General Electric Analysis
What is General Electric?
Three standalone companies focused on aerospace, energy, and healthcare
Employees
10001+
Founded
1892
Industry
Renewable Energy
Market Share
60.3%
Product Features & Capabilities
- Commercial and military aircraft engines
- Wind and gas turbines
- Medical imaging and diagnostic equipment
- Digital industrial solutions
- Energy management systems
Use Cases
Power commercial flights globally with advanced engines; Generate electricity through renewable and gas solutions; Serve patients with innovative healthcare technologies; Optimize energy efficiency for industrial applications; Enhance aviation safety and performance through advanced analytics
Other Considerations
Approximately $32B in annual revenue for GE Aerospace; Approximately $33B in annual revenue for GE Vernova; Approximately $19B in annual revenue for GE HealthCare
Competitors
- Siemens AG - A German multinational company that operates in various sectors, including energy. Siemens is a major competitor of GE in the production of gas and steam turbines, generators, and renewable energy solutions.
- Schneider Electric - A French multinational corporation that specializes in energy management and automation solutions. Schneider Electric competes with GE in providing technologies for energy efficiency and sustainability.
- Mitsubishi Electric - A Japanese multinational electronics and electrical equipment manufacturing company. Mitsubishi Electric competes with GE in the energy sector, particularly in power generation and transmission technologies.
- ABB Ltd. - A Swiss-Swedish multinational corporation that operates in robotics, power, and automation technology. ABB is a key competitor in the energy sector, focusing on electrification and automation solutions.
- Emerson Electric Co. - An American multinational corporation that provides technology and engineering services for industrial, commercial, and consumer markets. Emerson competes with GE in automation solutions and energy management.
- Hitachi Energy - A subsidiary of Hitachi, focusing on power and energy solutions. Hitachi Energy competes with GE in the areas of grid solutions and renewable energy technologies.
Recent News
Recent developments related to General Electric (GE) in the energy field include the following highlights:
- GE Vernova's Financial Performance - GE Vernova, the company's energy division, reported $10.6 billion in revenue during the last quarter of 2024, marking a 5% increase from the previous year.
- Offshore Wind Business Challenges - GE's offshore wind segment faced significant losses, amounting to approximately $1.1 billion in 2023. However, the company is focusing on a $4 billion backlog, indicating potential future growth and recovery in this area.
- Improvements in Renewable Energy Losses - GE Vernova's renewable energy sector reduced its losses to $1.44 billion in 2023, an improvement from a $2.24 billion deficit in 2022.
- Corporate Restructuring - GE has announced plans to split into three public companies, focusing on aviation, healthcare, and energy.
Sustainability Initiatives
General Electric (GE) engages in several sustainability initiatives and practices across its various sectors. Key initiatives include:
- Decarbonization Goals - GE aims to achieve net-zero carbon emissions for its operational emissions by 2030 and supports the industry's goal of net-zero by 2050.
- Sustainability Framework - GE Vernova, a part of GE, follows a sustainability framework focused on four pillars: Electrify, Decarbonize, Conserve, and Thrive.
- Aerospace Sustainability - GE Aerospace is committed to achieving net-zero carbon emissions by 2050, focusing on sustainable aviation technologies and practices.
- Carbon Capture Projects - GE is involved in projects aimed at integrating carbon capture technologies, such as a recent initiative funded by the U.S. Department of Energy.
- Partnerships for Sustainability - GE has formed partnerships, such as with AWS, to drive digital innovation and improve sustainability in operations, particularly in data centers.
- Comprehensive Reporting - GE publishes annual sustainability reports that detail their progress and strategies in sustainability, including their environmental, social, and governance (ESG) commitments.
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