Current power supply in North America is tightening, while the construction of AI data centers is in a phase of rapid expansion, leading to a persistent intensification of supply-demand mismatch. SOFC and MLCC are expected to contribute from the primary power supply side and the circuit side, respectively, working together to resolve the power and circuit operational challenges of North American data centers, forming the core support for optimizing data center power systems. The development of AI is expected to drive faster technological iteration in the server power supply sector, with related industry chains like SOFC and MLCC anticipated to enter a period of high-speed growth. The main views are as follows:
The normalization of power shortages in North America is opening a new chapter for investment in SOFC and MLCC. The imbalance between power supply and demand in North America continues to worsen, compounded by the rapid expansion of AI data centers, making power constraints a potential core bottleneck for regional industrial development. Against this backdrop, the non-linear growth plans for North American data centers are reshaping the local energy landscape. SOFC, leveraging its unique advantages, is accelerating its deployment, emerging as a crucial pathway to address power shortages and align with the reshaping of the energy structure.
Simultaneously, the growth of the AI industry is driving an increase in server power consumption, making stable power supply and signal integrity on the circuit side key to ensuring efficient data center operation. As a core passive component on the circuit side, MLCC is responsible for stabilizing power supply and filtering out interference. Its characteristics of high efficiency, high reliability, and high density precisely match the demands of servers in the AI era.
SOFC is a highly efficient and clean high-temperature fuel cell that can directly convert hydrogen, natural gas, and other fuels into electricity. Due to its high energy conversion efficiency, stable power reliability, rapid deployment capability, low carbon emissions, and dynamically adjustable response, SOFC has become a key solution for handling high-density loads. In terms of market space, according to Grand View Research, the global SOFC market was valued at approximately $1 billion in 2024 and is projected to reach $4.7 billion by 2033, representing a compound annual growth rate of 15.7% from 2025 to 2033.
Regarding the industrial chains domestically and internationally, overseas manufacturer Bloom Energy is a global leader in the SOFC field. According to its Q2 2025 financial report, Bloom's revenue exceeded $400 million, a year-over-year increase of 19.5%, continuing the steady expansion trend of recent quarters. Meanwhile, Chinese domestic SOFC manufacturers are also accelerating their commercialization processes, continuously promoting system integration and application deployment.
The rapid development of the AI industry has become the core driver for significantly increased demand for MLCC. Rising GPU sales and computing power upgrades directly拉动 demand. Ultra-high capacitance MLCCs are particularly effective at suppressing voltage drops and compensating for current fluctuations, ensuring the stable operation of high-computing-power equipment. The global MLCC market is highly concentrated, with Japanese and Korean manufacturers holding a dominant position. Domestically, companies are making continuous breakthroughs in R&D and production capacity, steadily advancing import substitution. Looking ahead, domestic MLCC enterprises are expected to leverage the opportunities in the server market to catch up, break through in high-end materials and processes, and join the global top tier.
Risks include slower-than-expected AI development, slower-than-expected adoption of new technologies, and intensifying industry competition.