Key Players
Competitive Landscape
Four business models define competition in the co-packaged optics thermal management systems market: liquid-cooling manufacturers, data-center infrastructure groups, CPO switch developers and photonics companies. Each group controls a different interface between package heat and optical serviceability.
Investment shifted toward larger manufacturing footprints and integrated data-center platforms as 2026 acquisition and expansion activity clarified control of key liquid-cooling assets. Eaton completed its Boyd Thermal acquisition in March 2026 and brought liquid cooling into a grid-to-chip data-center portfolio. nVent announced another 160,000-square-foot Blaine manufacturing site in July 2026 with production planned for the first half of 2027. Customers now compare manufacturing continuity and commissioning support beside heat-removal performance during large AI platform deployments.
Company developments mapped to drivers, trends and opportunities (2026-2036)
| Development | Driver | Trend | Opportunity |
|---|---|---|---|
| Broadcom expanded its AI infrastructure portfolio in March 2026 with 102.4T CPO switching and 400G-per-lane optical components. | AI clusters need higher network bandwidth without proportional optical power increases. | CPO is entering broader switch and optics roadmaps for gigawatt-scale clusters. | Thermal specialists can qualify package cooling and monitoring against shipping CPO generations. |
| Schneider Electric introduced the 2.5-MW MCDU-70 in January 2026 with controls designed to scale beyond 10 MW. | Large AI campuses need fewer coolant interfaces and centrally managed redundancy. | CDU capacity is extending from rack-level hardware toward multi-megawatt facility architectures. | Revenue expands into controls, commissioning and service beside higher-capacity distribution hardware. |
| ZutaCore and partners validated a rack-integrated two-phase cooling design in February 2025 with pPUE measured at 1.03. | Dense AI racks need lower pumping demand and less facility-water dependence. | Two-phase direct-to-chip systems are receiving rack-level validation with named accelerator platforms. | Retrofit programs can add liquid cooling where new facility-water loops are difficult to install. |
Accelsius competes in two-phase direct-to-chip cooling and introduced the row-based 250-kW NeuCool MR250 in October 2025 for AI and HPC installations.
Source: Future Market Insights, Co-Packaged Optics Thermal Management Systems and Data Center Liquid Cooling Market Reports, 2026-2036.
Together the main companies cover optical-package design, chip cooling, coolant distribution, facility controls and field service required for dense CPO-related AI networks.
Who leads the co-packaged optics thermal management systems market?
Eaton and nVent cover broad liquid-cooling infrastructure, whereas Broadcom defines CPO switch requirements that thermal systems must satisfy.
Which suppliers have documented qualification or quality approvals?
Broadcom has published hyperscale CPO reliability results and Schneider Electric documents NVIDIA certification for Motivair cooling. ZutaCore also reports NVIDIA temperature-test validation for a rack-integrated two-phase cooling system.
Which companies provide AI liquid-cooling products?
Eaton, nVent, Vertiv, Schneider Electric, Ecolab and ZutaCore provide direct-liquid cooling hardware or services for high-density AI infrastructure.
Which suppliers serve North America and Europe?
Eaton, Vertiv and Schneider Electric document liquid-cooling operations or service coverage in both North America and Europe.
Representative Company Overview
| Company | Positioning | Verified Development |
|---|---|---|
| Eaton | Global power-management group that now owns Boyd Thermal liquid-cooling assets for data-center applications. | In November 2025, Eaton signed an agreement to acquire Boyd Thermal and extend its data-center portfolio from grid power into liquid cooling. |
| Broadcom | CPO Ethernet switch developer that sets package-level optical power and thermal requirements. | In March 2026, Broadcom announced availability of its 400G-per-lane Taurus optical DSP for 1.6T transceivers and future 3.2T platforms. |
| nVent | Data-center infrastructure group with CDUs, manifolds, controls and manufacturing capacity for cloud programs. | In September 2025, nVent leased a 117,000-square-foot Blaine facility to expand liquid-cooling production. |
| Coherent | Photonics manufacturer supplying optical-engine and laser technologies for pluggable and CPO architectures. | In March 2026, Coherent announced CPO demonstrations including a 6.4T socketed design using an external laser source. |
| Vertiv | Global data-center infrastructure provider covering thermal hardware and lifecycle liquid-cooling services. | In February 2025, Vertiv launched its liquid-cooling services portfolio globally for AI and high-density compute systems. |
| Schneider Electric | Global infrastructure provider with Motivair CDUs, cold plates, chillers, controls and field service. | In December 2025, Motivair by Schneider Electric introduced the MCDU-45 and MCDU-55 for HPC and AI facilities. |
| Ecolab | Global water and data-center technology group that acquired CoolIT Systems direct-liquid cooling operations. | In July 2026, Ecolab completed its acquisition of CoolIT Systems and added direct-liquid cooling to its AI infrastructure platform. |
| ZutaCore | Two-phase direct-to-chip cooling specialist focused on waterless high-density AI deployments. | In January 2025, Valeo CDUs and manifolds compatible with ZutaCore HyperCool entered commercial production. |
Research Methodology
The companies mapped here illustrate the co-packaged optics thermal management systems market structure rather than an exhaustive ranking. Inclusion requires current, verifiable evidence that a company supplies CPO switching, photonics, liquid distribution, chip-level heat removal or related deployment services within the defined thermal-management scope. Evidence comes from regulatory approvals, third-party certifications, company announcements, product documentation and public filings. Capabilities are attributed to the stated CPO platform, liquid-cooling product family or deployment service rather than generalised across broader corporate portfolios. Market-share estimates remain proprietary FMI assessments for the forecast period.
