This Research Note examines the latest acquisitions and strategic investments in liquid cooling technology by the major HVAC and data center infrastructure players over the last 3 years. Competition is intensifying between equipment vendors, as they accelerate their market position in this high-growth segment. Key players have acquired 4 significant companies in the sector in the last year, including 2 of the top 3 liquid cooling firms.   We highlight selected transactions by Eaton, Daikin, Schneider Electric, Carrier, Johnson Controls, and Trane and conclude with a commentary on the global landscape and market forecast to 2028. Eaton In early November 2025, a leading player in data center liquid cooling, Boyd Thermal was acquired by Eaton Corporation for $9.5 billion. The transaction, subject to regulatory approvals, is expected to close in the second quarter of 2026. 80% of Boyd’s thermal business supports the data center market. The US-based division has more than 5,000 employees, with manufacturing […]