IHI

What IHI does

IHI Corporation (株式会社IHI) is a Japanese diversified industrial conglomerate tracing its origins to 1854 (as Ishikawajima Hirata Works) and currently headquartered in Toyosu, Koto-ku, Tokyo, with shares publicly traded on OTCMKTS under ticker IHICY. The group operates across five primary business areas: aerospace systems (aircraft engines and MRO, with facility expansion at Tsurugashima), defense equipment (warships, weapons systems, and the Japan-UK-Italy next-generation fighter jet program), industrial machinery (turbochargers supplied as OEM to Lamborghini for a hybrid supercar, plus centrifugal compressors and separators), power systems (gas turbines, nuclear power components for SMRs, and ammonia-based energy solutions), and space propulsion (ArianeGroup Helix surveillance network and LEO satellite partnerships with NTT Data and Iceye). IHI is participating in the US-Japan nuclear energy infrastructure initiative within Japan's $550 billion US investment package, with project potential valued up to $100 billion, and has filed a world-first 100% ammonia-fueled gas turbine in partnership with GE Vernova targeting 2030 commercial deployment.

The group's wholly-owned subsidiary IHI Inspection & Instrumentation Co., Ltd. (IIC, 株式会社IHI検査計測), founded in 1974 and headquartered in Yokohama, is a specialized non-destructive inspection and measurement services provider. IIC delivers all five NDI methods (PT, UT, MT, ET, RT) plus advanced techniques including ultrasonic phased array, water-immersion UT, and eddy current array, alongside custom automated inspection device design. Its proprietary Fixed Adhesive Integrated FBG Sensor, co-developed with Nitto Denko and patented internationally (国際特許2021-546926), supports 5-year outdoor structural health monitoring with wireless remote data transmission. The subsidiary maintains 129 distinct workforce qualification types and NDI Level 3 certified specialists, serving aerospace, social infrastructure, energy, and automotive clients including VT-SHED evaporative emissions testing compliant with EPA, EU, CARB, and WLTP regulations.

IHI's revenue model is hardware-driven across the parent (engines, turbines, defense platforms, turbochargers, satellite hardware) and service-driven at IIC (custom-quoted inspection, measurement, testing, and CAE projects with no public pricing). The group sells through enterprise direct sales to defense ministries, airlines, and large industrial operators; OEM-embedded component supply (Lamborghini); channel partnerships (ArianeGroup, Iceye); and consortium participation for flagship programs (Eurolink for Messina Bridge, Japan-UK-Italy fighter jet). Recent activity includes the March 2026 divestiture of Ihi Power Services Corp. (50 US power facilities, 15 GW capacity) to Kyuden International Americas for $202.6 million, a planned 80% transfer of IHI Logistics & Machinery to Toyota Industries by May 2026, a considered absorption merger with IHI Segment Corporation in February 2026, and the imposition of Chinese export controls targeting IHI and its affiliates in response to defense-related activity.

Name

IHI

Website

https://iic-hq.co.jp

Company type

Public

Founded year

1854

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

IHI Corporation is a publicly-traded Japanese diversified industrial conglomerate operating across aerospace, defense, energy, industrial machinery, and space propulsion. Its IIC subsidiary provides non-destructive inspection, measurement, and testing services for aerospace, infrastructure, and automotive sectors globally.

Ownership category

akta.pro rank

Product category

Industrial Inspection and Measurement Services

NAICS

Electronic and Precision Equipment Repair and Maintenance (811210), Instruments and Related Products Manufacturing for Measuring, Displaying, and Controlling Industrial Process Variables (334513), Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511), Guided Missile and Space Vehicle Propulsion Unit and Propulsion Unit Parts Manufacturing (336415)

SIC

Industrial Instruments For Measurement, Display, And Control (3823), Aircraft Parts & Auxiliary Equipment, Nec (3728), Aircraft Engines & Engine Parts (3724), Guided Missiles & Space Vehicles & Parts (3760), Instruments For Meas & Testing Of Electricity & Elec Signals (3825)

akta.pro primary industry

Inspection Services (Ground, Aerial/Drone, Helicopter, Climbing) (EUADAJAC)

akta.pro secondary industries

NDT/Inspection & Testing Services (Aviation) (IMABALAJ), In-Service Inspection (ISI) & NDE (ASME Code, Ultrasonics, Eddy Current) (EUAKABAF), Aircraft Inspection, Quality Assurance & Airworthiness (IA Prep) (EDAOAFAE), Leak Detection, Emissions & LDAR Testing (OGI, methane, fugitive emissions) (EUAEAHAL)

Keywords

• Non-destructive testing
• Industrial inspection services
• Aerospace engine manufacturing
• Defense equipment manufacturing
• Ammonia gas turbines

Headquarters

HQ city

Yokohama-shi

HQ country

Japan

HQ region

Asia

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Supply Chain, Marketing or Sales

Revenue model

1. Aerospace Systems (including aircraft engines): Aircraft engine manufacturing and maintenance, civil aviation engine MRO services with facility extensions in Tsurugashima, Saitama Prefecture.
2. Defense Equipment: Defense equipment including naval vessels and weapons systems; Japan exported 11 warships to Australia. Growing export market following the lifting of post-WWII lethal weapon export ban.
3. Industrial Machinery (turbochargers, compressors): Turbochargers supplied to automotive OEMs including Lamborghini. Centrifugal compressors and separators for process industries.
4. Power Systems and Energy Transition: Gas turbines, nuclear power components, and ammonia-based energy solutions. Participation in US-Japan nuclear projects valued up to $100 billion. Ihi Power Services Corp. operated 50 facilities with 15 GW generation capacity before being sold to Kyuden.
5. Space Propulsion and Satellite Systems: Space propulsion systems; participation in ArianeGroup's Helix space surveillance network; satellite network development with NTT Data. Market projected to reach $26.43 billion by 2032.

Go-to-market motion4 records

Distribution channels4 records

Marketing channels3 records

Core offering

IHI Corporation (株式会社IHI), through its subsidiary IHI Inspection & Instrumentation Co., Ltd. (IIC), delivers non-destructive inspection, measurement, testing, and analysis services covering all five NDI methods (PT, UT, MT, ET, RT), plus CAE simulation and custom automated inspection equipment. The broader IHI Corporation manufactures aerospace engines, gas turbines, defense equipment (warships and weapons), nuclear power components, ammonia-fueled power generation systems, and automotive turbochargers, serving defense ministries, airlines, energy operators, and OEMs through enterprise long-term contracts.

Product overview

IHI Corporation is a diversified Japanese heavy industry company operating in industrial machinery, aerospace, defense, and energy sectors. Its subsidiary IHI Inspection & Instrumentation Co., Ltd. (IIC) provides a comprehensive suite of non-destructive inspection and measurement services, offering all five NDI methods (RT, UT, MT, PT, ET) as core services. The IIC portfolio includes advanced inspection technologies such as ultrasonic phased array (UPA), water-immersion UT, and eddy current array (ECA), complemented by specialized measurement services (strain, stress, vibration), testing/analysis, CAE, and custom equipment development. Key products include the Mobile EDDy® portable eddy current device, FBG fiber optic sensing systems for long-term structural monitoring, and VT-SHED evaporative emission testing. IHI Corporation also develops turbochargers for automotive applications and next-generation ammonia-fueled gas turbine technology in partnership with GE Vernova.

Differentiator

Problem solved

Functional benefit

Brands

• IIC (IHI Inspection & Instrumentation): Inspection, measurement, testing, and system development services including non-destructive testing (NDT), FBG sensors, and CAE services

Products and services

• Non-Destructive Inspection Services (NDI / Non-Destructive Testing) Comprehensive nondestructive inspection services across all five standard methods — Radiographic Testing (RT), Ultrasonic Testing (UT), Magnetic Testing (MT), Penetrant Testing (PT), and Eddy Current Testing (ET) — plus advanced phased-array, water-immersion, and eddy current array techniques, delivered by NDI Level 3 certified specialists for aerospace, infrastructure, energy, and industrial customers.
• Measurement Services Strain, stress, vibration, and temperature measurement services for structures and components, including high-temperature strain measurement up to 1,050°C and wireless telemetry-based measurement for rotating machinery such as turbine blades, shafts, and compressors.
• Testing and Analysis Services Materials testing and chemical/environmental analysis services compliant with JIS, ASME, and other international standards.
• CAE (Computer Aided Engineering) Services Numerical analysis and simulation services for engineering problem-solving, including stress, vibration, thermal, and structural analysis for customer designs.
• Equipment and System Development Custom inspection equipment and systems development tailored to specific customer requirements, integrating mechatronics and nondestructive testing capabilities.
• Automatic Inspection Device Design and Manufacturing Custom automated nondestructive inspection device design and manufacturing, capable of automating all five NDT methods (PT, UT, MT, ET, RT), leveraging mechatronics and nondestructive testing expertise.
• Mobile EDDy® Portable Eddy Current Testing Device Compact, lightweight portable eddy current testing device with proprietary sensors for stable inspection on coated surfaces and ferrous materials.
• FBG (Fiber Bragg Grating) Structural Health Monitoring System Long-life fiber optic FBG sensor-based monitoring for strain and temperature measurement, developed jointly with Nitto Denko; capable of 5-year outdoor deployment without external power via wireless remote monitoring. Protected by international patent (特許2021-546926).
• VT-SHED Evaporative Emission Testing Service Variable Temperature Sealed Housing Evaporative Determination testing service for measuring hydrocarbon emissions from fuel system components, compliant with EPA, EU, CARB, and WLTP regulations.
• High-Temperature Strain Measurement Service Strain and temperature measurement services for high-temperature environments up to 1,050°C using specialized high-temperature strain gauges and thermal spray sensors.
• Rotating Body Measurement Service Wireless telemetry-based measurement services for rotating machinery including turbine blades, shafts, and compressors, capturing strain, temperature, and torque data on moving parts.
• Gas Leak Monitoring System Gas leak detection and monitoring system with computer-based management, emergency shutoff, earthquake sensing, and alarm capabilities for hazardous gas safety in plants and facilities.
• IHI Turbochargers for Automotive Applications Turbocharger technology supplied as OEM components to automotive manufacturers, with Lamborghini selecting IHI turbochargers for its upcoming hybrid supercar.
• Aerospace Systems (Aircraft Engines and MRO Services) Aircraft engine manufacturing and civil aviation engine maintenance, repair, and overhaul services, with facility expansions at Tsurugashima, Saitama Prefecture, to meet growing airline demand.
• 100% Ammonia-Fueled Gas Turbine Technology Gas turbine technology capable of running fully on ammonia fuel, developed jointly with GE Vernova at IHI's Japan facility, targeting carbon-free power generation commercial application by 2030.
• Ammonia Fuel Conversion Technology Ammonia fuel conversion technology enabling existing fossil-fuel power plants to transition to ammonia combustion, co-developed with Babcock Power Services and Riley Power.
• Defense Equipment (Warships, Weapons Systems) Naval vessels and defense weapons systems for Japan and export customers; Japan secured a landmark order for 11 warships to Australia as the first major defense export after lifting the post-WWII lethal weapon export ban.
• Space Propulsion and Satellite Systems Space propulsion systems, participation in ArianeGroup's Helix optical space surveillance network (16th station in Japan, operational April 2026), and satellite network development with NTT Data and Sky Perfect JSAT for low Earth orbit observation.

Quantifiable outcome

• Ammonia-fueled gas turbine tested at 100% ammonia with GE Vernova, targeting commercial deployment by 2030
• +1 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered core / flagship, strategic and minor.

• ArianeGroupcore / flagshipTechnology or Integration · 2 April 2026ArianeGroup and IHI Aerospace signed a cooperation agreement to deploy and operate an optical space surveillance station in Japan — the 16th station in ArianeGroup's Helix network. Enhances surveillance across multiple orbits and provides continuous LEO object tracking for France and Japan.
• Royal Vopakcore / flagshipStrategic or Co-development Partner · 1 May 2025Rotterdam-based independent energy storage provider Vopak partnered with IHI in 2025 to jointly develop and operate an ammonia terminal in Japan, targeting commercial operations around 2030. Supported by Japan's GX Promotion Act for low-carbon energy infrastructure.
• X-energy Reactor Companycore / flagshipStrategic or Co-development PartnerIHI signed an MOU with X-energy to explore manufacturing nuclear-grade components for the Xe-100 small modular reactor, supporting US-Japan energy cooperation under Japan's $40 billion SMR investment initiative.
• IceyestrategicChannel Partner/ Reseller/ DistributorIceye, Finnish SAR radar satellite company, signed defense contracts with Finland, Poland, the Netherlands, and Japan's IHI. Poland deal valued at around EUR 200 million. IHI positioned as satellite data customer and defense sector partner for Japan's Iceye collaboration.
• NTT DataminorStrategic or Co-development PartnerNTT Data and IHI are developing satellite networks for low Earth orbit observation alongside Sky Perfect JSAT, which plans to launch 10 small satellites by 2028 for government and private client continuous imaging.
• Westinghouse Electriccore / flagshipStrategic or Co-development PartnerJapan and the US working to include a nuclear power project in Japan's $550 billion US investment package, with Westinghouse (owned by Cameco) considering pressurized water reactors and small modular reactors worth up to $100 billion. IHI, Mitsubishi Heavy Industries, and Toshiba expected to contribute engineering expertise.
• Mitsubishi Heavy Industries / Kawasaki Heavy Industries / IHI (Japan-UK-Italy Fighter Jet)core / flagshipStrategic or Co-development PartnerJapan, UK, and Italy are jointly developing a next-generation fighter jet. Japan's five major defense firms including IHI, Mitsubishi Heavy Industries, and Kawasaki Heavy Industries participate in this flagship multilateral defense program.
• GE Vernovacore / flagshipStrategic or Co-development PartnerGE Vernova and IHI successfully tested a gas turbine running fully on 100% ammonia fuel at IHI's facility in Japan — a world-first milestone toward carbon-free power generation technology, targeting commercial application for 2030.
• Babcock Power Services / Riley PowerminorStrategic or Co-development PartnerIHI signed collaboration agreements with Babcock Power Services and Riley Power for ammonia fuel conversion technology, enabling existing fossil-fuel power plants to transition to ammonia combustion.
• LamborghiniminorOEM/ Whitelabel/ Licensing PartnerLamborghini selected IHI Corporation's turbocharger technology for its upcoming hybrid supercar, marking IHI as an automotive OEM turbocharger supplier.
• Toyota Industries CorporationminorChannel Partner/ Reseller/ DistributorIHI Logistics & Machinery Corporation — a subsidiary handling logistics and machinery operations — is to have 80% of its shares transferred to Toyota Industries Corporation by May 2026.
• Eurolink Consortium (Webuild, Sacyr, IHI)strategicStrategic or Co-development PartnerIHI is a member of the Eurolink consortium leading the Italy-Japan Strait of Messina Bridge project (€13.5 billion), alongside Italian construction giant Webuild and Spain's Sacyr. Japan's PM Sanae Takaichi advocated for Japanese expertise in this project.

Scale indicators8 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Olympus Corporation (Industrial Solutions): Direct peer in nondestructive testing and industrial inspection equipment — particularly eddy current, ultrasonic and phased-array probes. Overlaps with IIC's full-method NDI product line and FBG/health-monitoring work.
• Bureau Veritas: Global TIC major; comparable in industrial asset inspection, nuclear in-service inspection and aerospace quality assurance, with a much larger geographic footprint than IIC.
• MISTRAS Group: US-listed NDT/NDE services and technology provider serving aerospace, energy and infrastructure. Direct competitor to IIC across ultrasonic, eddy current and structural health monitoring offerings.
• Mitsubishi Heavy Industries: Closest Japanese peer across the same diversified heavy-industry footprint — aero engines, defense equipment, gas turbines, nuclear components, and space propulsion. Participates alongside IHI in the GCAP fighter program and US-Japan SMR initiative, making it the single most directly comparable peer.
• Applus+: Global testing, inspection and certification (TIC) provider offering NDE, asset integrity and aerospace inspection services. Closely comparable to IIC's inspection-services revenue model and end-market mix.
• Kawasaki Heavy Industries: Japanese heavy-industry conglomerate with overlapping exposure to aircraft engines, aerospace components, gas turbines and defense naval programs. Joint participant with IHI in Japan's defense export framework and GCAP, sharing the same domestic conglomerate economics.

Broad incumbents

• Honeywell Aerospace: Diversified aerospace systems supplier (engines, avionics, guidance/navigation). Comparable to IHI on aero systems, guidance integration, and aerospace-grade industrial inspection instrumentation.
• Rolls-Royce: Global aero engine and propulsion OEM with deep MRO footprint; competes with IHI in aircraft engine MRO and gas turbine markets, providing a benchmark for the aftermarket model IHI is scaling at Tsurugashima.
• GE Vernova: Larger incumbent in gas turbines and power-generation equipment, currently IHI's joint-development partner on the 100% ammonia turbine. Competes globally with IHI in turbines and energy EPC, while opening IHI into clean-fuel technology.
• Hitachi: Japanese diversified industrial conglomerate with overlapping footprint in industrial machinery, rail/infrastructure, power systems and digital industrial software — broader than IHI but a comparable legacy diversified peer in the same domestic industrial base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@IIC1974

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IHI