全球及中国中低压开关柜行业运作状况及竞争战略分析报告2025~2031年 【全新修订】：2025年8月 【出版机构】：中智信投研究网 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 报告目录 1 中低压开关柜市场概述 1.1 中低压开关柜行业概述及统计范围 1.2 按照不同产品类型，中低压开关柜主要可以分为如下几个类别 1.2.1 全球不同产品类型中低压开关柜规模增长趋势2020 VS 2024 VS 2031 1.2.2 低压开关柜 1.2.3 中压开关柜 1.3 从不同应用，中低压开关柜主要包括如下几个方面 1.3.1 全球不同应用中低压开关柜规模增长趋势2020 VS 2024 VS 2031 1.3.2 发电厂 1.3.3 石油和天然气 1.3.4 采矿 1.3.5 其他 1.4 行业发展现状分析 1.4.1 中低压开关柜行业发展总体概况 8.1.1 中低压开关柜行业供应链分析 8.1.2 中低压开关柜主要原料及供应情况 8.1.3 中低压开关柜行业主要下游客户 8.2 中低压开关柜行业采购模式 1.4.2 中低压开关柜行业发展主 ...

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained rating) [1] Core Viewpoints - The demand for AIDC power equipment is expected to grow significantly due to the increasing capital expenditure by major cloud service providers, with a projected annual growth rate of 20% from 2025 to 2030 [5][13] - The market space for various AIDC power equipment segments, including dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers, is estimated to reach significant values by 2030 [12][13] - The industry is witnessing a shift towards domestic companies gaining competitive advantages in the data center sector, with a potential overall value chain transfer to Chinese enterprises [5] AIDC Power Equipment Summary - Recent capital expenditures by North America's four major cloud service providers reached $95 billion in Q2, a year-on-year increase of 66% [5] - The projected global AI computing load from 2025 to 2030 is expected to be 9.7, 15.9, 20.2, 22.3, 23.4, and 24.6 GW respectively, with corresponding AIDC power equipment demand estimated at 29, 48, 60, 67, 70, and 74 GW [5][13] - The market space for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is expected to reach 85, 341, 41, 380, and 239 billion yuan respectively by 2030 [12][13] - Recent performance in the AIDC power equipment sector shows significant increases, with high-voltage direct current (HVDC) rising by 19.7%, server power supplies by 11.3%, and lead-acid batteries by 8.5% [5] - Key companies in the AIDC power equipment sector include Jinpan Technology, Mingyang Electric, Hezhong Electric, and others [5] Grid Industry Summary - In June 2025, the total investment in national power engineering reached 105.7 billion yuan, a year-on-year increase of 22.5% [31] - The total investment in national grid engineering for the first half of 2025 was 291.1 billion yuan, reflecting a year-on-year increase of 14.6% [32] - The recent bidding for the State Grid's fourth batch of substation equipment amounted to approximately 12.77 billion yuan, with a cumulative estimated bidding amount for the year reaching 66.84 billion yuan, a year-on-year increase of 20.5% [58] - The grid equipment sector has also seen significant stock performance, with cable components and other equipment rising by 6.8% recently [5] - Key focus areas for the grid industry include high-voltage orders, virtual power plants, and international expansion opportunities [5]

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030, leading to a corresponding increase in demand for AIDC power equipment [5][13] - The domestic data center industry is expected to see substantial capital expenditure growth, with major cloud providers anticipated to ramp up investments, particularly in AI infrastructure [18][24] - The industry is characterized by a long power transmission chain, with established global players like Eaton and Schneider Electric dominating, while domestic companies are gaining competitive advantages in various segments [5][13] AIDC Power Equipment Summary - The demand for AIDC power equipment is projected to reach 29/48/60/67/70/74 GW from 2025 to 2030, with an average annual growth rate of 20% [5][13] - The market space for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is expected to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - Recent performance in the AIDC power equipment sector has shown significant gains, particularly in transformers and switchgear, with notable stock performances from companies like TBEA and XWDA [5][28] Grid Industry Summary - National power engineering investment reached 1,057 billion yuan in June 2025, a year-on-year increase of 22.5% [32] - The grid engineering investment for the same period was 871 billion yuan, reflecting a year-on-year growth of 4.1% [33] - The bidding results for the State Grid's transformer equipment showed a total bid amount of 211.89 billion yuan, a year-on-year increase of 38.1% [61] - The focus for the grid industry includes high voltage orders and the development of new business models such as virtual power plants and green electricity direct supply [5][55]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **High Voltage Direct Current (HVDC)** technology and its implications for the **data center** industry, particularly in the context of the growing demand for **AI computing power** and related infrastructure investments [1][2]. Core Insights and Arguments - **AI Computing Demand Surge**: By 2030, AI computing load is expected to increase from 5.5 GW in 2024 to 24.6 GW, representing an annual growth rate of 28%. This will drive capital expenditures for data center construction from $80 billion in 2025 to $200 billion in 2030 [1][2]. - **HVDC Technology Advancements**: Companies like NVIDIA are pushing for voltage upgrades to 800V, enhancing power density and efficiency in data centers. The penetration rate of HVDC technology is projected to rise significantly [1][2][6]. - **Solid-State Transformer (SST) Market Potential**: Demand for SSTs in data centers is expected to exceed $20 billion by 2030, a substantial increase from $2 million in other applications last year [1][4]. - **Data Center Power Equipment Market Growth**: The global market for data center power equipment (excluding diesel engines) is projected to exceed $10 billion by 2030, comparable to the current inverter market size [1][5]. - **Domestic vs. International Data Center Capital Expenditure**: The cost of building data centers in China is approximately $4 billion per GW, while in overseas markets, it can reach $10 billion per GW, indicating significant market potential [1][8]. Additional Important Insights - **Traditional UPS Market Decline**: The UPS market is expected to shrink from over $20 billion in 2025 to around $4 billion by 2030 due to the rise of HVDC technology [3][17]. - **Impact of New Energy Sector Fluctuations**: The uncertainty in the new energy sector and changes in U.S. policies may affect the growth and valuation of companies like Jinpan Technology and Mingyang Electric [3][27]. - **Investment Opportunities in Domestic Power Electronics**: Domestic companies with experience in energy storage and renewable energy are increasingly entering the data center market, with potential market size expected to reach over $100 billion [9]. - **Key Players in the Market**: Leading companies in various segments include Jinpan Technology, Delta Electronics, and others, with significant market shares in transformers and UPS systems [19][20]. Investment Recommendations - **Valuation Considerations**: The value of equipment companies is closely tied to their customer base and reputation. Jinpan Technology, for instance, has a strong brand presence in both domestic and overseas markets [21][22]. - **Short-term Investment Focus**: Companies like Shenghong, Hewei Electric, and Megmeet are highlighted as having strong short-term trading potential due to their involvement in high-demand sectors like charging stations and HVDC technology [28][29]. This summary encapsulates the critical insights from the conference call, focusing on the HVDC technology's impact on the data center industry and the associated investment opportunities and risks.

Investment Rating - The investment rating for the AIDC power equipment and grid industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The global AI computing load is expected to grow significantly, with new AI computing loads projected at 9.7/15.9/20.2/22.3/23.4/24.6 GW from 2025 to 2030. This translates to a demand for AIDC power equipment of 29/48/60/67/70/74 GW, with an average annual growth rate of 20% [5][13] - The market potential for dry-type transformers, medium and low voltage switchgear, UPS, HVDC, and solid-state transformers is estimated to reach 85/341/41/380/239 billion yuan by 2030 [5][12] - The domestic data center industry is expected to see increased capital expenditure from major cloud providers, with 2025 anticipated to be a pivotal year for AIDC construction [5][18] Summary by Sections AIDC Power Equipment - The AIDC power equipment sector has shown a diverse range of products, with major global players like Vertiv, Eaton, and Schneider Electric having established strong product lines and solutions [5] - Domestic companies are gaining competitive advantages in various segments, with leading firms gradually building their solution-providing capabilities [5] - The recent performance of the AIDC power equipment sector has been mixed, with notable declines in backup diesel power sources and lead-acid batteries [5][24] Grid Industry - The grid sector has seen significant investment growth, with national grid engineering investment reaching 632 billion yuan in May 2025, a year-on-year increase of 33.3% [31][32] - The bidding results for high-voltage equipment have shown a strong performance, with a total bid amount of 211.89 billion yuan in July 2025, reflecting a year-on-year increase of 38.1% [64] - The grid industry is expected to benefit from the maturation of new business models such as electricity trading and virtual power plants, with a focus on high-voltage orders and deliveries in the second half of 2025 [5][58]