JPMorgan: Global Gas Turbine Orders Hit Record 38 GW

Global gas turbine orders hit a record 38 gigawatts (GW) in the second quarter of 2026, according to a JPMorgan analysis published by Bloomberg on August 11. The figure is up 29% from the first quarter and 71% year-on-year, with the United States accounting for nearly half of the total.

The driver is power demand from data centers and the reshoring of manufacturing. JPMorgan projects electricity consumption growth of around 2% per year over the next decade. Along the same lines, S&P Global reports that 2025 orders reached 51 GW, the highest level since 2000, and that data centers account for more than half of U.S. electricity demand growth through 2035. For the region, the figure matters because supply is concentrated among three manufacturers (Siemens Energy, General Electric, and Mitsubishi Power), and gas projects across Latin America are competing for the same manufacturing capacity.

Siemens Energy captured the largest share of quarterly orders at 12.5 GW; General Electric recorded 11.3 GW and Mitsubishi Power 5.3 GW, according to the JPMorgan analysis as reported by OilPrice. Equipment scarcity is showing up in lead times: delivery time for a combined-cycle plant rose to five years in 2025, up from three and a half years in 2023, and costs increased 49%, according to BloombergNEF. Wood Mackenzie projects turbine prices will rise 195% by 2027, to $600 per kilowatt, driven by the supply bottleneck. At the close of 2025, global orders stood at 110 GW against manufacturing capacity of between 60 and 70 GW.

Wood Mackenzie estimates that orders will peak in 2026, as developers secure equipment for 63 GW of new gas capacity between 2026 and 2030. The signal to watch is whether manufacturing expands its capacity, since every new plant's timeline in the region depends on it.

This article was produced with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.