GaN/SiC等第三代半导体

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中金:AI服务器电源是下一个千亿元市场 龙头厂商市占率与业绩有望提升
Zhi Tong Cai Jing· 2025-08-28 02:13
Core Viewpoint - The AI server power supply market is projected to become a trillion-yuan market, with rapid growth expected between 2025E and 2027E, driven by advancements in GaN/SiC technology and the adoption of 800V HVDC and SST architectures [1] Group 1: Market Size and Growth - The AI server power module market (including PDU, AC-DC, DC-DC) is expected to reach $7.4 billion in 2025E, $15 billion in 2026E, and $32.5 billion in 2027E, with a CAGR of 110% [2] - The AI server power chip market is projected to grow to $5.5 billion in 2025E, $9.6 billion in 2026E, and $15.4 billion in 2027E, with a CAGR of 67% [2] Group 2: Key Beneficiaries and Trends - The core growth areas in the AI server power supply industry are identified as PSU and DC-DC (VRM + PDB), HVDC + SST architecture, PDU, BBU, and passive components like capacitors and inductors [1] - The value of components in the NVL72 server power system is estimated at approximately $9,647 for PSU, $7,200 for BBU, $4,500 for PDB, and $5,783 for VRM [2] - The evolution of AI server power supplies is expected to follow three main directions: increased penetration of GaN/SiC semiconductors, gradual rollout of 800V HVDC and SST architectures starting in 2027, and rapid adoption of smart power management and digital control [2]