The rapid expansion of AI computing power is driving increasing market demand for Solid-State Transformers (SST). According to estimates from market research firm Precedence Research, the global artificial intelligence market is projected to grow from 1,187.9 billion yuan in 2023 to 11,455.4 billion yuan by 2030, achieving a compound annual growth rate exceeding 35%. Guosheng Securities released a report stating that, based on forecasts from the Amorphous China Big Data Center, the global solid-state transformer market is expected to experience high-speed growth over the next 5 to 10 years, with a compound annual growth rate of 25% to 35%. Wang Tieshan, Director of the Industrial Development and Investment Research Center at Xi'an Polytechnic University, stated that the rapid growth of AI computing power not only brings massive electricity demand but also imposes higher requirements on power equipment such as transformers. The technological advantages are significant. In Wang Tieshan's view, the enormous electricity demand driven by AI computing power, along with requirements for stability and safety, will lead to upgrades and iterations for transformers, which are the core components for maintaining power system stability. It is understood that traditional transformers mostly feature oil-immersed or dry-type structures, relying on iron cores and copper windings operating at a 50Hz power frequency. Simultaneously, traditional transformers are large in size and heavy; for instance, a transformer used in a residential community often weighs several tons, requiring dedicated space for installation. Furthermore, their functionality is singular, typically only achieving conversion from high voltage to low voltage. Additionally, traditional transformers have relatively high energy consumption, with efficiencies generally around 95%. The fundamental difference between solid-state transformers and traditional transformers lies in the fact that solid-state transformers replace bulky iron cores and copper windings with power electronic devices and high-frequency technology. Moreover, while traditional transformers can only achieve single voltage conversion, solid-state transformers integrate functions such as voltage transformation, rectification, inversion, and reactive power compensation into one unit. This integration not only significantly reduces volume and weight but also improves efficiency. Furthermore, solid-state transformers come with built-in monitoring and communication modules, enabling real-time voltage regulation, harmonic suppression, and support for bidirectional power flow, allowing the grid to shift from "passive adaptation" to "active regulation." "Solid-state transformers could be one of the core technologies to address the challenges of high energy consumption and high power density brought by the AI computing boom. They can increase power conversion efficiency to over 98% and offer advantages such as a small footprint and support for high power and dynamic loads," said Qu Fang, an investment advisor at Wanlian Securities. He added that solid-state transformers are core technical equipment for achieving medium-voltage direct-to-direct current conversion, capable of simplifying power supply chains and enhancing efficiency. Multiple A-share companies have already made strategic moves in this area. It is understood that relevant domestic enterprises are accelerating their布局 in the solid-state transformer field. For example, China XD Electric Co., Ltd.'s wholly-owned subsidiary, Xi'an XD Power Electronics Co., Ltd., possesses R&D capabilities and related products for solid-state transformers. This company has already supplied a 2.4MW solid-state transformer to a data center involved in the "East Data West Computing" project. China XD Electric stated on an interactive platform that its subsidiary has the capability to develop 800V DC architecture solid-state transformers. Subsequently, the company will actively monitor market demand, seize opportunities, and provide high-quality products and services. Hainan Jinpan Smart Technology Co., Ltd. recently stated on an interactive platform that it has completed the design and production of a 10kV/2.4MW solid-state transformer prototype suitable for HVDC 800V power supply architecture. Regarding the HVDC 800V solid-state transformer and related future iterative products, the company is currently advancing various tasks according to established plans and R&D schedules. "Our company has already conducted research and development on solid-state transformer products. As the application scenarios for solid-state transformers increase, our company can rapidly promote the marketization of related products," said a relevant person in charge of TBEA Co., Ltd. The company has already provided products and solutions for several key data center projects, and data center orders have grown rapidly in recent years. The company will continue to strengthen market development and R&D investment in this field in the future. "It's not just data centers; multiple fields including new energy grid integration, electric vehicle fast-charging stations, and smart grids will drive demand for solid-state transformers," Wang Tieshan stated.
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