Grid Hardware Stocks List

GE Vernova was spun off from General Electric in April 2024 and operates across three segments: Power (gas turbines, nuclear, hydro), Wind, and Electrification. The Electrification segment is the direct grid hardware play, generating $9.6 billion in FY2025 revenue across HVDC systems, power transformers, switchgear, substations, synchronous condensers, and grid automation software. The segment’s equipment backlog reached $35 billion by end-2025, quadrupling over four years, and $41 billion by the end of Q2 2026. The February 2026 acquisition of Prolec GE — a transformer joint venture previously 50%-owned — added approximately $3 billion in annual revenue and seven manufacturing sites, five of them in the United States, making GEV a leading North American transformer supplier. Key demand drivers include offshore HVDC connections (including the 2.2 GW TenneT BalWin5 award), data center power infrastructure, and utility grid modernization across North America, Europe, and the Middle East. Electrification booked over $5 billion of data center orders in the first half of 2026, more than double its full-year 2025 total.

Schneider Electric is a French energy technology company headquartered in Rueil-Malmaison with approximately 160,000 employees operating across more than 100 countries. Its Energy Management segment — the grid-hardware play — generated €33.1 billion in FY2025 revenue (82% of group total) across low-voltage and medium-voltage switchgear, power transformers, circuit breakers, prefabricated power modules, and ADMS grid software serving over 100 utilities covering 170 million end-users globally. The segment holds leading market shares in core electrical product categories and carried a €21.3 billion backlog at end-2025. Data centers and networks have become the largest demand driver, representing more than a third of group orders in FY2025. Schneider completed the purchase of the remaining 35% of its Indian operating entity (SEIPL) for approximately €5.5 billion in December 2025, bringing India to full ownership as its third-largest country by revenue.

ABB is a Swiss electrification and automation company with approximately 114,800 employees (Q2 2026) operating across Electrification, Motion, and Automation business areas. The Electrification business area — ABB’s largest at $17.4 billion in FY2025 revenue (52% of group total) — is the primary grid-hardware play, covering medium-voltage switchgear, power distribution units, smart power systems, and installation products for utilities, data centers, and industrial customers. Management identifies data center demand as the single largest demand driver, alongside utility grid modernization, and India has grown into ABB’s fourth-largest market. Electrification orders reached $7.23 billion in Q2 2026, 58% comparable growth year-on-year and the first quarter above $7 billion, and the business area’s order backlog stood at $13.7 billion at June 30, 2026. In May 2026 ABB announced approximately $200 million of investment in medium-voltage manufacturing capacity across Europe over three years.

Eaton is an Irish-domiciled power management company with operational headquarters in Cleveland, Ohio, listed on the NYSE and serving customers in 180 countries. Its two Electrical segments — Electrical Americas ($13.3 billion, 48% of FY2025 revenue) and Electrical Global ($6.8 billion, 25%) — supply switchgear, power distribution units, uninterruptible power supplies, and modular power enclosures to utilities, data centers, and industrial customers. Combined electrical backlog reached $15.3 billion at end-2025, and Electrical Americas backlog alone stood at $15.2 billion at the end of Q2 2026. Data center demand has become a major growth driver for the Electrical segments. Eaton is investing $1.5 billion to expand Electrical Americas manufacturing capacity, with new plants ramping through 2026–2027. In June 2026 Eaton signed definitive agreements to separate its Mobility segment (the former Vehicle and eMobility businesses) and combine it with Dana Incorporated in a Reverse Morris Trust transaction, replacing the straight spin-off announced in January 2026. The agreed structure leaves Eaton shareholders with at least 50.1% of the combined company and a scheduled Q1 2027 close, subject to Dana stockholder and regulatory approval, and concentrates Eaton on Electrical and Aerospace. The $9.5 billion Boyd Thermal acquisition, completed in March 2026, adds liquid cooling capability for data centers.

Japanese conglomerate; Hitachi Energy division covers transformers, HVDC, switchgear, grid automation, and substations.

Siemens Energy was spun off from Siemens AG in September 2020 and operates four segments: Gas Services (gas turbines and aftermarket), Grid Technologies (HVDC, substations, transformers, switchgear), Transformation of Industry (compression and industrial decarbonization), and Siemens Gamesa (wind). Grid Technologies is the direct grid hardware play, generating €10.5 billion in FY2025 revenue at a reported margin of 15.8%. The segment’s FY2025 product mix spanned HVDC converter stations (~25% of revenue), AIS/GIS substations (~20%), power and distribution transformers (~30%), switchgear (~15%), and grid stabilization equipment including FACTS and STATCOM (~5%). Grid backlog stood at €42 billion at end-FY2025, up from €33 billion in FY2024, with book-to-bill still elevated at 1.90 in FY2025 after 2.25 in FY2024, and had reached €51 billion by end-Q3 FY2026 (quarter ended 30 June 2026) on a 1.48 quarterly book-to-bill. The company is investing approximately €2 billion in additional Grid factory capacity through FY2028, with new facilities in Austria, Croatia, and Canada. Siemens Energy reinstated its dividend at €0.70 per share for FY2025 — the first since the FY2021 dividend paid in 2022 — and launched a €6 billion share buyback program in November 2025.

Tokyo-listed Japanese industrial group; Power Systems segment produces high-voltage power cables and accessories for grid infrastructure and industrial applications, contributing ¥157 billion revenue at a 12.1% operating margin in FY2025. Dominant profit engine is Telecommunication Systems (¥653 billion FY2025 revenue, 23.4% margin) serving AI infrastructure data center build-out via next-generation SWR/WTC optical cable. Signed a landmark U.S. Department of Commerce strategic supplier agreement in October 2025 for optical cables supporting U.S. generative AI infrastructure; plans up to ¥260 billion in U.S. manufacturing capacity. Also investing in superconducting wire and fiber laser technologies as long-cycle bets on fusion energy. FY2025 group net sales ¥1.18 trillion.

Brazilian industrial conglomerate listed on B3; one of the world’s largest manufacturers of electric motors and a comprehensive provider of electrification and automation solutions. Energy Generation, Transmission and Distribution (GTD) segment (~38% of FY2025 net revenue) covers power transformers, substations, synchronous condensers, wind turbines, solar inverters, hydro generators, and battery energy storage systems (BESS). FY2025 net revenue was R$40.8 billion, up 27% year-on-year. Investing $77M in a new special transformers plant in Washington, Missouri to serve US grid infrastructure demand, plus a new BESS factory in Itajaí, Brazil (completion targeted H2 2027). Accessible to international investors via ADR (WEGZY).

Prysmian Group is the global leader in cable systems for energy and digital connections, headquartered in Milan and listed on Borsa Italiana. The company operates 109 production plants and 30 R&D centers across more than 50 countries, with approximately 34,000 employees and a fleet of seven cable-laying vessels supporting its submarine business. FY2025 revenues were €19,650 million across four segments: Transmission (submarine and land HVDC cables, 16.6% of revenue), Power Grid (HVAC transmission, medium-voltage distribution and overhead lines, 19.4%), Electrification (building wire and specialty cables, 55.8%), and Digital Solutions (fiber-optic and connectivity, 8.2%). The Transmission segment carried a €17 billion backlog as of Q2 2026, with a further €2 billion of awarded orders not yet booked; the backlog includes the Eastern Green Link 4 contract (over €2.3 billion, signed February 2026). Strategy under CEO Massimo Battaini focuses on evolving from cable producer to integrated solutions provider, supported by five major acquisitions in 24 months including Encore Wire, Channell, and ACSM.

Sumitomo Electric Industries is a Japanese diversified industrial conglomerate founded in 1897 and headquartered in Osaka, listed on the Tokyo, Nagoya, and Fukuoka exchanges with approximately 288,000 employees across roughly 40 countries. Its Environment & Energy segment — approximately 23% of FY2024 group revenue of ¥4,679 billion — covers high-voltage XLPE power cables, HVDC submarine and underground cables, transmission and distribution equipment, and grid-scale redox flow batteries. Sumitomo delivered the world’s first 400 kV HVDC XLPE cable system in 2019 and holds the number-one domestic share in Japan for both transmission cables and magnet wires. The company is constructing a subsea cable factory in Scotland as a European manufacturing base and acquired German land-cable maker Südkabel in FY2024, and in July 2026 signed a framework agreement for the Shetland 2 subsea cable, with the call-off order subject to approvals. The company’s 2030 Vision strategy cites Energy as one of three strategic growth pillars.

Chinese power intelligence company; produces relay protection, automation systems, and smart substation equipment; affiliated with State Grid.

Chinese cable and connectivity group; produces HV power cables, submarine cables, and optical fiber for grid and telecoms.

Hubbell Incorporated is a Connecticut-based manufacturer of electrical and utility infrastructure products, founded in 1888, with full-year 2025 revenues of $5.8 billion. The company operates through two segments: Utility Solutions (63% of 2025 revenues, $3.7 billion) — supplying transmission line hardware, insulators, connectors, substation components, smart meters, and grid protection and control equipment to U.S. electric utilities — and Electrical Solutions (37%, $2.2 billion), covering wiring devices, connectors, and enclosures for industrial, commercial, and data center customers. The US 765kV transmission buildout is a key opportunity: Hubbell won its first 160 miles of 765kV line hardware in early 2026, alongside a 150-plus-mile 500kV project, and data center demand has become a fast-growing driver for both segments. Hubbell spent $958 million on acquisitions in FY2025, including the $829 million DMC Power transaction, a provider of swaged connection systems for utility substation and transmission markets.

Korean manufacturer of switchgear, transformers, substation systems, FACTS/HVDC equipment, and grid automation products; strong domestic grid position and growing North American presence.

Korean manufacturer of power transformers, gas-insulated switchgear (GIS), and STATCOM reactive power systems.

Korean manufacturer of power transformers, switchgear, motors, and generators for domestic and export grid markets.

Chinese manufacturer of HV and submarine power cables, conductors, optical fiber, and marine energy equipment.

Tokyo-listed diversified industrial manufacturer; Energy Infrastructure segment produces extra-high-voltage underground and submarine power cables for grid modernization and renewable energy evacuation. FY2025 net sales ¥1.31 trillion across five segments; Energy Infrastructure contributed ¥141.6 billion (11%) at a 6.8% operating margin. Data center optical fiber sits in the separate Communications Solutions segment, and water-cooling thermal management modules for data centers are a growth business outside Energy Infrastructure. Also supplies high-voltage wire harnesses and EV components.

Chinese manufacturer of switchgear, transformers, and reactive power compensation (STATCOM/SVC) equipment.

ABB India is 75% owned by ABB Asea Brown Boveri Ltd of Zurich and sells mainly into the Indian market, with exports at about 10% of 2025 revenue. Its Electrification business makes medium-voltage air- and gas-insulated switchgear, ring main units, vacuum circuit breakers and low-voltage distribution equipment at plants including Nashik and Bengaluru, and accounted for 43% of 2025 revenue of ₹132.0 billion. Motion, which covers motors and drives, and Automation make up the rest. High-voltage transmission equipment is not part of the company: that business was demerged in 2019 into what is now Hitachi Energy India, and the robotics business was sold to an ABB group company effective March 1, 2026.

Hitachi Energy India was incorporated in 2019 to receive the power grids business demerged from ABB India and took its current name in November 2021; Zurich-based Hitachi Energy Ltd holds 71.31% as of March 31, 2026. It operates 19 factories across eight locations in India making transformers, high-voltage switchgear and bushings, and executes HVDC, STATCOM and substation automation projects, including the ±320 kV Mumbai city-center HVDC infeed it commissioned in FY2025-26. Revenue from outside India was 26.2% of FY2025-26 revenue of ₹81.5 billion, and Hitachi Energy companies in the United States and Sweden were each more than a tenth of export revenue. The order backlog stood at ₹295.6 billion at March 31, 2026. Hitachi, which is already on this list, is the ultimate parent.

Mumbai-headquartered Indian engineering conglomerate listed on NSE, part of the Murugappa Group since 2020; manufactures power transformers (up to 1,500MVA, 765kV), distribution transformers, EHV switchgear, GIS, and industrial motors and drives. Power Systems segment revenue was ₹51.4 billion in FY2026, up 46% year-on-year, driven by India’s grid modernization and renewable evacuation investment. A greenfield transformer facility (45,000 MVA capacity) has been approved for Western India under a capacity expansion program running to FY2028. Also supplies traction motors and KAVACH train collision avoidance systems to Indian Railways, and is building a semiconductor OSAT facility with government support.

Siemens Limited is Siemens AG’s listed Indian company, and Siemens AG group entities held 74.08% of its shares at March 31, 2026. Its Smart Infrastructure segment supplies low- and medium-voltage distribution products and switchboards from factories at Kalwa, Chhatrapati Sambhajinagar and Goa, together with smart grid and energy automation systems, and generated ₹112.9 billion, or 51.3% of continuing revenue, in the 18 months from October 1, 2024 to March 31, 2026, a transition period after the company moved to an April–March financial year. Mobility and Digital Industries account for the rest. The energy business, including transformer manufacturing, was demerged into Siemens Energy India effective March 25, 2025, and in December 2025 the board approved selling the Low Voltage Motors business to Innomotics India.

Chinese manufacturer of power transformers, reactors, and high-voltage equipment; also active in renewable energy.

Polycab India Limited is India’s largest integrated manufacturer of wires and cables by revenue and among the most profitable players in the Indian electricals industry. Listed on Indian exchanges with promoter holding of 62%, Polycab operates across three reporting segments: Wires & Cables (W&C, ~84% of FY2024-25 group revenue), Fast-Moving Electrical Goods (FMEG, ~7%), and EPC (~9%); international sales, reported separately as a geography, were ~6% of revenue. In FY2024-25 the company crossed the ₹200 billion revenue milestone, reporting ₹224 billion in revenue. The W&C segment — spanning over 9,650 product SKUs from 27 manufacturing plants across six regions — holds 26–27% share of India’s organized W&C market and is approximately twice the scale of the second-largest domestic player. Polycab is 100% backward integrated in W&C, controlling raw materials through to finished product. Its Project Spring strategic program (FY2025–FY2030) backs a ₹60–80 billion capex plan aimed at a top-10 global position in wires and cables. The company is present in 84 countries, with the Middle East, Europe, and North America as primary export markets.

Siemens Energy India took over Siemens Limited’s energy business in a demerger effective March 25, 2025, and listed on June 19, 2025. Its Power Transmission segment makes power transformers at Kalwa in Navi Mumbai and gas-insulated switchgear at Chhatrapati Sambhajinagar, and executes substation, STATCOM and HVDC projects; it contributed 53.5% of FY2025 revenue of ₹78.3 billion (year to September 30, 2025), with gas and steam turbines and services making up the rest. Exports, mainly transformers sold through Siemens Energy’s global organization, were 23% of FY2025 revenue. Promoters hold 75%, split between Siemens AG entities at 59% and Siemens Energy AG entities at 16% as of June 30, 2026, under a shareholders’ agreement that sets out procedures for Siemens Energy to acquire a majority. In February 2026 the board approved a ₹20.6 billion greenfield large-power-transformer factory.

India-listed subsidiary of GE Vernova’s Electrification segment; provides the full stack of high-voltage T&D infrastructure for India’s power grid — power transformers, shunt reactors, GIS, circuit breakers, instrument transformers, HVDC systems, STATCOMs, and full EPC substation turnkey projects up to 1,200 kV UHV. Order backlog ₹127 billion as of March 2025 (~3× annual revenue). Won ₹8 billion in SCADA/EMS digital software orders from Power Grid Corporation in FY2025 alone. Export revenue was 28% of the FY2025 total, largely to fellow GE Vernova subsidiaries in France and the Middle East. Announced ₹1.4 billion investment (May 2025) to localize HVDC LCC valve and VSC STATCOM valve manufacturing in Chennai. Direct beneficiary of India’s ₹9.2 trillion National Electricity Plan II transmission infrastructure program.

Forgent Power Solutions is a US-based manufacturer of electrical distribution equipment serving data centers, grid operators, and energy-intensive industrial facilities. The company was assembled by private equity firm Neos Partners LP through four acquisitions over eight months — MGM Transformer Co. (October 2023), PwrQ (March 2024), States Manufacturing (May 2024), and VanTran Industries (June 2024) — at an aggregate cost of $604.2 million USD. The Forgent brand was formally launched in August 2025 ahead of a January 2026 NYSE IPO filing.

Forgent’s product portfolio spans four families covering the complete electrical powertrain for a facility: transformers (dry-type and liquid-filled), switchgear and panels (switchgear, switchboards, panelboards, and remote power panels), transfer switches and connection systems, and prefabricated power solutions (eHouses, power skids, and PDUs). Approximately 91% of fiscal 2025 revenue was engineered-to-order Custom Products and Powertrain Solutions, with data centers representing 42% of fiscal 2025 revenue and grid and utility customers 23%. The company produces more than 1,500 unique designs annually across 10 manufacturing campuses in the United States and Mexico, backed by a proprietary database of over 50,000 reference designs.

Revenue reached $753.2 million USD in fiscal 2025 (ended June 30, 2025), up 56% year-on-year on approximately 85% organic growth. Backlog stood at $1.03 billion USD as of September 30, 2025, exceeding a full year of revenue and weighted towards data center and grid customers. Forgent listed on the NYSE under the ticker FPS in February 2026, through a dual-class Up-C structure; according to the July 2026 follow-on prospectus, that offering ended Neos Partners’ controlled-company status.

Chinese manufacturer of high-voltage switches, power transformers, converter transformers, and DC transmission valve equipment.

Indian manufacturer of specialty cables, conductors (ACSR, HTLS), transformer oils, and lubricants for grid applications.

Chinese electrical equipment manufacturer; produces low-voltage switchgear, circuit breakers, MCBs, and solar inverters.

NKT A/S is a Danish pure-play power cable solutions provider founded in 1891, headquartered in Brøndby, and listed on Nasdaq Copenhagen (OMXC25). The company operates 13 production facilities across Europe, including high-voltage factories at Karlskrona, Sweden and Cologne, Germany, and one cable-laying vessel, NKT Victoria, with a second vessel, NKT Eleonora, under construction for 2027. FY2025 revenue at standard metal prices was €2,722 million. The Transmission segment (around 60% of FY2025 revenue) focuses on extra-high-voltage HVDC cable systems for subsea interconnectors and offshore wind export; the Distribution segment (29%) serves medium-voltage DSOs. In Q2 2026, NKT’s Champlain Hudson Power Express — the 400 kV HVDC line carrying Canadian hydropower to New York City, awarded in 2022 as the single largest project ever awarded to NKT at the time — reached commercial operation. High-voltage backlog stood at €13.0 billion (€11.6 billion at standard metal prices) as of Q2 2026, with five TenneT framework projects worth over €2.5 billion sitting outside that figure; notable awards include Bornholm Energy Island (~€650 million, September 2025), two SSEN contracts (~€2 billion combined, converted to firm orders in January 2026) and Eastern Green Link 3. NKT is executing approximately €2 billion in capacity investment through 2028: the Karlskrona site, designated Europe’s first European Strategic Net Zero project in May 2025, will become the world’s largest high-voltage offshore cable factory on completion in 2027.

St. Louis-based NYSE-listed technology company; Utility Solutions Group (USG, 35% of FY2025 revenue at $380M) supplies diagnostic instruments, dissolved gas analyzers, condition monitoring systems, and protection testing equipment for high-voltage grid infrastructure through Doble Engineering and Morgan Schaffer. Data center build-out and grid electrification add high-voltage assets that require periodic diagnostic testing, which is Doble’s demand base. FY2025 also included acquisition of ESCO Maritime Solutions (~$472M) for Navy signature management and quiet propulsion motors, and divestiture of the space-sector VACCO unit. Announced acquisition of Megger Group (Doble’s leading competitor in utility diagnostics) in April 2026. Group FY2025 revenue was approximately $1.1 billion.

Nexans is a Paris-listed French cable manufacturer with over 140 years of history, operating in 41 countries and positioning itself as the “global pure player in sustainable electrification.” FY2025 standard sales were €6,098 million. Three continuing segments drive results: PWR-Transmission (27% of FY2025 standard sales) — long-cycle HVDC subsea and land interconnectors and offshore wind export cables, with an adjusted backlog of €7.7 billion at end-2025; PWR-Grid (22%) — medium- and high-voltage cables and accessories for DSOs and TSOs; and PWR-Connect (38%) — shorter-cycle low-voltage cables for residential, commercial, industrial, and data center customers. Nexans operates three cable-laying vessels, including the Nexans Electra, which entered operation in June 2026, and expanded its Halden, Norway subsea plant; in 2025 the company completed the Tyrrhenian Link installation, setting a world record for 500 kV HVDC cable at 2,150 meters depth.

Powell Industries (NASDAQ: POWL) is a Houston, Texas-based designer and manufacturer of custom-engineered electrical switchgear, power control room substations (PCRs), electrical houses (E-Houses), motor control centers, and medium-voltage distribution systems for voltages from 480V to 38,000V, built to ANSI and IEC standards. Products serve oil and gas, electric utilities, petrochemical, commercial industrial, and light rail traction applications. Fiscal 2025 (year ending September 2025) revenue was $1,104.3 million, with electric utility work contributing roughly a quarter of revenue and light rail traction power a fast-growing niche. Backlog stood at $1.6 billion at December 2025. A $12.4 million expansion at the Jacintoport, Houston facility is adding 335,000 sq ft of lay-down area and doubling the bulkhead, completing in H2 FY2026. Powell sources more than 90% of materials from near operations across North America and the UK — a stated differentiator versus larger multinational competitors including ABB, Eaton, Schneider, and Siemens.

Korean industrial holding company; LS Cable & System subsidiary produces HV power cables; also covers switchgear and automation.

Cenergy Holdings is an industrial holding company listed on both Euronext Brussels and the Athens Exchange, formed in 2016 to combine two long-established Viohalco businesses: Hellenic Cables, its power and data cable maker, and Corinth Pipeworks, a steel-pipe manufacturer. FY2025 group revenue was €2,060 million, of which cables contributed roughly 71%. Hellenic Cables is a supplier of high-voltage and extra-high-voltage land cable and of submarine export and inter-array cable for offshore wind, manufacturing at Corinth and Thiva in Greece with further capacity at Eleonas and in Bucharest. Its cables order backlog stood at a record €3.4 billion as of 30 June 2026, lifted by a €1.15 billion frame agreement with Greek transmission operator IPTO covering four Aegean island interconnections; group backlog including steel pipes was about €3.9 billion on the same date. Unlike Prysmian, Nexans and NKT it owns no cable-laying fleet, partnering instead with installers such as Jan De Nul, DEME and Asso.subsea, which keeps capital intensity lower; in August 2026 it was awarded the Corinth–Kos turnkey supply-and-install interconnection contract, with signing subject to statutory conditions. A roughly $300 million plant at Wagner’s Point in South Baltimore, Maryland is scheduled for full operation in the second half of 2027.

Chinese smart-grid equipment supplier producing relay protection, power system automation, HVDC controls, and security & stability control systems.

Indian manufacturer of HV/EHV power cables, control cables, and wires for industrial and power transmission applications.

Korean power cable manufacturer with EHV and submarine cable capacity; supplies transmission and distribution cables for grid interconnection projects.

MYR Group is a top-5 U.S. specialty electrical contractor (Engineering News-Record) with 130+ years of uninterrupted operation, 13 wholly-owned subsidiary companies, and more than 9,000 employees. Its Transmission & Distribution (T&D) segment — approximately 54% of FY2025 revenue — builds and maintains overhead and underground transmission lines up to 765kV, substations, distribution networks, and EV charging infrastructure for utilities, cooperatives, and independent power producers. Master Service Agreements accounted for about 65% of T&D revenue in Q2 2026, providing a recurring revenue base, with some client relationships exceeding 50 years. Its Commercial & Industrial segment serves data centers, airports, hospitals, manufacturing plants, and clean energy facilities. FY2025 revenues were $3.66 billion, and total backlog stood at a record $3.16 billion at June 30, 2026. Capital is directed towards organic growth, fleet investment, and bolt-on acquisitions. On 1 July 2026 the company completed its acquisition of Valley Electric and Comet Electric, a full-service electrical contractor based in Everett, Washington, for initial cash consideration of about $328 million, extending its Commercial & Industrial footprint in the western United States.

Saudi Arabia’s largest cable manufacturer by volume; supplies low-voltage distribution through extra-high-voltage (EHV) transmission cables to utilities and infrastructure contractors across the GCC. Revenue was SAR 10.7 billion in FY2025. Commodity-price-neutral margin model hedged via copper and aluminum futures. Geographic expansion is underway in the UAE and Uzbekistan (51% stake in Artikul Aziya Kabel acquired November 2025). Direct beneficiary of Saudi Vision 2030 grid infrastructure spending.

Itron is one of the world’s largest suppliers of Industrial IoT infrastructure for utilities and municipalities, providing smart metering hardware, Gen6 communication networks, grid edge software, and AI-powered operational resilience tools. Its Networked Solutions segment — the company’s largest — deploys multi-application communication modules and network management software enabling utilities to manage electricity, gas, and water systems in real time. The higher-margin Outcomes segment delivers subscription analytics for DER management, grid planning, energy forecasting, and non-revenue water reduction. Total backlog was $4.4 billion at June 30, 2026. Two acquisitions completed within five months of each other — Urbint ($330.6M, November 2025) and Locusview ($546.6M, January 2026) — created a new Resiliency Solutions segment covering AI-powered worker safety, damage prevention, and digital construction management for utility field operations. The company has shipped more than 16 million network endpoints cumulatively, and partners with NVIDIA, Microsoft, AWS, and Snowflake on real-time AI analytics, with technology integrations across Schneider Electric and GE Vernova for grid operations.

Chinese specialist manufacturer of high-voltage and ultra-high-voltage AC/DC switchgear including GIS, circuit breakers, and disconnectors up to 1100 kV.

Shihlin Electric & Engineering builds power and distribution transformers, reactors, capacitors, gas-insulated switchgear and high-voltage switches, and runs turnkey substation, rail electrification, solar and energy storage projects in Taiwan. Electricity distribution products, which combine this heavy-electric equipment with low-voltage switches and circuit breakers, accounted for 72.19% of FY2025 product revenue; the rest came from automobile electrical components, automation equipment and digital product distribution. Taiwan Power Company was the largest customer in FY2025, and its power distribution products are exported to North America, Southeast Asia and the Middle East. Mitsubishi Electric held 21.16% of the shares as of April 2026 and licenses transformer, automotive and automation technology to the company under long-term agreements. The group has subsidiaries in mainland China, Vietnam and the United States.

Meidensha reports transformers, switchgear, surge arresters and substation equipment in its Power Infrastructures business group, which recorded net sales of ¥86.4 billion in the year ended March 31, 2025 (FY2024), about 29% of group net sales of ¥301.1 billion. Overseas, it makes transformers and switchgear in Singapore, transformers in India, vacuum circuit breakers in the United States and surge arresters in Germany. It has sold dry-air-insulated circuit breakers that use no SF6 gas since 2004 and launched a 123 kV model in 2025; EU F-gas rules bar fluorinated insulating gases in such equipment from 2028. The group’s other businesses cover water treatment and railway systems, EV drive components, vacuum capacitors for semiconductor equipment and equipment maintenance in Japan.

Chinese manufacturer, part of China Electrical Equipment Group, producing UHV equipment, smart grid systems, EV charging, rail transit electrification, and power automation products.

Schneider Electric Infrastructure acquired the electricity distribution business of Areva T&D India, now GE Vernova T&D India, through a demerger, and Schneider Electric held 75.00% of it at March 31, 2026 through Energy Grid Automation Transformers and Switchgears India and Schneider Electric Singapore. Its Vadodara plants make medium-voltage switchgear, ring main units and transformers, its Kolkata plants make vacuum interrupters and circuit breakers, and it also delivers E-houses, substation automation and SCADA systems for utilities, industrial plants, data centers and metro rail networks. The unlisted Schneider Electric India Private Limited, which acquired Larsen & Toubro’s electrical and automation business in August 2020, is a separate group company that bought ₹2.3 billion of goods from Schneider Electric Infrastructure in FY2025-26 and supplied it with ₹2.3 billion. The order backlog stood at ₹19.1 billion at March 31, 2026. Schneider Electric, the ultimate parent, is already on this list.

Korean supplier of power transformers, GIS, shunt reactors, and HV power cables for domestic and export grid projects.

Chung-Hsin Electric and Machinery (CHEM) designs and manufactures sulfur hexafluoride gas-insulated switchgear, gas circuit breakers and load break switches for Taiwan Power Company (TPC), independent power producers and large industrial users. It says it is the only Taiwanese manufacturer to have passed TPC’s localization evaluation for 345 kV GIS. The electrical machinery and energy business accounted for 70.38% of 2025 consolidated operating revenue, services 18.81% and engineering and other businesses 10.81%. Its Power Engineering Division builds turnkey substations and switchyards, including a 345 kV switchyard at TPC’s Datan Power Plant under the offshore wind grid reinforcement plan, awarded on December 18, 2025. Other operations include DoDohome parking management, the iCharging highway supercharger network, methanol-reforming fuel cell backup generators and processing chambers for Applied Materials.

Basque industrial group that moved from BME Growth to Spain’s main market (SIBE) in February 2026; designs and manufactures measurement transformers (up to 800kV), protection relays, network automation systems, and power quality equipment for high-voltage grid infrastructure worldwide. Three segments: Measurement & Monitoring Systems (72% of FY2025 revenue), T&D Grid Automation (17%), and Network Reliability (11%). FY2025 revenue was €508M, up 21% year-on-year. Operates across nine countries with EMEA and North America as primary markets. Executing a full SF6-free product transition ahead of EU regulatory deadlines.

Dongfang Electronics is a Yantai-based power automation company controlled by the Yantai municipal state-owned assets commission, and it is unrelated to generation-equipment maker Dongfang Electric. It sells dispatch systems, substation automation and protection devices, distribution terminals and smart meters, mainly through centralized State Grid and China Southern Power Grid tenders. Its three grid automation lines (dispatch and cloud, transmission and substation automation, and smart distribution and consumption) accounted for about 85% of FY2025 revenue of CNY 8.38 billion. Most of the remainder comes from industrial internet and smart manufacturing systems, energy storage integration, and integrated energy and virtual power plant services. Its registered business scope includes distribution transformers, but transformer revenue is not separately disclosed.

Guelph, Ontario–headquartered North American leader in dry-type and cast-resin transformers, harmonic filters, and power quality equipment; TSX-listed (HPS.A). Products are essential enabling hardware for data centers, EV charging infrastructure, renewable energy installations, and industrial electrification. Demand growth has been driven by large custom data center transformer orders. Commissioned ~C$100M of new custom transformer capacity at Monterrey 4 (Mexico) in 2025; additional C$100M expansion in 2026–2027. Completed the acquisition of AEG Power Solutions (enterprise value C$365M, announced February 2026) on June 29, 2026, adding advanced power electronics and a European market presence. Approximately 2,500 employees across 18 locations.

Ohio-based Nasdaq-listed manufacturer of precision hardware and fittings for overhead and underground energy transmission and distribution lines — armor rods, dead-end fittings, suspension hardware, spacer dampers, vibration dampers, substation connectors (PLP SubCon), and string hardware rated up to 1,100 kV. Energy products represent the majority of revenue, with communications products (fiber optic closures, FTTH hardware) making up most of the remainder. FY2025 revenue was $669.3M. Manufacturing in 20 countries, with a new Poland facility under construction to expand EMEA capacity. Leveraged to global transmission line construction and FTTH broadband rollout cycles.

Egyptian-headquartered cables, transformers, electrical products, and infrastructure group with broad MENA and African grid market exposure.

DAIHEN reports three segments: Energy Management, covering transformers, distribution equipment, power conditioners, storage battery systems and EV chargers; Factory Automation, covering welding, handling and wafer transfer robots; and Material Processing, covering welding and cutting machines and RF generators for semiconductor manufacturing equipment. Energy Management accounted for 53.3% of ¥226.3 billion in consolidated net sales in the fiscal year ended March 31, 2025. Transformer production also runs through subsidiaries including SHIHEN TECHNICAL, KYUHEN, Chugoku Electric Manufacturing and Tohoku Electric Manufacturing. In its integrated report published in October 2025, the company described a plan to consolidate custom industrial oil-immersed transformer production at SHIHEN TECHNICAL in Kagawa, where a new plant and an expanded existing plant are to raise output to about 3,000 units a year by the fiscal year ending March 31, 2028.

Nasdaq-listed US power technology company; Grid segment (81% of revenue in the quarter ended June 30, 2026) provides D-VAR® STATCOM reactive power compensation systems, medium-voltage capacitor banks and harmonic filters (NEPSI), DC rectifiers and industrial transformers (Neeltran), engineered power conversion for industrial and military applications (NWL), and large power and distribution transformers for utilities (Comtrafo, acquired December 2025 for ~$203M). Also supplies high-temperature superconductor (HTS) degaussing systems to the US and Canadian navies (Ship Protection Systems). Revenue was $94.1M in the quarter ended June 30, 2026, up 30% year on year and the company’s first quarter above $90M; 12-month backlog stood at more than $300M at that date, against group revenue of ~$48M in FY2017.

Chinese cable manufacturer producing bare conductors, power cables, and communication cables for grid applications.

Indian specialist manufacturer of oil-filled and dry-type transformers for power, industrial, and renewable energy sectors.

Indian manufacturer of power, distribution, furnace, and rectifier transformers for utilities and industry.

Indian transformer maker: power, distribution and furnace transformers, plus inductors for solar, wind and industrial applications.

Transformer specialist listed in India, covering power and distribution units up to 245 kV, mobile substations, and special application transformers.

Dutch specialist in prefab transformer substations, smart-grid solutions, EV charging infrastructure, and grid-scale energy storage systems.

Indian manufacturer of power transformers (up to EHV class), electric motors, drives, and turnkey EHV switchyard and substation solutions.

Switchgear and T&D equipment supplier in India, spanning power and distribution switchgear and industrial automation systems for utilities and industry.