from equipment. The regional edition, the Africa Data Center Thermal Management Market, covers African sites only and uses the same solution split; this global report includes Africa inside the Middle East and Africa region. Country detail for one tropical hub sits in the Singapore Data Center Thermal Management Market.

How the segments fit together. Every dollar is classified once by solution type, once by rack density and once by data center type, and each dimension sums to the total in every year from 2020 to 2035.

Why Do Data Center Thermal Management Market Estimates Differ?

Estimates differ because some count only cooling hardware while others add services, software or the chips’ own heat sinks; DC Market Insights counts hardware, installation, controls and services at USD 42.27 billion in 2026.

Narrower definitions stop at cooling equipment sold by original equipment makers. Daikin Industries, for example, sizes the data center cooling equipment market at about JPY 1.1 trillion in 2025, rising to about JPY 2.7 trillion in 2030, according to its November 2025 strategy briefing, and the DC Market Insights Data Center Cooling Market covers cooling equipment only. Broader definitions add installation labour, mechanical piping, commissioning and maintenance, which are part of the bill a data center owner pays and are included here. Some sources go further and add server-level heat sinks, fans and thermal interface materials, electricity for cooling and water treatment chemicals, which this report leaves out.

Element	In DC Market Insights scope?	Why
Cooling equipment and installation	Yes, USD 27.71 billion in 2025	Capital spend in the same 20% cooling share of facility cost used by the DC Market Insights data center model
Thermal maintenance and retrofit services	Yes, USD 6.38 billion in 2025	Recurring spend on the same plant over a 15- to 20-year life
Thermal monitoring and controls software	Yes, USD 464.00 million in 2025	Controls that set fan speed, water temperature and alarms
Server heat sinks, fans and thermal interface materials	No	Part of the IT bill of materials
Electricity and water for cooling	No	Operating cost, not a thermal management purchase

Out-of-scope terms that some estimates fold in are server heat sinks, thermal interface materials, thermal pastes, cooling electricity and water treatment chemicals. The buyer groups inside the scope are hyperscale cloud and AI operators, colocation providers, and enterprises and small and medium-sized enterprises (SMEs) running their own server rooms and edge sites.

What Is Pushing Data Center Thermal Management Spending Up?

Three forces lift new-build data center thermal management spend from USD 27.71 billion in 2025 to USD 96.43 billion in 2035, and each is tied to how heat leaves an AI rack.

NVIDIA’s 100% Liquid-Cooled Rubin Racks Add CDUs and Secondary Loops

NVIDIA wrote in July 2026 that a 45 °C liquid cooling inlet temperature “enables chiller-free dry-cooler operation” for its Vera Rubin systems (NVIDIA). Every such rack needs a CDU, manifolds and a facility water loop, so DC Market Insights raises cooling from 20% of facility cost in 2025 to 24% in 2035, and liquid cooling systems grow from USD 4.16 billion to USD 36.64 billion.

Chiller Makers’ Order Books Show the AI Build Arriving

Carrier said it “doubled our global data center revenue to $1 billion in 2025”, according to its 2025 annual report (Carrier annual report), and reported data center orders up more than 300% in the second quarter of 2026. Trane Technologies reported applied equipment bookings up 130% in the same quarter, and LG Electronics announced in October 2026 a supply agreement for chillers serving more than 5 GW of North American data center capacity. DC Market Insights reads these as the 2026 cohort of 13.9 GW reaching equipment orders, which lifts the market by 22.32% in 2026.

Water and Efficiency Reporting Push Owners Toward Warmer, Measured Cooling

European Union (EU) Delegated Regulation 2024/1364 makes data centres with at least 500 kW of IT power report energy, Power Usage Effectiveness (PUE) and water input (EUR-Lex), and China’s National Development and Reform Commission (NDRC) set a PUE ceiling of 1.25 for new large data centers by the end of 2025. Measured reporting creates demand for sensors and controls, which is why thermal monitoring and controls software grows 14.93% a year to USD 1.87 billion by 2035.

Which Thermal Management Technologies Are Gaining Share in Data Halls?

Liquid cooling gains the most share of data center thermal management, rising 18.6 percentage points of thermal management value between 2025 and 2035 in the DC Market Insights model.

HVAC Groups Buy Liquid Cooling Specialists

Trane Technologies completed its acquisition of LiquidStack, which it calls “a global leader in liquid cooling technology for data centers”, on 3 March 2026 (Trane Technologies). Daikin Applied bought Chilldyne, a direct-to-chip specialist, in November 2025, after DDC Solutions earlier that year. DC Market Insights expects chiller makers to sell whole thermal chains, which is why direct-to-chip hardware covered in the Direct-to-Chip Liquid Cooling Market now sits in the same tender as the chiller plant.

Warm-Water Loops Shift Spend From Chillers to Heat Rejection

At 45 °C supply water, heat can leave through dry coolers without compressors on most hours of the year, and Kelvion booked an order worth more than USD 800 million for over 1,000 dry coolers with 5 GW of heat rejection in October 2026 (Source: Kelvion). DC Market Insights therefore grows chillers and heat rejection at only 11.50% a year, below the market average, as heat rejection gains and chillers lose share inside that line.

Thermal Controls Move From Alarms to Model-Based Set Points

Operators now run CFD models and DCIM thermal modules to raise supply air and water temperatures safely; Singapore’s tropical data center standard SS 697 says each 1 °C increase saves 2% to 5% of cooling energy, according to the Infocomm Media Development Authority. Software stays a small line at 1.3% of 2025 value but grows faster than the market at 14.93% a year.

Market Restraints: What Slows Data Center Thermal Management Spending?

Two restraints hold the base-case CAGR of data center thermal management at 13.20% rather than the 14.51% of the high case.

Grid Limits Slow the Build Cohort

Thermal spend follows completed IT capacity, and grid connection queues in Ireland, the Netherlands, Northern Virginia and Frankfurt delay new halls. If the build cohort runs 20% below plan from 2027, the market reaches USD 100.15 billion in 2035 instead of USD 119.44 billion, a gap of USD 19.29 billion.

Chiller-Free Designs Remove Compressor Value

The International Energy Agency (IEA) reports that cooling uses about 7% of electricity in efficient hyperscale data centres and over 30% in less efficient enterprise sites. As AI halls move to warm water and drop chillers, a 100 MW chiller-free campus buys about USD 35 million less cooling plant than a chilled-water campus in the DC Market Insights cost ladder, which caps the cooling share of facility cost at 24% by 2035.

Where Will Thermal Management Suppliers Find New Revenue?

Two openings stand out for data center thermal management suppliers: liquid cooling systems and installed-base services, which together reach USD 57.79 billion by 2035.

Retrofitting Air-Cooled Halls for 40 kW Racks

Most of the 116 GW installed in 2025 was built for racks below 20 kW. Adding rear-door heat exchangers or CDUs to existing halls is the fastest route to AI capacity in grid-constrained metros, and DC Market Insights values thermal maintenance and retrofit services at USD 6.38 billion in 2025, growing 12.73% a year as service per installed MW rises from USD 55,000 to USD 68,000 a year.

Data Hall Thermal Management Consultants and Design Services

A data hall thermal management consultant models airflow and water temperatures in CFD, sizes CDUs and heat rejection, and commissions the plant under load; DC Market Insights estimates design, CFD and commissioning at about 6% of new-build thermal spend, or about USD 1.66 billion in 2025, inside the services and equipment lines. Demand grows as owners mix air and liquid racks in one hall, where a wrong set point can idle millions of dollars of accelerators.

How Much Does Data Center Thermal Management Cost per MW?

Data center thermal management cost about USD 2.14 million per MW of new IT load in 2025, including installation, and service cost about USD 55,000 per installed MW a year (DC Market Insights estimate).

Price point	2020	2025	2030	2035
Cooling capital per MW of new IT (USD million)	1.39	2.14	2.80	3.54
Facility cost per MW (USD million)	7.70	10.70	12.72	14.74
Cooling share of facility cost	18%	20%	22%	24%
Service and retrofit per installed MW a year (USD)	45,000	55,000	62,000	68,000
Monitoring software per installed MW a year (USD)	2,500	4,000	5,000	6,000

Public anchors support these values. Kelvion’s dry cooler order prices heat rejection at about USD 160 per kW, and the United States Federal Energy Management Program shows that a more efficient 300-ton water-cooled chiller pays back if it costs no more than USD 128,037 above a standard unit, so plant choice is driven by lifetime energy cost as much as by purchase price.

Which Rules and Standards Govern Data Center Cooling Plant?

Five rule sets shape data center thermal management purchases, and at least three of them took effect between 2024 and 2027.

• EU Delegated Regulation 2024/1364: data centres of 500 kW or more report energy, PUE, water input and waste heat reuse each year.
• Regulation (EU) 2024/573 on fluorinated greenhouse gases: bans new chillers above 12 kW that use refrigerants with a global warming potential (GWP) of 750 or more from 1 January 2027, according to the European Commission.
• United States Environmental Protection Agency (EPA) Technology Transitions rule: GWP limit of 700 for comfort-cooling chillers from 1 January 2025.
• ANSI/ASHRAE Standard 90.4-2025, the American Society of Heating, Refrigerating and Air-Conditioning Engineers (ASHRAE) energy standard for data centers, sets mechanical load component limits.
• Singapore’s second data centre call for application (DC-CFA2) asks for a PUE of 1.25 at 100% IT load, according to the Economic Development Board.

Which Thermal Management Solution and Rack Density Carry the Most Value?

Air-side cooling systems lead the Data Center Thermal Management Market with 35.3% of 2025 value, while racks above 50 kW become the largest density band by 2035 at 48.0%.

By Solution Type: Air-Side Cooling Systems Lead with 35.3%

Solution type	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
Air-Side Cooling Systems	12,193.72	35.3%	26,034.84	7.88%
Chillers and Heat Rejection	11,362.33	32.9%	33,748.87	11.50%
Liquid Cooling Systems	4,156.95	12.0%	36,641.63	24.31%
Thermal Monitoring and Controls Software	464.00	1.3%	1,866.00	14.93%
Thermal Maintenance and Retrofit Services	6,380.00	18.5%	21,148.00	12.73%
Total	34,557.00	100.0%	119,439.35	13.20%

By Rack Density: Racks Below 20 kW Lead with 53.0%

Rack density	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
Below 20 kW per Rack	18,315.21	53.0%	26,276.66	3.68%
20 to 50 kW per Rack	10,021.53	29.0%	35,831.80	13.59%
Above 50 kW per Rack	6,220.26	18.0%	57,330.89	24.87%
Total	34,557.00	100.0%	119,439.35	13.20%

By Data Center Type: Hyperscale and Cloud Data Centers Lead with 50.0%

Data center type	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
Hyperscale and Cloud Data Centers	17,278.50	50.0%	69,274.82	14.90%
Colocation Data Centers	10,367.10	30.0%	34,637.41	12.82%
Enterprise and Edge Data Centers	6,911.40	20.0%	15,527.12	8.43%
Total	34,557.00	100.0%	119,439.35	13.20%

DC Exclusive: Rack-Density Thermal Cost Ladder — Five Hall Designs From 10 kW to 140 kW per Rack

This DC Market Insights cost ladder is modelled from 15 inputs and estimates that data center thermal management plant per MW of IT ranges from USD 1.75 million for an air-cooled hall to USD 2.55 million for a chilled-water direct-to-chip AI hall in 2025.

Hall design	Rack density (kW)	Cooling capital per MW of IT, 2025 (USD million)	Heat rejection
Air-cooled hall, chilled-water air handlers	8-15	1.75	Chillers + towers or dry coolers
Rear-door heat exchangers	20-40	2.05	Chillers + dry coolers
Direct-to-chip, 70% liquid / 30% air, chilled water	50-130	2.55	Chillers + towers
Direct-to-chip, 45 °C warm water, chiller-free	100-140	2.20	Dry coolers only
Single-phase immersion	100+	2.40	Dry coolers + trim chillers

The ladder shows why thermal spend per MW keeps rising even when chillers disappear: a warm-water, chiller-free AI hall at USD 2.20 million still costs USD 0.45 million more per MW than an air-cooled hall, because CDUs, manifolds and larger heat rejection replace the compressors. Weighting the five designs by the 2025 build mix (55%, 10%, 25%, 5% and 5%) gives USD 2.04 million per MW, and controls, commissioning and design bring the average to the model’s USD 2.14 million. All ladder values are DC Market Insights estimates.

Which Region Spends the Most on Data Center Thermal Management?

North America leads data center thermal management spending with 45.0% of 2025 value, and the Middle East and Africa is the fastest-growing region at 17.08% a year to 2035.

Region	2025 (USD million)	Share 2025	2035 (USD million)	CAGR 2025-2035
North America	15,550.65	45.0%	51,358.92	12.69%
Asia Pacific	10,367.10	30.0%	38,220.59	13.94%
Europe	5,874.69	17.0%	16,721.51	11.03%
Latin America	1,036.71	3.0%	4,777.57	16.51%
Middle East and Africa	1,727.85	5.0%	8,360.75	17.08%
Total	34,557.00	100.0%	119,439.35	13.20%

North America Leads with 45.0% Share

North American thermal management spending reaches USD 51.36 billion by 2035, growing 12.69% a year, because the largest AI campuses are built there; the LG Electronics chiller programme for more than 5 GW of capacity and the Kelvion dry cooler order both serve United States sites.

Asia Pacific Holds 30.0% Share

Asia Pacific spending reaches USD 38.22 billion by 2035, growing 13.94% a year, led by China, where the NDRC PUE target of 1.25 pushes new large sites toward liquid cooling and free cooling.

Europe Holds 17.0% Share

European spending reaches USD 16.72 billion by 2035, growing 11.03% a year, the slowest region, because grid limits slow new capacity and the 2027 F-gas chiller ban shifts budgets to replacing existing plant rather than adding new halls.

Middle East and Africa Is the Fastest-Growing Region at 17.08%

Middle East and Africa spending reaches USD 8.36 billion by 2035, growing 17.08% a year, because Gulf AI campuses face 45 °C summer air and little water, so they buy both liquid loops and oversized dry or hybrid heat rejection.

Latin America Holds 3.0% Share

Latin American spending reaches USD 4.78 billion by 2035, growing 16.51% a year, as campuses in Querétaro, São Paulo and Santiago add AI capacity.

Which Countries Buy the Most Data Center Cooling and Thermal Services?

The United States buys the most data center thermal management, USD 14.17 billion in 2025 or 41.0% of global value, and India grows fastest among large countries at 20.06% a year.

Rank	Country	Region	2025 (USD million)	2035 (USD million)	CAGR 2025-2035
1	United States	North America	14,168.37	45,984.15	12.49%
2	China	Asia Pacific	4,492.41	14,929.92	12.76%
3	Japan	Asia Pacific	1,382.28	4,180.38	11.70%
4	Canada	North America	1,036.71	4,180.38	14.96%
5	Germany	Europe	967.60	2,627.67	10.51%
6	India	Asia Pacific	863.93	5,374.77	20.06%
7	United Kingdom	Europe	760.25	2,269.35	11.56%
8	Australia	Asia Pacific	691.14	2,388.79	13.20%
9	France	Europe	691.14	2,030.47	11.38%
10	Singapore	Asia Pacific	518.36	1,433.27	10.71%
11	Brazil	Latin America	449.24	2,030.47	16.28%
12	Saudi Arabia	Middle East and Africa	414.68	2,388.79	19.14%

India grows fastest because its AI capacity starts from a small base in hot, humid states where liquid cooling and large chiller plant are both needed. Saudi Arabia follows at 19.14% a year on Gulf AI campus plans. Germany grows slowest among the twelve, at 10.51% a year, because grid limits around Frankfurt cap new halls.

How Could the 2035 Thermal Management Forecast Change?

The 2035 Data Center Thermal Management Market ranges from USD 100.15 billion to USD 133.90 billion across the DC Market Insights scenarios, around a base case of USD 119.44 billion.

Scenario	Assumption	2035 (USD million)	CAGR 2025-2035
Low	Build cohort 20% below plan from 2027; services unchanged	100,154.28	11.23%
Base	Build cohort 27.25 GW in 2035; cooling 24% of facility cost	119,439.35	13.20%
High	Build cohort 15% above plan from 2027	133,903.15	14.51%

The swing factor is grid capacity rather than technology: the cooling share per MW is similar across scenarios, while the number of MW completed each year decides most of the gap.

Who Are the Leading Data Center Thermal Management Companies?

Vertiv leads the Data Center Thermal Management Market with about 13% of 2025 value, and the top five suppliers hold about 45%, a DC Market Insights assessment based on disclosed revenue and orders.

• Vertiv
• Schneider Electric (Motivair)
• Johnson Controls
• Trane Technologies (LiquidStack)
• Carrier
• Daikin Industries
• Stulz
• Mitsubishi Electric
• LG Electronics
• Modine (Airedale)
• Kelvion
• Alfa Laval
• Delta Electronics
• Huawei Technologies
• Munters
• nVent
• CoolIT Systems

The basis: Vertiv reported second-quarter 2026 net sales of USD 3.27 billion, up 24%, and expects full-year 2026 net sales of USD 14.0 billion across power, thermal and services (Vertiv quarterly results). Carrier reported USD 1 billion of data center revenue in 2025, and Daikin grew North American data center cooling sales from about JPY 23 billion in 2023 to about JPY 100 billion in 2025, with a target of JPY 300 billion or more by 2030, according to its strategy briefing. Johnson Controls reported a backlog of USD 21.0 billion in its third fiscal quarter of 2026, citing data center demand, and Modine reported data center sales up 158% in its fourth fiscal quarter of 2026.

Recent Developments

Six dated events from March to October 2026 show data center thermal management suppliers adding capacity and liquid cooling assets.

• In October 2026, LG Electronics signed a supply agreement for chillers serving more than 5 GW of North American data center capacity (Source: LG Electronics).
• In October 2026, Kelvion won an order worth more than USD 800 million for over 1,000 dry coolers with 5 GW of heat rejection (Source: Kelvion).
• In August 2026, SLB agreed to acquire Kelvion for about USD 3.4 billion (Source: SLB).
• In July 2026, Vertiv reported second-quarter net sales of USD 3.27 billion, up 24% (Source: Vertiv).
• In July 2026, NVIDIA said a 45 °C inlet temperature enables chiller-free dry-cooler operation for Vera Rubin (Source: NVIDIA).
• In March 2026, Trane Technologies completed its acquisition of LiquidStack (Source: Trane Technologies).

Methodology: How DC Market Insights Sizes the Data Center Thermal Management Market

DC Market Insights built the market bottom-up from the annual build cohort, cooling cost per MW and installed-base rates, giving USD 34.56 billion in 2025 and USD 119.44 billion in 2035.

The model in numbers. The build cohort (average of the year’s and the next year’s new IT capacity) is 6.5 GW in 2020, 12.95 GW in 2025, 22.5 GW in 2030 and 27.25 GW in 2035. Facility cost per MW is USD 7.7 million in 2020, USD 10.7 million in 2025 and USD 11.3 million in 2026, rising 3% a year to USD 14.74 million in 2035; cooling takes 18% of it in 2020, 20% in 2025 and 24% in 2035. Service and retrofit run at USD 45,000 to 68,000 per installed MW a year, and software at USD 2,500 to 6,000, on an installed base of 80, 116, 196 and 311 GW in 2020, 2025, 2030 and 2035. Solution, rack density, data center type, regional and country splits are DC Market Insights allocations that sum to the total every year, on the same capacity path as the DC Market Insights data center model, following the DC Market Insights research methodology.

Bound checks. (1) Ceiling: the 2025 cooling capital of USD 27.71 billion is within 0.4% of the cooling line of the DC Market Insights global data center model (USD 27.82 billion), so no cooling dollar is invented outside the facility budget. (2) Ceiling: the 2024 market of USD 28.60 billion equals 5.7% of the IEA’s estimate of about USD 0.5 trillion of data centre investment in 2024. (3) Floor: equipment-only sales disclosed by suppliers (Daikin’s JPY 1.1 trillion market view, Carrier’s USD 1 billion and Kelvion’s USD 1.2 billion to 1.3 billion) sit well below the USD 27.71 billion of 2025 equipment and installation spend.