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Gas turbine orders hit record high as power demand accelerates
Second-quarter orders reached 38 GW, and lead times for new combined-cycle gas plants are now about five years, up from about 3.5 years in 2023.
OilPrice reports, citing JP Morgan, that global gas turbine orders have reached a record high as power demand rises. New orders in the second quarter totaled 38 GW, up 29% from the first quarter, and increased 71% year over year, according to the figures described in the coverage.
Among major turbine makers, Siemens Energy logged the most new orders in the second quarter at 12.5 GW. General Electric booked 11.3 GW, while Mitsubishi Power secured 5.3 GW.
The United States accounted for half of the new orders, OilPrice says, with electricity demand climbing alongside data center expansion. The report also notes that gas turbine manufacturers do not hold much inventory, contributing to shortages and longer waiting times.
OilPrice points to BloombergNEF data showing that combined-cycle gas plant lead times rose to five years in 2025 from about 3.5 years in 2023, while costs increased 49%. It adds that Wood Mac estimated global gas turbine orders at 110 GW at the end of 2025, versus manufacturing capacity of only 60 to 70 GW, and that Wood Mac expects orders to peak in 2026 as developers try to secure equipment for 63 GW of gas capacity additions from 2026 to 2030.