Baid expects transformer manufacturers to be the first to see new business. Cable and conductor makers could also gain as fresh orders move through the supply chain.
“This would impact the entire grid equipment value chain where there have been relative presence of the Chinese vendors,” Baid said.
Transformer makers seen as early beneficiaries
Baid said transformer manufacturers are likely to be the first beneficiaries because of their long lead times in supplying equipment to the US market.
She identified CG Power as one company that already has US orders, while Siemens Energy also has exposure to the market.
She added that GE Vernova had recently indicated discussions around supplying equipment for US data centers.
According to Baid, companies involved in cables and conductors, including Apar Industries and Polycab India, could also benefit as demand extends across the broader grid equipment value chain.
TD Power not a direct beneficiary
Baid said TD Power Systems is unlikely to be a direct beneficiary because its exposure is primarily to the cogeneration business rather than grid equipment.
She noted that companies such as Thermax and MTAR Technologies, through their exposure to Bloom Energy, also operate in the cogeneration segment serving US data centers.
According to Baid, while the executive order does not explicitly mention China, it is expected to have a similar impact to earlier measures adopted by Europe and India that restricted Chinese participation in strategic sectors, creating opportunities for alternative suppliers.
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