Transformers & Switchgear

Large power transformers are hand-built, need grain-oriented steel and copper, and have years-long lead times. Switchgear followed.

GOES steel + copper→Transformer→Switchgear→Substation

Tightness score ⓘ

#4 of 56

▲ Tightening

Supply concentration4

Lead time5

Capex intensity4

Geopolitical exposure3

Pricing power5

Lead time

24–48 mo

Theme 1M

−14.9%

% in uptrend

Metric to watch

Utility and data-centre transformer lead times, Korean transformer exports, and electrical-equipment backlogs.

What would prove us wrong

Weakens if lead times shorten sharply as Korean, Indian and Mexican capacity arrives.

Dependencies

Equal-weight · rebased 100 · 1Y

Stocks we track

Who controls this bottleneck

Roles, not recommendations. Delayed prices; local currency.

Stock	Role	Listing	Last	1D	1M	3M	YTD	Off 52w high	Next earnings
ETN Eaton	Electrical content per data-centre MW	NYSE US	$359.0	−0.44%	−11.9%	−20.2%	+14.0%	−21.7%	2027-02-02
HUBB Hubbell	Utility and campus electrical products	NYSE US	$438.0	−1.24%	−7.5%	−14.1%	−0.5%	−21.0%	2026-10-27
6501.T Hitachi	Hitachi Energy transformers and HVDC	TSE Japan	¥4,981.0	+0.63%	−13.6%	−10.8%	+2.8%	−14.7%	2027-01-28
SU.PA Schneider Electric	Switchgear, power and cooling for data centres	Euronext France	€242.5	+3.04%	−8.3%	−20.9%	+4.8%	−22.0%	—
ABBN.SW ABB	Electrification, drives and robotics	SIX Switzerland	CHF 70.42	−0.40%	−10.7%	−15.2%	+20.7%	−20.5%	2026-10-20
267260.KS HD Hyundai Electric	Large power transformers for US utilities	KRX Korea	₩421,000	+3.95%	−22.2%	−44.6%	−45.0%	−70.2%	2026-10-27
298040.KS Hyosung Heavy Industries	Transformers with US plant	KRX Korea	₩1,837,000	+2.45%	−14.0%	−37.4%	+3.1%	−60.1%	—
010120.KS LS Electric	Switchgear and transformers	KRX Korea	₩124,500	+2.13%	−29.7%	−40.3%	+35.9%	−60.9%	2026-10-21
POWL Powell Industries	Custom switchgear and power-control rooms	NASDAQ US	$141.8	−2.83%	−16.4%	−33.6%	+33.6%	−55.9%	2026-11-16

Auto-updated