Global Gas Turbine Orders Hit Record 38 GW High

Global orders for gas turbines reached a record high of 38 GW in the second quarter of 2026, representing a 29% increase from the first quarter and a 71% increase year-over-year. The United States accounted for half of these orders, fueled by surging electricity demand from AI advancement, the proliferation of data centers, and the onshoring of manufacturing.

Siemens Energy led the market with 12.5 GW in orders, followed by General Electric with 11.3 GW and Mitsubishi Power with 5.3 GW. This surge has triggered a severe supply squeeze, as a global manufacturing capacity of 60-70 GW is insufficient to address a backlog of 110 GW.

As a result of the capacity gap, lead times for new combined-cycle gas power plants have extended from three and a half years in 2023 to five years in 2025. Costs for these plants have already increased by 49%, and Wood Mackenzie predicts that gas turbine prices will rise by 195% by 2027.