U.S. data center cooling components market overview

The U.S. data center cooling components market was valued at USD 5,867.8 million in 2025 and is projected to reach USD 18,791.1 million by 2032, expanding at a CAGR of 18.09% over 2025 to 2032. That is 3.2 times the 2025 value and adds USD 12,923.3 million of new annual revenue in seven years. The United States is the largest single-country market in the world for data center cooling hardware: it generated 84.2% of North American revenue and 29.5% of global revenue in 2025.

Growth is accelerating, not fading. Year-on-year expansion rises every year from 17.5% in 2025 to 18.6% in 2032, and the market is forecast to cross USD 10 billion during 2029. The historical period already showed a strong run: revenue grew from USD 1,716.3 million in 2017 at a 16.61% CAGR. The next phase is driven by AI and high-density computing, which are pushing U.S. operators from room-level air cooling toward coolant distribution units (CDUs), direct-to-chip cold plates, immersion and two-phase systems, backed by larger chillers and heat-rejection plant. CoreSite’s Data Center Outlook 2026 (source: CoreSite) places power and cooling at the top of operators’ agendas for the year.

Annual growth keeps accelerating

After a dip to 14.2% in 2020, U.S. growth has climbed steadily and is forecast to strengthen each year to 2032. The steady rise is consistent with a product mix shifting toward higher-value liquid cooling systems.

Key takeaways

The United States in the North American and global market

The United States dominates North America. In 2025 it generated USD 5,867.8 million, against USD 752.8 million for Canada and USD 346.1 million for Mexico, and its share of the region edges up from 84.2% to 84.7% by 2032. It grows slightly faster than the regional average (18.09% vs 17.99%) and faster than Canada (16.78%), while Mexico grows fastest from a small base (18.75%). Against the global market, the U.S. share eases from 29.5% to 28.4% as Asia Pacific expands, but the country still captures almost three of every ten dollars spent on data center cooling components worldwide.

U.S. market dynamics

How AI demand becomes cooling hardware orders

SWOT analysis

The SWOT below summarises the forces shaping U.S. demand for data center cooling components. Each point links to the source behind it.

Figure 6. SWOT analysis of the U.S. data center cooling components market. Sources named in each point.

Segment analysis: what U.S. buyers are spending on

By cooling equipment type: liquid-first

Liquid-based cooling systems generated USD 3,846.8 million across North America in 2025, a 55.2% share, 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 and is forecast to reach 61.1% of revenue (USD 13,542.5 million) by 2032. The region is more liquid-heavy than the global average of 50.4%, reflecting the concentration of hyperscale and AI campuses in the United States.

Sub-segments: direct-to-chip becomes number one

Direct-to-chip cooling units are the breakout product, growing at 25.99% from USD 1,171.7 million in 2025 to USD 5,906.1 million in 2032, when they become the largest sub-segment in the region. Cooling towers follow at 17.89%. CRAH units (16.40%) keep growing as chilled-water designs spread, while CRAC units grow slowest at 14.05%.

By component type, end user and tier

Controllers and PLCs grow at 16.75% (USD 130.5 million in 2025) as operators automate pumps, valves and fans across liquid loops, while variable frequency drives grow at 12.42% (USD 61.6 million). The market is retrofit-led: aftermarket spending was 59.4% of 2025 revenue and grows faster (19.20%) than OEM supply (16.05%), reaching 63.8% by 2032. Tier III facilities account for 64.4% of revenue, and Tier IV sites grow fastest at 19.20%.

Price analysis

Prices for U.S. cooling equipment are being pulled in two directions. Tariffs on imported HVAC equipment, components and steel are pushing list prices and build budgets up, and several HVAC brands announced 2026 price increases. At the same time, modular liquid cooling designs and better airflow management are lowering the cost per kilowatt of cooling. For example, Trane states that its GigaModular CDU can cut capex by up to 32% compared with traditional row CDU deployments, depending on project design.

Competitive landscape and recent developments

2026 has brought a wave of deal-making in U.S. data center cooling. Thermal-management leaders are buying liquid cooling specialists and heat-rejection makers to offer complete chip-to-chiller systems, while companies from outside HVAC, including Ecolab and SLB, are entering through large acquisitions. Vertiv alone announced three acquisitions in 2026.

Recent news timeline

Key companies and product focus

This report profiles 30 companies active in the U.S. market. They are grouped below by the product each is best known for in data center cooling. Coolant distribution units are the most crowded category, which reflects how central CDUs have become to liquid cooling projects.

Table 1. Companies profiled in the U.S. data center cooling components market, with featured products. Kelvion is being acquired by SLB; Boyd Thermal is now part of Eaton.

U.S. report scope