Analysis from Industrial Securities Co.,Ltd. suggests the surging power demand of AI data centers (AIDC) is driving a shift towards 800VDC infrastructure to meet the substantial increase in IT load power. The Solid-State Transformer (SST) architecture offers significant advantages, using semiconductor devices for voltage regulation and rectification to drastically reduce copper usage. SST systems feature higher product integration and shorter construction timelines. The global market for rack-level power solutions is projected to reach 271 billion yuan by 2030. The firm forecasts that global new AIDC IT load will reach 69.9GW by 2030. The SST system is currently in the early stages of industrial development, with both international and domestic companies actively entering the field.
Key Analysis Points
Rack-Level Power: Surging AIDC Power Demand Drives 800VDC Adoption
With the continuous upgrade of Nvidia's GPU computing chips and the rapid rise in Thermal Design Power (TDP), the power consumption per computing chip has progressively increased from 300W to over 1000W, with the R-series reaching above 2000W. Correspondingly, single-rack power is moving from 10KW towards over 200KW, with long-term projections reaching the megawatt level. Traditional 415/480V AC power distribution performance is reaching its limits. To meet the substantial increase in IT load power, 800VDC is expected to become the development trend.
For the 800VDC power distribution technology path, a transition using a UPS+SideCar route is anticipated initially, gradually shifting towards 800V HVDC. SST is expected to become a core future solution. The UPS+SideCar route only modifies the data center equipment deployment area, minimizing the impact of retrofitting. As supporting components for 800VDC are not yet fully widespread, this solution represents a feasible short-term implementation path.
800V HVDC (including the Panama power supply route) reduces power conversion stages, improving system efficiency across the entire chain from the power distribution end to the IT computing racks. Its market share is expected to gradually increase. The SST architecture can directly convert medium-voltage AC (e.g., 35KV) to 800VDC, eliminating the traditional 480VAC distribution stage, significantly simplifying data center power architecture. Its conversion efficiency is over 3% higher than UPS systems, and its footprint is over 50% smaller. The use of semiconductor devices for voltage regulation and rectification drastically reduces copper usage. SST systems offer higher product integration and shorter construction timelines.
Market Potential
The global market for rack-level power solutions is projected to reach 271 billion yuan by 2030. The firm estimates that global new AIDC IT load will be 69.9GW by 2030, corresponding to a total installed capacity of 129.8GW for rack-level power solutions. The penetration rates for UPS/HVDC/SST are forecasted at 10%/50%/40% respectively, translating to demands of 13.0GW, 64.9GW, and 51.9GW. The firm expects the average prices for UPS/HVDC/SST systems in 2030 to be 0.7, 1.3, and 3.4 yuan/W respectively, corresponding to market sizes of 9.2, 85.8, and 176.0 billion yuan. The total market size for rack-level power solutions is projected to grow from 34.05 billion yuan in 2025 to 271 billion yuan in 2030, representing a CAGR of 51%.
Within the SST industry chain, power electronic devices (32%), high-frequency transformers (16%), and DC capacitors (16%) constitute relatively high cost shares. Focus is on core component segments poised to benefit. Power electronic devices are primarily based on SiC, which can effectively reduce switching and conduction losses, enhancing system performance. High-frequency transformers mainly use metal magnetic powder cores (especially amorphous and nanocrystalline), suggesting potential benefits for magnetic material companies. Metallized film capacitors are the absolute mainstay on the DC bus side of SiC-based solid-state SST. Furthermore, energy storage is essential for managing the rapid power fluctuations of GW-level AIDC demand, highlighting the importance of supercapacitors and BBU (Battery Backup Unit) segments. The 800VDC era necessitates upgraded DC protection requirements, which solid-state circuit breakers are well-suited to meet.
Competitive Landscape
The UPS market is stable, while 800V HVDC and SST are still in early stages. According to GGII data cited in Anshi Technology's prospectus, the global UPS market is highly concentrated, with Schneider Electric, Eaton, and Vertiv collectively holding 45%-50% of the global market share. The global 800V HVDC and SST markets are both in their infancy. Internationally, Eaton plans to release an SST product in 2026 and has landed the first application benchmark project in China. Schneider Electric is deploying an 800VDC Sidecar architecture. Delta has a mature SST product and globally launched the first commercial AIDC SST solution in November 2025. GEV plans to launch a commercial SST product in 2027. Domestically, companies such as Sifang Co., Ltd., China XD Electric, Jinpan Technology, Tgood Electric, and Eaglerise already have products in the market. Sungrow Power Supply and Megmeet are actively developing SST.
Investment Recommendations
The SST system is currently in the early stages of industrial development, with both international and domestic companies actively entering the field. For international companies, focus on Delta, Eaton, Schneider Electric, Vertiv, and GEV. Domestically, the firm recommends Sifang Co., Ltd., China XD Electric, Jinpan Technology, Tgood Electric, Sungrow Power Supply, and Megmeet, and suggests monitoring Eaglerise. For upstream SST magnetic component manufacturers, monitor Click Technology and Jingquanhua. For supercapacitor manufacturers, monitor Jianghai Capacitor and Zongshen Power. For BBU, the firm recommends Weilan Lithium Core. For SiC, monitor Tianyue Advanced. For solid-state circuit breakers, the firm recommends Lianguang Shares and suggests monitoring Taiyong Changzheng.
Risk Factors
Potential risks include slower-than-expected AIDC construction, intensifying international trade conflicts, and increased industry competition.
Comments