Gas Turbine Orders Soar to Record High Amid Power Demand Boom
Global gas turbine orders hit an all-time high in the second quarter of this year. According to JPMorgan Chase & Co., a total of 38 gigawatts of orders were placed between April and June, representing a 29% increase from the previous quarter and a staggering 71% rise from the same period last year.
The US remained the dominant market for gas turbines, accounting for nearly half of all orders. Analysts at JPMorgan pointed to growing demand for power as the driving force behind the surge in orders. The expansion of data centers and increasing electrification have led to a significant boost in gas turbine sales.
However, this growth has come at a cost. A combined-cycle gas turbine delivered in 2031 is expected to be three times more expensive than one purchased last year. Siemens Energy AG booked the most orders during the second quarter, followed closely by General Electric Co. and Mitsubishi Power Ltd.