Orient Securities: SST industrialization accelerates implementation from 0 to 1, the final route of AIDC power supply
The Zhitong Finance App learned that Orient Securities released a research report saying that solid state transformers have become the ultimate solution for next-generation data center power supply, and there is plenty of room for growth in the SST market. Increased power consumption density in data centers places new demands on power supply and distribution technology, and SST solid state transformers are expected to become the “ultimate route” for external power supply and distribution technology. SST solid state transformers are expected to be applied in data centers, charging piles, new energy distribution networks, etc., and we are optimistic about the industrialization trend of SST solid state transformers.
Orient Securities's main views are as follows:
Increased power consumption density in data centers forces external power supply and distribution architectures to be upgraded
If the power consumption of Nvidia's single rack rises from kilowatts to megawatts, traditional low voltage solutions will face systemic bottlenecks such as excessive current, sharp increase in cable loss, and extreme squeezing of power distribution space. There is an urgent need to find a new power supply architecture. The data center's external power supply and distribution architecture is iterating towards the UPS—HVDC—Panamanian Power—SST solid state transformer route. UPS (uninterruptible power supply) is a traditional solution for data center power supply, and efficiency bottlenecks limit the development of computing power; HVDC (traditional high voltage DC power supply system) omits the UPS inverter link, but it still has limitations; as an integrated high-voltage DC power supply solution, the power supply link is greatly shortened, but it is still limited by voltage and space. Solid-state transformers have the advantages of high system efficiency, small footprint, near-zero copper usage, easy deployment, and wide compatibility, making them the ultimate solution for next-generation data center power supply.
The ultimate power supply and distribution architecture for data centers, the SST market space is broad
The solid state transformer industry chain can be divided into upstream material and component manufacturers, midstream system integration manufacturers, and downstream product application service providers. The upstream mainly consists of suppliers of power electronics, high-frequency transformers, structural components, cooling systems, and control systems; the midstream produces complete solid state transformer products, mainly led by leading overseas companies such as Weidi, Eaton, Delta, and Siemens; the application direction of downstream solid state transformers mainly includes data centers, smart grids, etc. Nvidia has confirmed the future industrial layout of SST. The national policy supports the development of the SST industry, the SST market position is upgraded, and there is broad room for market growth. According to data such as electricity demand predicted by the US RAND research report and SST penetration rate estimated by SemiAnalysis, the bank's research estimates, the market space for SST solid-state transformers is estimated to be 174.9 billion yuan in 2030.
Diverse application scenarios, accelerated industrialization of SST solid-state transformers
AIDC is the biggest application scenario for SST solid state transformers. In addition to data centers, solid state transformers also have a broad market space in other fields such as distribution networks, charging piles, and rail transit, and there are already domestic application cases. Overseas, Delta and Eaton took the lead in applying SST solid-state transformer solutions. Several overseas manufacturers, such as Heron, DGMatrix, and SolarEdge, are deeply tied to leading global computing power customers, keeping up with the pace of intergenerational evolution of data center racks, and the pace of SST implementation is clear; domestically, solid-state transformers are intensive marginal catalytic, and Xidian Electronics and Weiguang Energy have won overseas data center orders for Optoelectronics, Jinpan Technology, Sifang Shares, China Western Electric, Zhiguang Electric, Xinfeng, Guodian Sunshine, etc. A number of domestic manufacturers have released new SST products, which can be used in data centers and microphones Scenes such as the integration of power grids and optical storage and charging are actively embracing the SST era. SST solid state transformers are moving from cutting-edge technology to standard in energy infrastructure. Understanding the power grid, the speed of renewal and iteration, and complete solutions and large-scale manufacturing capabilities will influence the future competitive landscape of the solid state transformer market.
Risk Alerts
The risk of fluctuations in raw material prices, the risk of macroeconomic and industry demand fluctuations, the risk of SST technology maturity and reliability verification, and the risk of changes in measurement assumptions affecting the calculation results.