Recently, NARI Group officially launches the second-generation “Rui” series for all scenarios. Solid-state transformer (SST) Series Products — Ruipan, Ruiting, Ruirong, Ruisu , which can precisely match four major application scenarios: AI supercomputing centers, ultra-fast charging stations, new‑energy grid integration, and smart grids.

According to reports, the “Rui” series SST Developed by Zhongdian Purui, a subsidiary of NARI Group, on the day of the product’s launch, NARI Group Corporation We have separately signed letters of intent for implementation with four categories of end‑customer clients, swiftly advancing from technology launch to full‑scale project deployment.

Since 2026, leading domestic and international manufacturers have been rapidly unveiling new SST products or announcing related advancements. According to incomplete data from GGII Energy Storage, approximately 40 companies have already entered the SST market, and at the recent SNEC exhibition, a wide array of SST products made their debut.

Many enterprises have already recognized that SST is the cornerstone of the next-generation AI infrastructure.

So, more than 40 companies are competing on the same stage, Which companies have the strongest competitive advantages? Who is most likely to take the lead and emerge first?

Currently, companies operating in the SST sector can be broadly categorized into four types:

The first category is global electrical and automation companies. , including Delta (Mid-Asia Electric), Eaton, Vertiv, Schneider Electric, Enphase, GE, Heron Power, DG Matrix, Amperesand, SolarEdge, and others.

Among this segment of players, Delta and Eaton are the frontrunners in the commercialization of solid-state transformers, with their core advantage lying in their long-standing expertise in the AIDC sector and their end-to-end capabilities for AIDC power supply.

The second category comprises power electronics and power supply equipment companies. including Sifang Co., Ltd., China XD Electric, Zhiguang Electric, Huawei, Midea Group, Sungrow Power Supply, NARI Technology, NARI Relay Protection, TBEA, Inovance Technology, Zhongheng Electric, Mingyang Electric, Shenghong Co., Ltd., Howen Electric, Xinte Electric, Taikai, INVT, Zhenqu Technology, Mingpu Guangci, KELI, Kehua Data, KSTAR, and Mig Electric, among others.

Solid-state transformers are, at their core, power electronic devices; in particular, medium-voltage variable-frequency drives and solid-state transformers share the closest technological lineage. Consequently, medium-voltage VFD manufacturers are best positioned to develop solid-state transformers, leveraging their inherent expertise and capabilities.

Accordingly, these companies are at the forefront of the industry in both product launches and real-world applications; many have already unveiled their SST products, while others plan to officially launch theirs within the year.

The third category comprises traditional transformer and electrical equipment manufacturers. , including Jinpan Technology, Igor Xinte Electric, Jiangsu Huachen, Ankao Zhidian, China Electric Transformer, Yuchao Shares, and others.

At this stage, such companies are exploring new growth trajectories while consolidating their existing customer base. Solid-state transformers represent an innovative product category capable of expanding their business horizons. Meanwhile, most traditional transformer manufacturers are still in the process of refining their technical capabilities in high-frequency power electronics; although they have proactively initiated related R&D efforts, they are also carefully assessing the potential impact of solid-state transformers on the established market dynamics of conventional transformers.

The fourth category comprises new-energy companies that have diversified into photovoltaics, energy storage, and charging infrastructure. , including Kelong Electronics, Singularity Energy, Star Charge, Teld, Daqo New Energy, Haibosichuang, Envision, and others.

Not many companies in this sector have adopted SST, but they… Master a wide range of application scenarios. Currently, ultra‑fast charging stations represent the most widespread application scenario for solid‑state transformers, and the new‑energy power‑station market is significantly larger than the AIDC market. However, both of these application domains are highly price‑sensitive, and their demand for SSTs is less rigid compared to the AIDC sector.

Overall, some companies have already taken the lead in the SST sector: Delta leads in industrial applications, Sifang Shares excels in engineering capabilities, China XD boasts the most extensive portfolio of demonstration projects, and Zhenchu Technology holds a leading position in single-unit power output.

New products are constantly emerging, and capital is pouring in, but for SST to achieve large-scale mass production and enter the market, it must at least face… Triple bottleneck:

First, long-term reliability remains to be verified. Essentially, SST transforms the size, maintenance challenges, and supply-chain constraints of conventional line-frequency transformers into issues related to high-voltage SiC devices, conversion units, and modular power‑electronics systems. Power infrastructure demands reliability exceeding 20 years, yet as a new type of power‑electronics device, SSTs have extremely limited long-term operational data. This constitutes the core bottleneck hindering their large-scale deployment.

Second, cost competitiveness is insufficient. The cost of SSTs is significantly higher than that of conventional transformers, owing to the large number of power semiconductor devices, the high cost of high-frequency magnetic components (amorphous/nanocrystalline alloys), and the complexity of drive, control, and protection circuits. Until economies of scale are achieved, these elevated costs will severely constrain the adoption rate.

Third, the industrial chain remains immature. Upstream supply chains for high-voltage SiC devices, high-frequency magnetic components, and specialized control chips remain in their early stages of development. For SST to transition from prototype to large-scale mass production, the entire industry chain must mature in tandem; it is expected that the sector will not enter full‑scale production until the second half of 2027.

The 2026 SST market bears a striking resemblance to the 2018 energy storage sector: the overall direction is clear, yet a full-scale breakout remains some way off. Over the next two years, the decisive factor will not be who launches products first, but rather who secures genuine orders, achieves large‑scale deliveries, and demonstrates proven reliability.