Hyundai Electric & Energy Systems(267260.KS)
South Korean manufacturer of large power transformers for US grid. Korea is the top import source for US LPTs by value. Hyundai Electric's transformer division has long-term US utility supply agreements.
manufactured · input
Custom electrical transformers rated 100+ MVA for bulk transmission substations and generator step-up duty. Virtually all U.S. LPTs are imported (principally from South Korea, Germany, Mexico, India, and China). Lead times reached 2–4 years by 2024. The U.S. has fewer than 20 domestic LPT manufacturers. The installed base is aging: many units are 40+ years old.
6
Source countries
7
Companies
1
Goods affected
0
Claims on record
What depends on it
1 essential American goods rely on large power transformers (lpts) & generator step-up units somewhere upstream in their supply chain.
Where it comes from
Share of global supply, by country.
| Country | Share of supply |
|---|---|
| KRSouth Korea | 25% |
| DEGermany | 20% |
| USUnited States | 18% |
| MXMexico | 15% |
| INIndia | 12% |
| CNChina | 10% |
Who makes it
7 companies produce large power transformers (lpts) & generator step-up units.
South Korean manufacturer of large power transformers for US grid. Korea is the top import source for US LPTs by value. Hyundai Electric's transformer division has long-term US utility supply agreements.
Siemens Energy AG (Munich, Germany; Xetra: ENR; spun off from Siemens AG in September 2020; ~€35B revenue) manufactures industrial gas turbines and centrifugal compressor systems for pipeline transmission applications. Key pipeline compression products: SGT-400 (13 MW), SGT-700 (32 MW), and SGT-800 (57 MW) industrial gas turbines coupled with STC-SH and STC-GH centrifugal compressor trains. Siemens Energy serves major European, Middle Eastern, and North American pipeline operators. Russian Gazprom historically used Siemens Energy gas turbines for its mainline compression on the Nordstream and Siberian pipeline systems — the 2022 Russia-Ukraine war and turbine sanctions created a supply crisis for Gazprom compression maintenance, demonstrating the geopolitical entanglement of pipeline compressor supply chains. Primary manufacturing at Ludwigshafen, Germany and Berlin. Siemens Gamesa (renewable energy) is majority-owned by Siemens Energy.
India's largest power transformer manufacturer; part of Murugappa Group. Revenue ~₹9B (2024). Produces LPTs (up to 765 kV) at Nashik and Kanjurmarg plants. Major exporter to the US, Europe, and Middle East. CG Power (formerly Crompton Greaves) has been growing its US market share as US utilities seek alternatives to Chinese and Korean suppliers. Became supplier to major US utilities including Duke Energy and Dominion.
Global power grid technology company; formerly ABB Power Grids (acquired by Hitachi in 2020). Revenue ~$12B (2024). Produces LPTs at plants in Varennes (Canada), Lodz (Poland), Halle (Germany), Jefferson City MO (US), and India. One of the three dominant global LPT manufacturers alongside Siemens Energy and GE Vernova. Hitachi Energy produces ~15% of US LPT imports. Long lead times (24–36 months) across all facilities.
US power management company; electrical sector revenue ~$15B (2024). Produces LPTs (and distribution transformers) at Aiken, SC plant — one of the few US-based LPT manufacturing facilities. Eaton Aiken is qualified for US government/DOE procurement. Also manufactures in Mexico (Juárez) for cost-competitive distribution transformers. 3+ year backlog for LPTs as of 2024.
One of the few US-based LPT manufacturers; part of SPX Technologies. Produces large power transformers at Waukesha, WI and Goldsboro, NC plants. Revenue ~$300M (est. 2024). SPX Transformer Solutions (formerly Waukesha Electric Systems) is one of only 4–5 manufacturers that will produce domestically-sourced LPTs for US utilities. Backlog extended to 3+ years as of 2024. Also manufactures distribution transformers.
Indian subsidiary of ABB Ltd. (Switzerland). Manufactures LPTs (up to 765 kV) at Nashik and Faridabad plants. Revenue ~₹12B (2024). Significant exporter to US and Europe. ABB India is a distinct entity from Hitachi Energy (which acquired the former ABB Power Grids); ABB India retained its medium-sized transformer business. Growing supplier to US utilities seeking non-China diversification.