Power Equipment and Transformer Industry Trends — 2026-05-16

Top Orders

NoMIS Power — ARPA-E DC-GRIDS Consortium Supply Deal

• Equipment/Scope: 3.3kV SiC (Silicon Carbide) MOSFETs for high-voltage HVDC submodules.
• Timeline/Scale: Delivery timeline undisclosed; supplied within the ARPA-E national consortium framework.
• Strategic Significance: Secured direct supply rights for SiC semiconductors for the U.S. Department of Energy’s ARPA-E next-gen DC grid project. Signals accelerating SiC adoption in HVDC valves, hinting at a shift from traditional thyristor/IGBT-based HVDC structures.

1 sources

prnewswire.com

prnewswire.com

Siemens Energy India — Q2 FY2026 Order and Revenue Surge

• Equipment/Scope: Comprehensive power grid infrastructure (including transformers and grid solutions).
• Timeline/Scale: Q2 ending March 2026 revenue hit 239.4 billion rupees (up from 188 billion YoY); after-tax profit 37.5 billion rupees (+52.4% YoY).
• Strategic Significance: Confirms that India’s grid expansion demand is directly driving multinational OEM performance. Siemens Energy India is emerging as a core growth engine contributing to the parent company’s global backlog.

Siemens Energy Global — Record Q2 FY2026 Orders and Backlog

• Equipment/Scope: Full portfolio including gas turbines, grid solutions, transformers, and offshore HVDC.
• Timeline/Scale: Backlog exceeded €154 billion; pre-tax free cash flow increased by 42% in Q2.
• Strategic Significance: AI data center power demand and grid modernization are surging simultaneously, pushing the backlog to an all-time high. The company announced an additional €100 million share buyback to showcase financial strength.

1 sources

ad-hoc-news.de

ad-hoc-news.de

Manufacturer Announcements

Siemens Energy

• Update: Confirmed record quarterly orders in Q2 FY2026 and raised annual revenue and core margin guidance. Losses in the Gamesa (wind) division are narrowing. The CEO noted that geopolitical tensions in the Middle East have had a limited financial impact.
• Market Impact: The most aggressive guidance hike among global power equipment OEMs. Confirmed its competitive edge over GE Vernova in orders. Mix improvement is becoming visible through the expansion of high-margin grid solutions.

Hitachi Energy

• Update: Delivered a 380MVA power transformer utilizing low-carbon copper to the Hardebek substation near Hamburg, fulfilling part of a 2023 framework agreement with TenneT Germany.
• Market Impact: Serves as a tangible case for low-carbon material usage in power equipment, proving that compliance with European supply chain decarbonization regulations is becoming a core competitive factor.

GE Vernova (GEV)

• Update: Raised 2026 earnings and core margin forecasts. Gas turbine backlog surpassed 100GW, with total orders up by $13 billion. The CEO expects "very healthy" turbine pricing in Q2, driven by data center and grid demand.
• Market Impact: Stock price surged over 13% intraday to an all-time high. Reaffirmed its position as a sector leader driving re-rating in power equipment valuations. Maintaining CAPEX expansion in transformer and grid solutions.

Market & Financials

• Siemens Energy (India): FY2026 Q2 revenue 239.4 billion rupees (+27.4% YoY), net profit 37.5 billion rupees (+52.4% YoY).
• Siemens Energy (Global): Q2 backlog €154 billion (record high), pre-tax FCF +42%, €100 million share buyback announced.
• GE Vernova: Gas turbine backlog >100GW, total orders +$13 billion, FY2026 guidance raised. Stock price jumped +13% to record high.

Grid & HVDC Pipeline

• U.S. ARPA-E DC-GRIDS: NoMIS Power joined as a 3.3kV SiC MOSFET supplier for the DOE-led consortium. This is part of national R&D to implement next-gen DC grids and will impact HVDC component architecture once commercialized.
• European Grid Decarbonization: Hitachi Energy completed its first delivery of low-carbon copper transformers to TenneT Germany, establishing decarbonization as a key procurement standard in line with EU REPowerEU policies.

Supply Chain Watch

The U.S. power transformer market remains severely supply-constrained, with lead times extending up to 4 years. Developers are scrambling to secure imports and factory slots despite high prices. With Hitachi Energy’s delivery, the carbon footprint of copper is becoming a new variable in European procurement, potentially creating premium demand in the copper supply chain.

Insights — What to Watch Next

1. SiC Semiconductor HVDC Penetration: NoMIS Power’s inclusion in ARPA-E means SiC MOSFETs have moved beyond the lab. Watch for consortium roadmaps and potential announcements from ABB or Hitachi Energy regarding accelerated SiC adoption.
2. Siemens Energy vs. GE Vernova Backlog Gap: While both are at record highs, monitor how AI demand impacts their different portfolios—Siemens Energy (grid-heavy) vs. GEV (turbine-heavy)—ahead of Q3 results.
3. Low-Carbon Transformer Procurement: As Hitachi’s delivery sets a precedent, watch for EU CBAM updates; if extended to power equipment, it could directly affect export strategies for companies like Hyosung Heavy Industries, LS ELECTRIC, and HD Hyundai Electric.

Reader Action Items

• Investment/Business: With guidance hikes from Siemens and GEV, assess the impact on specialized material firms (electrical steel, copper winding) in the power value chain.
• Monitoring: Track news on NoMIS Power, ARPA-E DC-GRIDS, Hitachi Energy low-carbon copper transformer, and Siemens Energy backlog FY2026 weekly. Watch for updates on HD Hyundai Electric’s 765kV U.S. orders.
• Deep Dive: Research how SiC power semiconductors impact HVDC converter design and compare loss rates/cooling structures against traditional IGBT-based valves.