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

−20.0%

% 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	$370.0	−6.03%	−15.4%	−15.4%	+17.1%	−19.6%	2026-11-03
HUBB Hubbell	Utility and campus electrical products	NYSE US	$422.4	−3.60%	−9.5%	−11.0%	−4.0%	−23.8%	2026-10-27
6501.T Hitachi	Hitachi Energy transformers and HVDC	TSE Japan	¥5,094.0	+0.45%	−7.2%	+4.8%	+5.1%	−12.8%	2027-01-28
SU.PA Schneider Electric	Switchgear, power and cooling for data centres	Euronext France	€237.5	−4.08%	−18.8%	−20.6%	+2.7%	−23.6%	—
ABBN.SW ABB	Electrification, drives and robotics	SIX Switzerland	CHF 70.68	−3.34%	−11.2%	−13.4%	+21.1%	−20.2%	2026-10-20
267260.KS HD Hyundai Electric	Large power transformers for US utilities	KRX Korea	₩424,500	−3.63%	−37.7%	−39.7%	−44.7%	−70.0%	2026-10-27
298040.KS Hyosung Heavy Industries	Transformers with US plant	KRX Korea	₩1,809,000	−5.34%	−35.5%	−22.2%	+1.6%	−60.7%	—
010120.KS LS Electric	Switchgear and transformers	KRX Korea	₩149,600	−5.56%	−27.0%	−14.8%	+63.3%	−53.0%	2026-10-21
POWL Powell Industries	Custom switchgear and power-control rooms	NASDAQ US	$156.3	−7.25%	−18.0%	−28.9%	+47.2%	−51.4%	2026-11-17

Auto-updated