Goldman Sachs(US:GS) 美股IPO·2025-11-03 04:39Core Insights - The "Behind-the-Meter" (BTM) power supply solutions are emerging as a key strategy to address the electricity consumption challenges posed by AI technologies [3][9] - Goldman Sachs predicts that by 2030, the BTM market could reach a capacity of 20-25 gigawatts (GW) to meet the increasing power demands of data centers [3][5] Group 1: Market Dynamics - AI's exponential growth is transforming data centers into significant power consumers, with a projected need for an additional 82 GW of electricity capacity in the U.S. alone by 2030 [5] - The aging electrical grid infrastructure is unable to keep pace with this demand, with new high-voltage transmission line construction dropping from an average of 1,700 miles per year (2010-2014) to just 350 miles per year (2020-2023) [6] - The median time for a project to go from application to commercial operation has reached nearly 5 years, exacerbating the urgency for alternative power solutions [7] Group 2: BTM Solutions - BTM solutions provide a crucial alternative for data centers, offering reliable, uninterrupted power independent of grid reliability issues [9] - It is estimated that from 2024 to 2030, the incremental electricity demand from data centers will total approximately 730 terawatt-hours (TWh), with BTM solutions expected to satisfy one-quarter to one-third of this demand [9] Group 3: Fuel Cell Technology - Fuel cell technology is projected to capture 25% to 50% of the BTM market, translating to an installed capacity of 8-20 GW [4][10] - Solid Oxide Fuel Cells (SOFC) are highlighted for their structural advantages over traditional gas turbines, including delivery time, noise, emissions, and flexibility [10][12] - The optimistic outlook for fuel cells in the data center market is supported by their high efficiency, fuel flexibility, and readiness for commercialization [12]