Beatrice Lang
General Electric Company (GE) is a conglomerate industry with a wide range of operations, including power, healthcare, aviation, renewable energy, and finance. With such a diverse portfolio, GE has several competitors across various industries. Some of the top comparable companies to GE include Siemens, 3M, Hitachi, Emerson, Philips, Northrop Grumman, and Rockwell Automation. These companies compete with GE in terms of market presence, financial stability, and product offerings. Other competitors like Pratt and Whitney in the aerospace and defence industry and Intel Corporation in the technology sector also pose significant competition to GE in their respective domains.
| Characteristics | Values |
|---|---|
| Company Name | Siemens, 3M, Hitachi, Emerson, Philips, Northrop Grumman, Rockwell Automation, Rolls-Royce, Intel Corporation, Pratt and Whitney |
| Industry | Conglomerate |
| Product Type | Electrical and electronic equipment |
| Area Served | Worldwide |
| Headquarters | Varies, e.g., Minnesota, Massachusetts, Connecticut, US; Chiyoda, Tokyo, Japan |
| Year Founded | Varies, e.g., 1902, 1910, 1925 |
| Founders | Varies, e.g., J. Danley Budd, Henry. S. Bryan, William A. McGonagle, John Dwan, Hermon W. Cable, Namihei Odaira |
| Business Operations | Varies, e.g., healthcare, worker safety, consumer goods, aviation, digital industry, renewable energy, aerospace, defence |
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What You'll Learn
- Siemens, 3M, Hitachi, Emerson, Philips, Northrop Grumman, and Rockwell Automation are all competitors of GE
- GE ranked 33rd in the Fortune 500 in 2020
- GE's revenue fell in 2020 due to the COVID-19 pandemic's air travel restrictions
- GE was formed in 1892 through the merger of Edison General Electric Company and Thomson-Houston Electric Company
- GE's businesses include GE Aerospace, GE Vernova, and GE Healthcare
Siemens, 3M, Hitachi, Emerson, Philips, Northrop Grumman, and Rockwell Automation are all competitors of GE
Siemens is a direct competitor of GE in the healthcare sector, specifically in medical equipment, imaging, diagnostics, and power generation. In 2017, Siemens controlled a slightly larger share of the global diagnostic imaging market, and its market share is expected to continue growing while GE's may decrease. Siemens has also received higher ratings than GE in several areas of company culture, including leadership, team culture, and compensation.
Hitachi Ltd. is another Japanese multinational conglomerate that competes with GE in various sectors. Hitachi has a global presence in 27 countries and offers a diverse range of products and services, including medical equipment, automotive systems, home appliances, and water treatment solutions.
Emerson, a global technology and engineering company, acquired GE's Intelligent Platforms business in 2019. This acquisition expanded Emerson's capabilities in machine control and discrete applications, positioning it as a competitor to GE.
Philips, specifically GE Healthcare, is another competitor in the healthcare sector. While GE Healthcare ranks higher in leadership culture and environment culture, Philips has a higher global brand ranking and its employees rate their CEO more highly.
3M, a diversified industrial company, has been compared to GE in terms of its potential for growth and brand recognition. However, 3M has faced challenges due to its exposure to global economic conditions and litigation risks.
Rockwell Automation is another competitor of GE, with GE having a significantly larger number of employees.
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GE ranked 33rd in the Fortune 500 in 2020
The American multinational conglomerate General Electric Company (GE) ranked 33rd in the Fortune 500 in 2020. This ranking places GE among the largest firms in the United States by gross revenue.
The Fortune Global 500, also known as Global 500, is an annual ranking of the top 500 corporations worldwide, measured by revenue. The list is compiled and published by Fortune magazine. The list includes companies from East Asia, North America, and Europe, with the majority of the top-ranked companies represented by the United States, China, Japan, Germany, France, and the United Kingdom. These countries are also the world's largest economies as estimated by the IMF.
GE's appearance on the 2020 Fortune 500 list marked its 23rd year on the ranking. The company has a diverse range of operations, including segments like power, healthcare, aviation, renewable energy, finance, transportation, and oil and gas.
In 2021, GE's CEO Larry Culp announced that the company would be broken up into three separate, public companies by 2024: GE Aerospace, GE HealthCare, and GE Vernova. This move came after a significant drop in revenue in 2020 due to restrictions on air travel during the COVID-19 pandemic.
Some comparable companies to GE include Siemens, 3M, Hitachi, Emerson, Philips, Northrop Grumman, and Rockwell Automation. These companies operate in similar industries and compete with GE in various markets.
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GE's revenue fell in 2020 due to the COVID-19 pandemic's air travel restrictions
General Electric (GE), a conglomerate company, has operations in several segments, including aviation, power, healthcare, and renewable energy. The COVID-19 pandemic significantly impacted the aviation industry, and GE was not immune to these effects.
The pandemic caused a sharp decline in air travel due to travel restrictions and a slump in demand among travellers. This resulted in a significant reduction in passenger numbers, leading to flight cancellations and planes flying empty between airports. The impact on the aviation industry was so severe that the International Air Transport Association (IATA) declared it the most drastic hit to the industry since World War II. As a result, the global aviation industry reported an estimated net loss of $118.5 billion in 2020.
GE's aviation business was likely affected by the pandemic-induced restrictions and the decline in air travel demand. With flights grounded and airlines struggling financially, GE's sales and services in this segment would have taken a hit, contributing to the overall revenue decline.
Additionally, the pandemic caused disruptions in global supply chains and logistics, particularly in mainland China, affecting GE's operations in various segments. The company's manufacturing and production capabilities may have been hindered by these disruptions, impacting their ability to generate revenue.
It is important to note that GE is a diverse company with operations in multiple industries. While the pandemic negatively impacted their aviation business, other segments may have experienced varying degrees of impact. For example, the healthcare segment may have seen increased demand due to the pandemic, potentially offsetting some of the losses in other areas.
Overall, the COVID-19 pandemic's restrictions on air travel and the subsequent decline in the aviation industry significantly contributed to GE's revenue fall in 2020. However, the conglomerate nature of GE's business may have provided some resilience through its operations in other segments.
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GE was formed in 1892 through the merger of Edison General Electric Company and Thomson-Houston Electric Company
General Electric Company (GE) is an American multinational conglomerate founded in 1892 through the merger of Edison General Electric Company and Thomson-Houston Electric Company. GE has a diverse range of operations, serving different markets. The company has multiple divisions, including aerospace, energy, healthcare, lighting, locomotives, appliances, and finance.
The formation of GE through this merger was a significant event in the history of electrification in the United States. By 1889, Thomas Edison had consolidated his various electricity-related companies under the name of Edison General Electric Company. This included the Edison Lamp Company, Edison Machine Works, Bergmann & Company, and the patent-holding Edison Electric Light Company.
In the same year, Edison's company acquired the Sprague Electric Railway & Motor Company, and in 1892, it merged with Thomson-Houston Electric Company, another electrical manufacturer. This merger was financed and supported by Drexel, Morgan & Co., a company founded by J.P. Morgan and Anthony J. Drexel. The consolidated entity, known as General Electric Company, began trading on the New York Stock Exchange in the same year.
The newly formed GE was led by Charles A. Coffin, who had previously headed Thomson-Houston. Thomas Edison, despite being appointed to the board of directors, attended only one board meeting and sold all his shares in 1894. However, he remained a consultant to GE and continued to receive royalties from his patents. GE's early years were marked by significant projects, including the construction of large AC motors and power transmission lines, solidifying its position as a major player in the electrification of the United States.
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GE's businesses include GE Aerospace, GE Vernova, and GE Healthcare
General Electric Company (GE) is a conglomerate with a diverse range of business operations, including power, healthcare, aviation, renewable energy, and digital industry, among others. GE's businesses encompass:
GE Aerospace
GE Aerospace is one of GE's key business areas, focusing on aviation and aircraft engines. The company operates in the design, manufacturing, and service of aircraft engines, catering to approximately 11,000 customers worldwide. GE Aerospace's innovative technologies and renowned services contribute to its position in the aerospace industry.
GE Vernova
GE Vernova is dedicated to accelerating the transition to more reliable, affordable, and sustainable energy globally. With a diverse portfolio of leading technologies, GE Vernova aims to electrify the world while reducing carbon emissions. The company plays a significant role in the energy transition with its technology base, including approximately 57,000 wind turbines and 7,000 gas turbines, generating about 25% of the world's electricity.
GE Healthcare
GE Healthcare, as a stand-alone company, is a leader in precision care and patient-focused technologies. It strives to provide integrated solutions that improve hospital efficiency, enhance clinicians' effectiveness, advance therapy precision, and promote better health outcomes for patients. GE Healthcare's innovative approach helps create a world where healthcare knows no bounds.
Comparable companies to General Electric include Siemens, 3M, Hitachi, Emerson, Philips, Northrop Grumman, and Rockwell Automation. These competitors operate in various industries, including electrical and electronic equipment, healthcare, technology, and aviation.
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Frequently asked questions
Some of GE's top competitors include Siemens, 3M, Hitachi, Emerson, Philips, Northrop Grumman, and Rockwell Automation.
GE and its comparable companies operate in a variety of industries, including electrical and electronic equipment, aerospace and defence, technology, and healthcare.
Yes, one notable difference is that GE has a more diverse range of operations, serving different kinds of markets. For example, GE operates in segments like power, aviation, renewable energy, transportation, and oil and gas, while some of its competitors may have a more focused range of business segments.
According to Net Promoter Scores, GE ranks 4th against its competitors, including Intel Corporation. GE's pricing, customer service, overall culture, and employee net promoter scores are also ranked 4th when compared to competitors, specifically below Rolls-Royce and Intel Corporation.
