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

−18.4%

% in uptrend

11%

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	$373.1	+1.92%	−15.2%	−3.2%	+18.1%	−18.9%	2026-11-03
HUBB Hubbell	Utility and campus electrical products	NYSE US	$459.8	+2.62%	−1.4%	−4.6%	+4.5%	−17.1%	2026-10-27
6501.T Hitachi	Hitachi Energy transformers and HVDC	TSE Japan	¥5,533.0	−0.52%	+1.2%	+15.7%	+14.1%	−5.3%	2026-10-28
SU.PA Schneider Electric	Switchgear, power and cooling for data centres	Euronext France	€235.5	+1.77%	−19.1%	−8.3%	+1.8%	−24.3%	—
ABBN.SW ABB	Electrification, drives and robotics	SIX Switzerland	CHF 69.70	+2.83%	−13.1%	−8.7%	+19.4%	−21.3%	2026-10-20
267260.KS HD Hyundai Electric	Large power transformers for US utilities	KRX Korea	₩447,000	−4.89%	−37.4%	−43.7%	−41.8%	−68.4%	2026-10-27
298040.KS Hyosung Heavy Industries	Transformers with US plant	KRX Korea	₩1,853,000	−1.28%	−36.5%	−30.8%	+4.0%	−59.7%	—
010120.KS LS Electric	Switchgear and transformers	KRX Korea	₩152,900	−2.55%	−26.8%	−19.8%	+66.9%	−52.0%	2026-10-21
POWL Powell Industries	Custom switchgear and power-control rooms	NASDAQ US	$157.2	+4.15%	−17.1%	−21.8%	+48.1%	−51.1%	2026-11-17

Auto-updated