Electrification Segment Boosted GE Vernova's 2024 Revenue: The Electrification segment contributed significantly to GE Vernova's revenue growth in 2024, primarily due to the increasing demand for software and solutions related to carbon tracking and conversion to electrical power sources1. This segment saw a 24% rise in revenue, reaching $1.7 billion. The growth in this segment is attributed to the broader trend of electrification and the need for grid modernization and high-voltage direct current (HVDC) technologies2.
- Power Segment Growth: The Power segment experienced a 6% increase in revenue, reaching $4 billion. This growth was driven by strong demand for gas-power services and hydropower equipment orders3. The robust backlog and order growth in advanced gas turbines and services underscore the segment's positive trajectory.
- Wind Segment Performance: Despite a 6% year-over-year revenue decline, the Wind segment faced challenges, primarily due to a drop in onshore wind sales. However, the company's focus on catching up with offshore backlog helped mitigate this impact1. The Wind segment's revenue fell to $1.7 billion, reflecting the ongoing transition and adjustments within the wind division.
In summary, the Electrification segment stood out as the primary driver of revenue growth for GE Vernova in 2024, supported by the Power segment's solid performance. The Wind segment faced some headwinds but showed resilience in managing its offshore backlog.