Investment Rating - The report rates the industry as "stronger than the market" [2] Core Viewpoints - The energy consumption and power demand of data centers are high and concentrated, leading to increased electricity costs, with global data center electricity demand expected to reach 415 TWh in 2024, accounting for approximately 1.5% of global electricity consumption [2][10] - The Solid State Transformer (SST) market is expected to grow significantly due to the increasing energy demands of data centers, with an estimated global SST demand value of approximately 11.5 billion yuan by 2027 [2][36] - The report emphasizes the importance of new power devices like SiC and GaN in enhancing the efficiency and power density of SST systems, which are crucial for meeting the high power requirements of modern data centers [2][30] Summary by Sections Industry Background - The AI market is rapidly growing, with projections indicating a market size of approximately $3.68 trillion by 2034, making data centers a core infrastructure for AI applications [6] - Data centers face challenges such as high energy consumption, high power requirements, and high electricity costs, with the AIDC's IT energy consumption expected to grow significantly from 55.1 TWh in 2024 to 146.2 TWh by 2027 [10][11] Power Supply Trends - The trend towards high-voltage direct current (HVDC) and green electricity connections is becoming mainstream to address the high power demands and reduce energy losses in data centers [22][26] SST Characteristics - SST systems utilize new power devices and high-frequency transformers to achieve high efficiency and integration, significantly reducing the footprint compared to traditional UPS systems [30][43] - The materials cost of SST is primarily concentrated in power devices and high-frequency transformers, with IGBT and high-frequency transformers being the main components [52] Market Structure - The SST market is dominated by overseas manufacturers, but domestic brands are gradually increasing their market share, particularly in the context of China's growing data center infrastructure [53][56] - Key international players in the SST manufacturing sector include companies like Eaton, Delta, and ABB, which hold over 60% of the market share [56] Investment Recommendations - The report recommends focusing on companies involved in the production of SiC and GaN power devices, as well as those developing high-frequency transformers, as they are expected to benefit from the growing demand for SST systems [2][36]
SST行业深度报告：数据中心能耗和功率提升推动供电架构革新，SST市场空间广阔
Shanghai Aijian Securities·2025-11-26 08:09