Global power equipment manufacturers GE Vernova, Siemens Energy, ABB and Hitachi Energy are benefiting from rising investment in electricity transmission, gas turbines, transformers, switchgear and grid infrastructure.
Demand from AI data centres, renewable energy projects, industrial electrification and utility network expansion is driving substantial growth in equipment orders.
GE Vernova reported $197 billion in remaining performance obligations (RPO) during Q3 2026, while Siemens Energy disclosed a €162 billion order backlog.
ABB reported $32.3 billion in backlog, and Hitachi’s global Energy business recorded ¥10.5 trillion.
However, equipment orders do not immediately translate into revenue. Manufacturers must expand production capacity, manage supply chains and complete customer projects before recognising sales and generating cash.
GE Vernova, ABB and Hitachi figures relate to periods ending September 2026. Siemens Energy figures relate to its fiscal third quarter ending June 2026. Reporting definitions and currencies differ.
GE Vernova: $197 Billion Backlog Driven by Gas Turbines and Grid Equipment
GE Vernova reported $197 billion in RPO at the end of Q3 2026, an increase of $20 billion from the preceding quarter.
Orders reached $29.3 billion against revenue of $12.6 billion.
Its Power business generated $6.1 billion in quarterly revenue with a 21.4 percent EBITDA margin, while Electrification delivered $3.9 billion in revenue and a 19.1 percent margin.
Gas Power reported 64 GW of firm equipment backlog and another 58 GW of slot reservations.
The combined 122 GW demonstrates strong demand, although reservations are not equivalent to binding equipment orders.
GE Vernova converted 13 GW of reservations into orders and shipped 5 GW of turbines during the quarter.
Electrification backlog reached $42.2 billion, including $5 billion associated with Prolec GE.
The company’s investor relations announcements provide information on orders, financial performance and its expanding power equipment portfolio.
Major opportunities include gas-fired power generation, grid connections for data centres, renewable transmission infrastructure and high-voltage equipment.
Siemens Energy: €162 Billion Backlog Supports Grid and Gas Equipment Growth
Siemens Energy reported €162 billion in order backlog during Q3 FY2026.
Quarterly orders reached €17.9 billion, exceeding revenue of €11.4 billion and producing a book-to-bill ratio of 1.57.
Grid Technologies accounted for approximately €51 billion of backlog, while Gas Services represented around €73 billion.
Grid Technologies generated €3.6 billion in quarterly revenue with a 19.9 percent profit margin before special items.
Gas Services recorded €3.8 billion in revenue and a 17.3 percent margin on the same basis.
The Siemens Energy investor relations portal provides financial disclosures covering grid technologies, gas services and manufacturing investment.
The company is benefiting from demand for power transformers, HVDC transmission systems, grid stabilisation equipment and gas turbine services.
ABB: $32.3 Billion Backlog and 70 Percent Electrification Order Growth
ABB reported $32.256 billion in backlog at September 30, 2026, representing 35 percent annual growth.
Third-quarter orders increased to $12.055 billion, while revenue reached $9.701 billion.
The company’s book-to-bill ratio stood at 1.24.
ABB’s Electrification business reported approximately $16 billion in backlog, with orders increasing 70 percent.
Data-centre-related orders recorded triple-digit growth, reflecting demand for power distribution equipment and electrical infrastructure.
ABB also reported a 20.8 percent operational EBITA margin and $1.576 billion in free cash flow.
Its product portfolio includes medium- and low-voltage switchgear, circuit breakers, electrical distribution systems, automation and power management equipment.
Hitachi Energy: ¥10.5 Trillion Backlog Drives Transformer and HVDC Expansion
Hitachi’s global Energy business, including Hitachi Energy, reported ¥10.5 trillion in backlog at September 30, 2026.
Orders increased 47 percent year on year to ¥1,566.2 billion, while revenue rose 28 percent to ¥960.4 billion.
Adjusted EBITA margin reached 15.2 percent.
Hitachi Energy is expanding manufacturing to address demand for transformers, HVDC systems, substations and grid automation.
In India, the company announced approximately ₹2,000 crore of investment in a large power transformer manufacturing facility at Karjan, Gujarat.
The factory is scheduled for completion in fiscal 2028 and will support transmission networks, renewable energy projects, power generation and industrial customers.
The Hitachi Energy India announcements provide information on the company’s manufacturing expansion and grid projects.
Major Power Equipment Projects and Capacity Investments
Several projects illustrate the demand supporting global equipment manufacturers.
GE Vernova – India: The company was selected for a 6 GW, 800 kV HVDC transmission corridor connecting renewable energy resources in Barmer, Rajasthan, with South Kalamb.
Hitachi Energy – Gujarat: The ₹2,000 crore Karjan transformer facility will expand domestic manufacturing capacity for large power transformers.
Siemens Energy India: The company announced approximately ₹2,060 crore of investment to add 30,000 MVA of large-transformer manufacturing capacity, with operations expected during 2030–2032.
GE Vernova – High-voltage equipment: Its proposed acquisition of Trench, valued at approximately $9 billion, would strengthen its transmission equipment portfolio. The transaction remains subject to approvals and is expected to close in late 2027.
Power Grid Corporation of India – Khavda–Nagpur: The HVDC transmission development is among India’s major investments in transporting renewable electricity across long distances.
These projects represent different stages of development, including equipment selection, manufacturing investment, proposed acquisitions and transmission construction.
Additional Power Equipment Vendors Benefiting from Grid Investment
Beyond the four major manufacturers, several companies are positioned to benefit from expanding electricity infrastructure investment.
Schneider Electric supplies switchgear, electrical distribution systems, power management software and data-centre infrastructure.
Eaton manufactures power distribution equipment, switchgear, circuit protection systems and electrical solutions for utilities and data centres.
Mitsubishi Electric supplies power transmission equipment, gas-insulated switchgear, transformers and industrial electrical systems.
Toshiba Energy Systems & Solutions manufactures transformers, transmission equipment and other power infrastructure technologies.
Hyosung Heavy Industries and HD Hyundai Electric supply large power transformers and high-voltage electrical equipment.
Bharat Heavy Electricals Limited (BHEL) manufactures power generation equipment, transformers and transmission-related systems.
CG Power and Industrial Solutions supplies transformers, switchgear and industrial electrical equipment.
Transformers and Rectifiers India and Voltamp Transformers participate in India’s transformer manufacturing market.
Larsen & Toubro executes power transmission, substation and electrical infrastructure projects.
These companies have different product portfolios, financial profiles and order-book reporting practices.
India Power Grid Investment Creates Major Equipment Demand
India’s National Electricity Plan envisages transmission network expansion from approximately 5.09 lakh circuit kilometres in June 2026 to 6.48 lakh circuit kilometres by 2032.
Transformation capacity is projected to increase from 1,478 GVA to 2,345 GVA.
The Green Energy Corridor Phase III programme has an estimated outlay of ₹1,86,405 crore, including ₹1,36,378 crore for intrastate transmission and ₹50,000 crore for battery storage.
The programme aims to support evacuation of up to 135 GW of renewable electricity.
The government’s Green Energy Corridor Phase III approval outlines the planned transmission and storage investment.
Power Equipment Investment Outlook Through 2030
Large order backlogs provide revenue visibility for GE Vernova, Siemens Energy, ABB and Hitachi Energy, but execution will determine financial performance.
Investors should monitor order intake, book-to-bill ratios, backlog conversion, equipment deliveries, manufacturing capacity, profit margins and free cash flow.
Copper and steel prices, labour availability, component shortages and construction delays could affect profitability.
Equipment manufacturers with firm customer orders, reliable supply chains, expanding production capacity and disciplined pricing are better positioned to convert growing electricity infrastructure demand into sustainable revenue.
The key investment opportunity is not simply the size of the order backlog, but the ability to deliver transformers, turbines, switchgear and HVDC systems profitably as global electricity networks expand.
SHAFANA FAZAL
