Report Details
Regional market study: United States, Canada and Mexico, 2017 to 2032
North America Data Center Cooling Components Market Size, Share & Forecast to 2032
North America is where the AI cooling race is being run at full speed. Hyperscale campuses, GPU-dense colocation halls and billion-dollar cooling acquisitions have made it the world’s largest market for data center cooling hardware.
Interested in the global picture? Explore the Global Data Center Cooling Components Market report
Note: These links are for the Global Data Center Cooling Components Market report, which covers all regions worldwide, including North America.
North America data center cooling components market overview
The North America data center cooling components market was valued at USD 6,966.7 million in 2025 and is projected to reach USD 22,173.4 million by 2032, growing at a CAGR of 17.99% from 2025 to 2032. The region accounted for 35.0% of global revenue in 2025, making it the single largest regional market for CRAC and CRAH units, chillers, cooling towers, direct-to-chip cooling units, drives and controllers. Revenue has more than tripled since 2017, when the market stood at USD 2,054.3 million, and annual growth is forecast to accelerate every year from 17.3% in 2025 to 18.5% in 2032.
The United States drives the market with USD 5,867.8 million in 2025, or 84.2% of regional revenue, supported by Canada (USD 752.8 million) and Mexico (USD 346.1 million). What sets North America apart is how far it has already moved to liquid. Liquid-based cooling systems generated 55.2% of regional revenue in 2025, higher than the global average of 50.4%, and the region’s spending is dominated by retrofits of existing halls rather than new OEM equipment. Industry outlooks from CoreSite and Data Center World both place power and cooling at the top of operators’ 2026 agendas.
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2,054
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3,690
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6,967
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11,365
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22,173
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| 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 |
Figure 1. North America data center cooling components market, 2017 to 2032 (USD million).
Key takeaways for 2025 to 2032
Market dynamics in North America
From AI demand to cooling hardware orders
- AI and high-performance computing are pushing operators toward liquid, as described in Data Centers Get Ready for a Liquid-Cooled Future.
- Rising cooling demand is reshaping facility operations, according to IR Pros.
- Large hyperscale builds across the United States and new campuses in Canada and Mexico.
- Water and energy concerns, including local moratorium debates in Canada, as covered by CBC News.
- Community pushback over water and power in Querétaro, reported by Mexico Business News.
- High retrofit cost and engineering risk when adding liquid loops to live halls.
- Private equity appetite for cooling suppliers, e.g. Blackstone’s Flow Control Holdings deal.
- Water-based and lakeside cooling concepts in Canada, per Daily Commercial News.
- Waterless and water-smart designs for Mexico, highlighted by BTW Media.
- Integrated two-phase liquid cooling racks such as Accelsius NeuCool IR150.
- Cooling shaped around AI density, one of the top 5 cooling trends for 2026.
- Closed-loop liquid designs in new hyperscale builds to cut water use.
North America data center cooling components market segmentation
The North America market is analysed by component type, cooling equipment type (including air-based and liquid-based sub-segments), end user, data center tier and country, with values for every year from 2017 to 2032.
By cooling equipment type: North America is already liquid-first
Liquid-based cooling systems generated USD 3,846.8 million in North America in 2025, a 55.2% share, well ahead of air-based systems at USD 2,848.0 million (40.9%). Liquid grows at 19.70% a year against 15.65% for air, taking its share to 61.1% (USD 13,542.5 million) by 2032. Other cooling systems contributed USD 272.0 million in 2025.
| Segment | 2025 | 2032 |
|---|---|---|
| Liquid-based | 55.2% | 61.1% |
| Air-based | 40.9% | 35.5% |
| Other | 3.9% | 3.4% |
Figure 2. North America revenue share by cooling equipment type, 2025 vs 2032.
Sub-segment outlook: direct-to-chip overtakes everything
Direct-to-chip cooling units are the stand-out opportunity in North America, growing at 25.99% from USD 1,171.7 million in 2025 to USD 5,906.1 million in 2032. They are forecast to pass chillers in 2029 and, by 2032, to be the largest single sub-segment in the region, ahead of CRAH units (USD 5,503.7 million). Cooling towers grow at 17.89%, while CRAC units, still worth USD 947.4 million in 2025, grow slowest at 14.05% as new builds favour chilled-water CRAH designs.
Figure 3. North America cooling sub-segments ranked by growth.
By component type
Controllers and PLCs were worth USD 130.5 million in North America in 2025 and will reach USD 385.7 million by 2032 (16.75% CAGR) as operators automate pumps, valves and fans across liquid loops. Variable frequency drives generated USD 61.6 million and grow at 12.42%. All other components, including heat exchangers, pumps, fans, cold plates and fluid connectors, totalled USD 6,774.6 million.
By end user: a retrofit-led market
Unlike the global market, North America is led by the aftermarket. Retrofit and replacement spending reached USD 4,139.4 million in 2025, or 59.4% of regional revenue, against USD 2,827.3 million for OEM supply. Operators are upgrading existing halls to handle AI densities, so aftermarket revenue grows faster (19.20% CAGR) and is forecast to reach USD 14,157.0 million, a 63.8% share, by 2032.
Figure 4. North America end-user revenue split, 2025 vs 2032.
By data center tier
Tier III facilities, the backbone of North American colocation, accounted for USD 4,484.6 million (64.4%) in 2025. Tier IV sites are the fastest-growing tier at 19.20% CAGR, reaching USD 3,531.5 million by 2032, while Tier I and II facilities grow at 18.01% from USD 1,449.1 million.
USD 1,033.1 mn, 14.8% share, 19.20% CAGR
USD 4,484.6 mn, 64.4% share, 17.69% CAGR
USD 1,449.1 mn, 20.8% share, 18.01% CAGR
Figure 5. North America market by data center tier, 2025 values and 2025 to 2032 CAGR.
Compare North America with every region in the Global Data Center Cooling Components Market report
Note: These links are for the Global Data Center Cooling Components Market report, which covers all regions worldwide, including North America.
Country analysis: United States, Canada and Mexico
Figure 6. Country share and growth in North America.
United States
The United States data center cooling components market was worth USD 5,867.8 million in 2025 and is projected to reach USD 18,791.1 million by 2032 at an 18.09% CAGR. It is the centre of global cooling consolidation: Blackstone agreed to acquire Flow Control Holdings, a maker of engineered liquid cooling components, and secured UBS financing for the deal in September 2026. SLB’s agreement to acquire Kelvion, valued at USD 4.1 billion, brings an energy-services giant into data center heat exchange, while Vertiv acquired Strategic Thermal Labs to deepen its liquid cooling system engineering.
Canada
Canada’s market reached USD 752.8 million in 2025 and is forecast to hit USD 2,229.4 million by 2032 (16.78% CAGR). Cold climate and abundant water make it attractive for efficient cooling: Telehouse has deployed liquid cooling in Toronto, Meta broke ground on its first Canadian data center, and developers are exploring water’s-edge cooling designs. The pace of proposals is also raising questions about water and power, as CBC explains.
Mexico
Mexico is the fastest-growing country in the region, rising from USD 346.1 million in 2025 to USD 1,152.9 million by 2032 at an 18.75% CAGR, with Querétaro at the centre of investment. Aligned’s Querétaro campuses use DeltaFlow liquid cooling, and CloudHQ plans a US$4.8 billion, six-facility build in the state. Water stress is the main constraint: reports from Mexico Business News and the Business & Human Rights Resource Centre describe community concern over water access, which favours waterless and closed-loop cooling components.
North America vs global: growth heat map
North America grows slightly slower than the global market (17.99% vs 18.70%) because it starts from a much larger base. The heat map shows where the region still outpaces or trails the world. Aftermarket and Tier III and IV demand are close to global rates, while air-based equipment and chillers grow more slowly in the more mature US market.
| Segment | North America CAGR | Global CAGR | Gap (pts) |
|---|---|---|---|
| Total market | 17.99% | 18.70% | -0.71 |
| Air-based systems | 15.65% | 16.70% | -1.05 |
| Liquid-based systems | 19.70% | 20.52% | -0.82 |
| CRAC units | 14.05% | 16.19% | -2.14 |
| CRAH units | 16.40% | 17.24% | -0.84 |
| Chillers | 14.89% | 17.00% | -2.11 |
| Cooling towers | 17.89% | 18.70% | -0.81 |
| Direct-to-chip units | 25.99% | 26.79% | -0.80 |
| VFDs / drives | 12.42% | 13.69% | -1.27 |
| Controllers & PLCs | 16.75% | 17.32% | -0.57 |
| OEM | 16.05% | 17.83% | -1.78 |
| Aftermarket / retrofit | 19.20% | 19.76% | -0.56 |
| Tier I & II | 18.01% | 18.28% | -0.27 |
| Tier III | 17.69% | 18.36% | -0.67 |
| Tier IV | 19.20% | 20.03% | -0.83 |
Figure 7. CAGR 2025 to 2032, North America vs global, by segment.
Competitive landscape in North America
North America is where cooling ownership is changing fastest. Strategic buyers and private equity are paying premium prices for liquid cooling know-how, heat-exchange capacity and fluid-management services. The table below brings together the most significant North American deals from 2023 to 2026.
Figure 8. Cooling-related acquisitions affecting North America, 2023 to 2026.
| Date | Acquirer | Target | Capability | Source |
|---|---|---|---|---|
| May 2023 | KKR | CoolIT Systems (Calgary, Canada) | Direct liquid cooling | Business Wire |
| Oct 2024 | Schneider Electric | Motivair (Buffalo, US), 75% stake for USD 850 mn | CDUs, cold plates, rear-door heat exchangers, chillers | Motivair |
| Aug 2025 | Daikin Applied | DDC Solutions (San Diego, US) | High-density GPU cooling cabinets | PrivSource |
| Dec 2025 | Vertiv | PurgeRite (Houston, US), about USD 1.0 bn | Liquid-loop flushing, purging and filtration | ChannelDrive |
| 2026 | Vertiv | Strategic Thermal Labs | Liquid cooling system engineering | DCD |
| 2026 | SLB | Kelvion, USD 4.1 bn | Heat exchangers and data center cooling | Upstream |
| 2026 | Blackstone | Flow Control Holdings | Engineered liquid cooling components | Blackstone |
Table 1. Key North American cooling transactions.
Vendor landscape. Full-line leaders Vertiv, Schneider Electric and Daikin Applied compete for complete chip-to-chiller contracts. Liquid specialists including CoolIT Systems, Accelsius, Iceotope and Submer target the rack and chip layer, component makers such as Parker Hannifin, Danfoss and Alfa Laval supply heat exchangers and fluid connectors, and Rockwell Automation, Siemens and ABB supply the drives and controls that run cooling plants.
Recent developments timeline
North America report scope
| Market size, 2025 | USD 6,966.7 million |
|---|---|
| Forecast, 2032 | USD 22,173.4 million |
| CAGR, 2025 to 2032 | 17.99% |
| Historical data | 2017 to 2024 |
| Base year | 2025 |
| Forecast period | 2026 to 2032 |
| Units | USD million |
| Segments covered | Component type, cooling equipment type (air-based and liquid-based sub-segments), end user, data center tier |
| Countries covered | United States, Canada, Mexico |
| Key companies | Vertiv, Schneider Electric, Daikin Applied, CoolIT Systems, Accelsius, Parker Hannifin, Rockwell Automation, Munters, STULZ, Airedale, Iceotope, Submer, Legrand, Siemens, ABB, Danfoss, Mitsubishi Electric, Alfa Laval, Rittal, Asetek |
Get the Global Data Center Cooling Components Market report: all regions, segments and company profiles
Note: These links are for the Global Data Center Cooling Components Market report, which covers all regions worldwide, including North America.
1. Introduction
- Report scope and market definition
- Research methodology and data sources
- Assumptions and limitations
- Currency, units and forecast years (historical 2017–2024, base year 2025, forecast 2026–2032)
2. Executive Summary
- North America market snapshot, 2025 vs 2032
- Key findings and analyst recommendations
- North America compared with the global market
3. North America Market Dynamics
- Drivers: AI and HPC build-outs, liquid-ready facilities, operator efficiency demands
- Restraints: water and energy concerns, community pushback, retrofit cost
- Opportunities: private equity investment, water-based cooling in Canada, waterless designs in Mexico
- Trends: two-phase and integrated rack cooling, closed-loop liquid designs
- Porter’s five forces analysis
- Value chain analysis
4. North America Market Size and Forecast, 2017–2032
- Market value (USD million)
- Year-on-year growth analysis
5. Market Analysis by Component Type
- Variable frequency drives (VFDs) / drives
- Controllers & PLCs
- Others
6. Market Analysis by Cooling Equipment Type
- Air-based cooling systems
- Computer room air conditioners (CRACs)
- Computer room air handlers (CRAHs)
- Liquid-based cooling systems
- Chillers
- Cooling towers
- Direct-to-chip cooling units
- Other cooling systems
7. Market Analysis by End User
- OEM (original equipment manufacturer)
- Aftermarket / retrofit
8. Market Analysis by Data Center Tier
- Tier I & II
- Tier III
- Tier IV
9. United States Market Analysis
- By component type, cooling equipment type, end user and data center tier
10. Canada Market Analysis
- By component type, cooling equipment type, end user and data center tier
11. Mexico Market Analysis
- By component type, cooling equipment type, end user and data center tier
12. Competitive Landscape
- Vendor landscape
- Mergers and acquisitions, 2023–2026
- Recent developments
- North America vs global growth heat map
13. Company Profiles
- Vertiv
- Schneider Electric
- Daikin Applied
- CoolIT Systems
- Accelsius
- Parker Hannifin
- Rockwell Automation
- Munters
- STULZ
- Airedale (Modine)
- Iceotope
- Submer
- Legrand
- Siemens
- ABB
- Danfoss
- Mitsubishi Electric
- Alfa Laval
- Rittal
- Asetek
14. Appendix
- Abbreviations
- Research sources
- Disclaimer
Key players profiled
- Vertiv
- Schneider Electric
- Daikin Applied
- CoolIT Systems
- Accelsius
- Parker Hannifin
- Rockwell Automation
- Munters
- STULZ
- Airedale (Modine)
- Iceotope
- Submer
- Legrand
- Siemens
- ABB
- Danfoss
- Mitsubishi Electric
- Alfa Laval
- Rittal
- Asetek
Market segmentation
| By component type | Variable frequency drives (VFDs) / drives Controllers & PLCs Others |
| By cooling equipment type | Air-based cooling systems: CRACs, CRAHs Liquid-based cooling systems: chillers, cooling towers, direct-to-chip cooling units Other cooling systems |
| By end user | OEM Aftermarket / retrofit |
| By data center tier | Tier I & II Tier III Tier IV |
| By country | United States Canada Mexico |
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Frequently Asked Questions
How big is the North America data center cooling components market?
It was USD 6,966.7 million in 2025 and is projected to reach USD 22,173.4 million by 2032, a 17.99% CAGR.
Which country dominates?
The United States, with USD 5,867.8 million in 2025 (84.2% of the region). Mexico grows fastest at 18.75% CAGR.
Is liquid cooling bigger than air cooling in North America?
Yes. Liquid-based systems held 55.2% of revenue in 2025 and are forecast to reach 61.1% by 2032.
Which segment grows fastest?
Direct-to-chip cooling units, at 25.99% CAGR. They rise from USD 1,171.7 million to USD 5,906.1 million and become the largest sub-segment by 2032.
Why is retrofit demand so strong?
Operators are upgrading existing halls for AI densities. Aftermarket spending was 59.4% of revenue in 2025 and grows at 19.20%.