Eaton closed its $9.55 billion Boyd Thermal deal in March 2026, and Vertiv posted third-quarter 2026 net sales of $4,313 million, up 61%.
Why this market is moving now
- NVIDIA's announced Rubin racks are set to reach 600 kW each, far above the 11 kW global average for typical racks in 2026.
- Large equipment makers are buying liquid cooling firms. Eaton closed its $9.55 billion Boyd Thermal deal on 12 March 2026.
- Data center electricity use is projected to roughly double from 485 TWh in 2025 to 950 TWh by 2030.
- Vertiv expects 2026 net sales of $14,650 million, with 38% organic growth.
Key figures
Global figures for this market, with the year each one describes. Use Cite to copy a reference to this page.
| Figure | Value | Year | Cite |
|---|---|---|---|
| In November 2025 the global liquid cooling market was expected to grow roughly 2.5 times to $8 billion to $9 billion by 2028. | 8 to 9 USD billion (2028 estimate) | 2025 | |
| Boyd Thermal forecast 2026 sales of $1.7 billion, with nearly 90% from liquid cooling, when Eaton agreed to buy it in November 2025. | 1.7 USD billion | 2026 | |
| Eaton completed its purchase of liquid cooling maker Boyd Thermal on 12 March 2026 for $9.55 billion, net of cash acquired. | 9.55 USD billion | 2026 | |
| Vertiv reported third-quarter 2026 net sales of $4,313 million, up 61% from a year earlier. | 4,313 USD million | 2026 | |
| Vertiv expects full-year 2026 net sales of $14,650 million, with organic sales growth of 38%. | 14,650 USD million | 2026 | |
| Schneider Electric agreed in October 2024 to buy a 75% stake in liquid cooling maker Motivair for $850 million in cash, and completed the deal on 28 February 2025. | 850 USD million | 2024 | |
| Data centers worldwide used 485 TWh of electricity in 2025, and this is projected to roughly double to 950 TWh by 2030. | 485 TWh | 2025 | |
| NVIDIA's announced Rubin architecture will reach a power density of 600 kW per rack. | 600 kW per rack | 2026 | |
| In a 2026 global survey of data center operators, the average typical rack density passed 11 kW for the first time, up from 9 kW in 2025. | 11 kW per rack (global average) | 2026 | |
| In a 2024 global survey, 22% of data center operators were making some use of direct liquid cooling. | 22 % of respondents (global) | 2024 |
Calculated figures (shares, changes and prices per kilogram) are plain arithmetic on the reported values. Read how we work.
Companies to watch
Vertiv
Listed maker of data center power and cooling gear; third-quarter 2026 net sales of $4,313 million, up 61%.
Eaton (Boyd Thermal)
Bought liquid cooling maker Boyd Thermal for $9.55 billion in March 2026.
Schneider Electric (Motivair)
Paid $850 million in cash for a 75% stake in liquid cooling maker Motivair.
NVIDIA
Its announced Rubin architecture will reach 600 kW per rack.
What the full report covers
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the global market - 03Global market size, 2021 to 2025
Historical series and growth rates - 04Countries and regions
Demand, supply and trade by country and region - 05Outlook to 2031
Base, low and high scenarios with stated assumptions - 06Rules, policy and deadlines
Regulation and programmes that change demand - 07Drivers and barriers
What accelerates or slows adoption, by customer segment - 08Prices, costs and margins
Unit economics where public data allows - 09Competitive landscape
8 to 12 company profiles with recent moves - 10Opportunities and risks
For new entrants, suppliers and investors - 11Method and assumptions
How every figure was built
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Frequently asked questions
How big is the global data center liquid cooling market?
The global liquid cooling market is expected to grow roughly 2.5 times to $8 billion to $9 billion by 2028. Boyd Thermal alone forecast 2026 sales of $1.7 billion, with nearly 90% from liquid cooling.
Who are the main data center liquid cooling suppliers?
Major suppliers include Vertiv, Eaton and Schneider Electric. Vertiv posted third-quarter 2026 net sales of $4,313 million. Eaton bought Boyd Thermal for $9.55 billion, and Schneider Electric paid $850 million for 75% of Motivair.
How much power does an AI server rack use?
NVIDIA's announced Rubin architecture will reach 600 kW per rack. In a 2026 global operator survey, the average typical rack density passed 11 kW, up from 9 kW in 2025.
How many data centers use direct liquid cooling?
In a 2024 global survey, 22% of data center operators were making some use of direct liquid cooling in their facilities.
How much electricity do data centers use worldwide?
Data centers worldwide used 485 TWh of electricity in 2025. This is projected to roughly double to 950 TWh by 2030.
What is the outlook for liquid cooling demand?
The global liquid cooling market is expected to reach $8 billion to $9 billion by 2028. Vertiv expects full-year 2026 net sales of $14,650 million, with 38% organic growth.
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