Mémoire-projet, (partim Mémoire)

Abstract

The Belgian energy sector is undergoing a profound transformation driven by electrification, decarbonization, and increasing grid complexity. Within this context, GE Vernova Grid Automation Belgium faces the challenge of sustaining growth while operating with limited resources and a strong dependence on a small number of strategic customers, particularly in the transmission segment. This thesis investigates the most relevant and feasible growth opportunities for the company through a combination of literature review, market analysis, internal data, and semi-structured interviews with industry stakeholders. The analysis evaluates potential development axes based on market attractiveness, accessibility, portfolio fit, and execution feasibility.

The findings show that diversification into adjacent markets such as DSOs, industrial customers, and EPC-driven projects presents opportunities but also significant barriers related to competition, resource requirements, and market access. In contrast, the company’s installed base emerges as its most valuable strategic asset, offering opportunities for recurring revenue through services, maintenance, retrofits, and lifecycle management.

The study concludes that sustainable growth should be built on three priorities: strengthening service activities, protecting and expanding the transmission core business and selectively pursuing industrial opportunities through targeted partnerships. Instead of pursuing large diversification. Long-term success depends on leveraging existing strengths through a focused and disciplined growth strategy.