Solid-State Transformers (SST) in AI Data Centers 101

This report explores the emergence of solid-state transformers (SST) as a critical technology for AI data centers adopting 800V DC architectures. Goldman Sachs estimates a $5 billion annual market opportunity by 2030 as industry leaders like ABB, Enphase, and SolarEdge race to commercialize these high-efficiency units.

Key Takeaways

• 1.The adoption of 800V DC architecture in AI Data Centers (AIDC) is driving a transition from traditional transformers to solid-state transformers (SSTs) to handle higher power needs and efficiency constraints.
• 2.Goldman Sachs estimates the SST Total Addressable Market (TAM) for data centers to reach approximately 10 GW in 2030, representing a $1bn–$5bn annual revenue opportunity.
• 3.SSTs offer significant advantages including up to 50% smaller footprints and reduced electricity conversion loss (2-4% system loss vs 10-15%+ in legacy architectures).

Table of Contents

• Overview of SSTs and market potential
• SSTs are gaining traction to address the complexities and power needs of data centers
• Power remains key bottleneck to broader deployments
• What is the opportunity and potential timing?
• Other potential markets for SSTs
• Why do inverter companies have tech entitlement?
• What is the roadmap?
• SST opportunity
• Sensitizing the impact on ENPH and SEDG
• Updating select price targets
• Valuation and Risks

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