Doosan Boston Consulting Group Matrix

Doosan Enerbility's hydrogen-fueled power generation segment is a Star in the BCG matrix, reflecting its ambitious growth strategy. The company aims for 3.4 trillion won in orders for its hydrogen and gas sector by 2025.

This position is bolstered by the global demand for carbon-neutral energy solutions. Clean hydrogen and gas power generation, especially when combined with Carbon Capture and Storage (CCS) technologies, represent a high-growth market opportunity.

Doosan Enerbility is actively demonstrating its commitment to this future by developing and showcasing its hydrogen gas turbines, positioning itself as a leader in the evolving energy landscape.

Doosan Robotics is a Star in the BCG Matrix, dominating the rapidly growing collaborative robot market. This sector is projected to grow at a CAGR of around 30% through 2029, and Doosan is at the forefront with investments in AI and humanoid robots.

Doosan Enerbility's Small Modular Reactor (SMR) business is also a Star, benefiting from the global push for nuclear power and decarbonization. The company aims for over 4 trillion won in annual orders for its nuclear segment starting in 2025, supported by collaborations with major SMR developers.

The company's hydrogen-fueled power generation segment is another Star, targeting 3.4 trillion won in orders by 2025. This growth is driven by the increasing demand for carbon-neutral energy solutions and Doosan's development of hydrogen gas turbines.

Doosan Bobcat's electric and autonomous compact equipment is a Star, capitalizing on the expanding market for sustainable construction machinery. The company aims for 70% of new product sales in North America and Europe to be electric or hybrid by 2030.

Doosan Enerbility's offshore wind power business is a Star, positioned within the expanding renewable energy sector. The global offshore wind market saw over 2.8 GW of new capacity installed in 2023, highlighting the significant growth opportunities.

Doosan Enerbility's forging and casting business is a prime example of a Cash Cow within its portfolio. This segment reliably supplies critical components to sectors like power generation and shipbuilding, demonstrating a stable demand base.

While not experiencing the rapid expansion seen in newer ventures like nuclear or hydrogen energy, this mature business likely holds a commanding market share in its niche. Its consistent profitability is a key strength, contributing significantly to the company's overall financial health.

For instance, in 2023, Doosan Enerbility reported that its forging and casting division, alongside its power plant business, formed the backbone of its revenue. Focusing on operational efficiency through infrastructure upgrades can further bolster the predictable cash flow generated by this established unit.

Doosan Bobcat's compact equipment, particularly in North America, continues to be a significant Cash Cow. This segment benefits from a strong brand reputation and a mature market where replacement sales and aftermarket services drive consistent revenue. For example, in 2024, this division reported a stable operating margin of 10.2%, underscoring its profitability.

Doosan Enerbility's conventional power plant equipment and services, excluding coal EPC, also function as a Cash Cow. This business leverages a substantial order backlog, which stood at 15.890 trillion won as of early 2025, ensuring predictable cash flow. This stability allows for strategic investments in newer energy technologies.

The forging and casting business within Doosan Enerbility is another key Cash Cow. It consistently supplies essential components to industries like shipbuilding and power generation, benefiting from steady demand. This segment's reliability was highlighted in 2023 when it, along with the power plant business, formed the core of the company's revenue.

Doosan Bobcat's material handling equipment, including forklifts, operates as a classic Cash Cow. Despite a slight market dip in 2024, its integration into Bobcat's global network and established customer base ensures continued cash generation. This supports broader investments in innovation and market expansion.

The termination of a substantial $270 million fuel cell system supply contract in April 2025 firmly places this specific project as a Dog within Doosan Fuel Cell's portfolio. This event highlights difficulties in both securing and successfully executing large-scale agreements in the fuel cell sector.

Despite the broader hydrogen fuel cell market's robust growth trajectory, this contract cancellation suggests that Doosan Fuel Cell may be experiencing challenges with resource allocation and achieving satisfactory returns from this particular contractual engagement, impacting its overall efficiency.

Doosan Enerbility's coal-fired EPC projects are a clear example of a Dog in the BCG Matrix, evidenced by the termination of major contracts like the Vung Ang 2 project in Vietnam, valued at approximately $1.3 billion. This strategic move signals a definitive shift away from coal power generation.

The global market for new coal power plants is shrinking rapidly due to stricter environmental regulations and a global push towards cleaner energy. For instance, the International Energy Agency noted a significant decrease in coal power capacity additions in 2023 compared to prior years, reflecting this trend.

These segments consume significant resources without offering substantial future growth. Doosan Enerbility is actively divesting from new coal projects, redirecting its expertise and capital towards renewable energy and advanced nuclear power.

Doosan Robotics' ventures into AI and humanoid robot technologies position them squarely within the Question Mark quadrant of the BCG matrix. These are cutting-edge fields with substantial growth prospects, but Doosan's current market penetration in these niche areas is likely minimal.

Significant capital expenditure is necessary for research, development, and market entry. For instance, the global collaborative robot market, which includes some of Doosan's existing offerings and serves as a foundation for their AI/humanoid ambitions, was valued at approximately USD 1.5 billion in 2023 and is projected to grow at a CAGR of over 15% through 2030.

The success of these investments hinges on rapid market adoption and technological advancement. Failure to gain traction could relegate these initiatives to the Dog category, requiring careful strategic management to either divest or revitalize their market position.

Doosan Fuel Cell's global expansion efforts into the hydrogen fuel cell market, while promising, currently place it in the Question Mark category. The company is investing heavily to build international brand recognition and establish supply chains, facing the challenge of converting its technological prowess into secured global contracts, as seen in recent deal issues.

Doosan Enerbility's advancements in offshore wind, particularly floating technologies, are also in a developmental stage, requiring significant capital without immediate guaranteed returns. Despite securing a key contract for the Hai Long offshore wind farm in Taiwan in 2024, the company must accelerate market penetration to compete effectively with established global players.

Doosan Robotics' foray into AI and humanoid robots positions it as a Question Mark due to the high investment needed for R&D and market entry in these nascent fields. The global collaborative robot market, a related sector, was valued at approximately USD 1.5 billion in 2023, highlighting the potential but also the competitive nature of these emerging technologies.

Doosan Bobcat's expansion into mowers and turf renovation equipment, bolstered by acquisitions like Bobcat of Illinois in late 2023, represents a strategic move into growth areas. However, gaining substantial market share in these segments requires considerable investment in marketing and product development to overcome established competitors.

Doosan Digital Innovation (DDI) is venturing into the external commercialization of its AI and Digital Transformation solutions, targeting a high-growth market. This pivot necessitates substantial investment in market development and sales infrastructure to establish a strong presence against established global IT service providers.