--- title: "Guotai Junan Securities: Global AI computing power demand is experiencing explosive growth, and HVDC brings broad market opportunities for domestic equipment" type: "News" locale: "en" url: "https://longbridge.com/en/news/246354216.md" description: "Guosen Securities released a research report stating that global AI computing power demand is experiencing explosive growth, with an expected annual growth rate of 28% for new AI computing power loads in data centers from 2024 to 2030. By 2030, the global computing power scale is expected to exceed 16 ZFlops, with intelligent computing power accounting for over 90%. This growth will drive a surge in demand for power equipment in data centers, and the penetration rate of HVDC solutions is expected to increase, with the related equipment market size projected to exceed 100 billion yuan" datetime: "2025-06-27T03:59:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/246354216.md) - [en](https://longbridge.com/en/news/246354216.md) - [zh-HK](https://longbridge.com/zh-HK/news/246354216.md) generator: "portal-rs" --- # Guotai Junan Securities: Global AI computing power demand is experiencing explosive growth, and HVDC brings broad market opportunities for domestic equipment According to the Zhitong Finance APP, Guosen Securities has released a research report stating that global AI computing power demand is experiencing explosive growth. It is expected that from 2024 to 2030, the annual average growth rate of new AI computing power load in data centers will reach 28%. The report shows that in 2023, the global intelligent computing power accounted for 63%, and by 2030, the global computing power scale will exceed 16 ZFlops, with intelligent computing power accounting for over 90%. The compound annual growth rate from 2023 to 2030 is as high as 42%. This growth trend will directly drive a surge in demand for power equipment in data centers, and the penetration rate of HVDC solutions is expected to steadily increase in the future, with the market size of related equipment expected to exceed 100 billion yuan by 2030. ## The main viewpoints of Guosen Securities are as follows: **Artificial intelligence is reaching an application inflection point, with a CAGR of 28% for new AI data center computing power load from 2024 to 2030.** In 2023, the total scale of global computing device computing power reached 1397 EFops, with intelligent computing power accounting for 63%; it is expected that global computing power will exceed 16 ZFlops by 2030, with a CAGR of 42% from 2023 to 2030, and intelligent computing power accounting for over 90%. Referencing the IEA report "Energy and AI" and the shipment forecasts of various chip manufacturers, the firm expects the new AI computing power load to increase from 5.5 GW in 2024 to 24.6 GW in 2030, with an annual average growth rate of 28%. The capital expenditure of the four major cloud providers in the United States is expected to exceed $310 billion in 2025, a year-on-year increase of 30%; leading internet companies in China, represented by ByteDance, Alibaba, and Tencent, are increasing their investment in data center infrastructure. **The capacity of supporting power equipment for data centers can reach 3-5 times that of computing power chips, with the market space for transformers, switchgear, UPS, and HVDC expected to reach 108.7 billion yuan by 2030.** The power supply system of data centers mainly includes transformers/switchgear, UPS/HVDC, and server power supplies (AC/DC), among other components. The reliability requirements for data center power supply equipment are extremely high, placing significant demands on corporate brand, technology, and quality stability, and often employing redundant configurations for backup. The firm estimates that from 2025 to 2030, the global demand for new power equipment in AI data centers will be 29/48/60/67/70/74 GW respectively, and by 2030, the market space for supporting dry-type transformers, medium and low voltage switchgear, UPS, and HVDC (including traditional HVDC and 800V HVDC) is expected to reach 8.5/34.1/4.1/38.0/23.9 billion yuan. **The demand for integrated and modular power distribution equipment continues to rise, and there is still significant room for iteration in HVDC technology.** The increase in power consumption of computing power chips drives a continuous rise in rack power density. In 2023, the average power of a single cabinet in global data centers was 20.5 kW, and the power of NVIDIA's GB200 NVL72 cabinet has exceeded 120 kW; according to predictions from Vertiv, the peak power of GPU cabinets used for intelligent computing centers is expected to reach the MW level around 2030. The rapid increase in cabinet power density poses unprecedented demands on the efficiency and footprint of power distribution equipment. Over the past five years, major global companies have launched integrated and modular products, significantly saving space, improving overall efficiency, and shortening delivery cycles The HVDC solution started around 2007 and has advantages over UPS in terms of higher power supply efficiency, simpler structure, and smaller footprint. Currently, the industry penetration rate is about 15%-20%, with major companies such as Delta, Vertiv, and ZHONGHENG actively promoting HVDC applications, and the penetration rate is expected to steadily increase in the future. Panama Power further enhances equipment integration based on HVDC, improving efficiency and reducing footprint. In May 2025, NVIDIA announced plans to transition data center power infrastructure from the current 54V rack power supply to 800V HVDC high-voltage direct current to support ultra-high power density IT racks of 1MW and above. Currently, several leading power manufacturers, including Vertiv, Delta, and Megmeet, are developing 800V HVDC systems. SST (Solid State Transformer) consists of power electronic converters and high-frequency transformers, enabling voltage conversion from high-voltage AC to low-voltage DC/AC and bidirectional energy flow, further enhancing deployment flexibility while maintaining the advantages of Panama Power, with the highest DC output voltage reaching 1000V. **Overview of Data Center Power Equipment Companies** There are numerous categories of data center power equipment, and the power transmission chain is relatively long. Global giants such as Vertiv, Eaton, and Schneider have been deeply engaged in niche fields for many years, forming a complete product series and strong solution provision capabilities. With the continuous advancement of domestic substitution of computing power chips, the overall value chain of data centers is expected to shift towards Chinese enterprises. Companies engaged in transformer/switchgear business include Jinpan Smart Technology, Mingyang Electric, EAGLERISE, and Eaton. Companies involved in UPS/HVDC business include ZHONGHENG ELECTRIC, KSTAR, Kehua Data, and Vertiv Technology. Companies laying out in traditional HVDC and 800V HVDC fields also include Shenghong Co., Hopewind, Megmeet, and Nawei Semiconductor. The application of solid-state transformers in the AIDC field is still in its early stages, with companies under research including Xinte Electric, China West Electric, and EAGLERISE. Companies engaged in server power supply business include Megmeet, Eurotech, and Taijia Co. **Risk Warning** The progress of artificial intelligence application landing is less than expected; the total investment and pace of global data centers are below expectations; significant price increases in major raw materials; intensified industry competition, with profitability levels not meeting expectations ### Related Stocks - [002364.CN](https://longbridge.com/en/quote/002364.CN.md) - [002922.CN](https://longbridge.com/en/quote/002922.CN.md) - [603063.CN](https://longbridge.com/en/quote/603063.CN.md) - [002518.CN](https://longbridge.com/en/quote/002518.CN.md) - [688676.CN](https://longbridge.com/en/quote/688676.CN.md) - [601179.CN](https://longbridge.com/en/quote/601179.CN.md) - [002335.CN](https://longbridge.com/en/quote/002335.CN.md) - [NVDL.US](https://longbridge.com/en/quote/NVDL.US.md) - [BYTED.NA](https://longbridge.com/en/quote/BYTED.NA.md) - [300693.CN](https://longbridge.com/en/quote/300693.CN.md) - [NVDY.US](https://longbridge.com/en/quote/NVDY.US.md) - [002843.CN](https://longbridge.com/en/quote/002843.CN.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [002736.CN](https://longbridge.com/en/quote/002736.CN.md) - [00700.HK](https://longbridge.com/en/quote/00700.HK.md) - [CP00062.US](https://longbridge.com/en/quote/CP00062.US.md) - [ETN.US](https://longbridge.com/en/quote/ETN.US.md) - [300870.CN](https://longbridge.com/en/quote/300870.CN.md) - [ETON.US](https://longbridge.com/en/quote/ETON.US.md) - [002851.CN](https://longbridge.com/en/quote/002851.CN.md) ## Related News & Research - [11:30 ETWho Are the Fastest-Growing Wealth Management Firms in South Florida? 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