Zhitong Finance APP has reported that Guo Sheng Securities issued a research report stating that the proliferation of SST will drive demand for wide bandgap semiconductors such as silicon carbide (SiC) and gallium nitride (GaN). SiC, known for its high voltage resistance and excellent thermal management, is primarily applied to the input side (AC-DC), while GaN, with its extremely high electron mobility, is mainly used on the output side (DC-DC). Additionally, high-performance soft magnetic materials like nanocrystalline/amorphous, characterized by high magnetic permeability and low hysteresis loss, are becoming ideal choices for SST magnetic cores. According to forecasts from the Amorphous China Big Data Center, the global solid-state transformer market is expected to grow rapidly at an annual compound growth rate of 25% to 35% over the next 5-10 years, benefiting magnetic materials and power semiconductors simultaneously.
Guo Sheng Securities highlights the following key points: Data center power supply systems are undergoing profound changes due to the explosion of AI computing power and increasing chip power consumption, with power density in single racks transitioning from traditional levels of under 60kW to 150kW or even higher, placing unprecedented demands on the efficiency, reliability, and space utilization of power supply systems. In typical AIDC projects, the value proportion of power supply facilities accounts for nearly 50%, making them a strategic investment focus that cannot be ignored.
Current mainstream UPS and HVDC solutions, despite continuous reliability optimization, still face efficiency bottlenecks due to their multi-stage energy conversion architectures and occupy significant space, making it difficult to meet future high-density AIDC demands. Against this backdrop, solid-state transformers (SST), with system efficiencies exceeding 98% and occupying less than 50% of the space of traditional solutions, are moving from technical concepts to industrial applications, positioning themselves as the core solution for the next-generation IDC power supply systems.
Particularly noteworthy is that NVIDIA recently unveiled an 800V DC white paper at the OCP summit, clearly demonstrating the critical role of SST in its next-generation power architecture, signifying high recognition of SST technology by a global leader in AI computing power.
Why has SST become a focus of the industry? The technological advantages of SST primarily lie in two dimensions: efficiency and miniaturization. 1) In terms of efficiency, SST enhances system efficiency to over 98% by replacing traditional power frequency transformers with high-frequency power electronic conversion, representing significant improvements over traditional HVDC at 95.1% and Panama power at 97.5%. For gigawatt-level data centers with substantial annual electricity consumption, every 1% increase in efficiency translates to savings of millions of yuan in electricity costs annually. 2) Regarding miniaturization, SST employs high-frequency magnetic materials and modular designs, significantly reducing transformer size for the same power output as the magnetic core volume is inversely related to operating frequency. Furthermore, the highly integrated structure encompassing input, isolation, and output stages greatly conserves data center space.
SST acts like a circuit router, being proactive and flexible while adapting to green energy requirements, thus opening a broader scope for its long-term development. 1) Proactive flexibility: SST essentially functions as a “software-defined” energy router, achieving real-time regulation through digital signal processors (DSP) or field-programmable gate arrays (FPGA), enabling seamless grid connection, dynamic reactive power compensation, harmonic suppression, and self-healing capabilities, fundamentally enhancing the intelligence and resilience of the power supply system. 2) Green energy adaptability: China’s requirements for newly built data centers at national hub nodes demand that green energy proportion exceed 80%; effectively accessing renewable energy represents a critical challenge. SST, with its wide voltage input and multi-port compatibility, can directly interface with DC green energy sources like photovoltaics and wind energy, avoiding the losses associated with traditional AC-DC conversions. Research indicates that new grids using SST architectures can accept over 50% more renewable energy than traditional solutions. Additionally, the dual active bridge topology employed by SST supports bi-directional energy flow, allowing energy storage during low-demand periods and feeding power back to the grid during peak demand to earn price differentials and reduce data center operating costs.
It is advisable to pay attention to SST systems: Sifang Co. (with SST system efficiency reaching 98.5%, applied in various national demonstration projects), China Xidian (successfully operating subsidiary 2.4MW SST), Jinpan Technology (developing 10kV/2.4MW prototype), and Xinte Electric (conducting research on transformers to accompany SST). SST materials: Hengdian East Magnetic (the world's largest ferrite material enterprise), Platinum New Materials (new generation soft magnetic materials capable of frequencies over 10MHz), and Yunlu Co. (products covering a frequency range from 50Hz to 100MHz; a global leader in amorphous alloys). Risk warning: technical route iterations, fluctuations in downstream demand, and deteriorating competitive conditions.
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