Global Gas Turbine Orders Soar to Record Quarter, JPMorgan Says
(Bloomberg) -- Global gas turbine orders hit a record in the April-to-June quarter on surging growth in power demand, according to JPMorgan Chase & Co.
About 38 gigawatts of orders were placed in the three months, up 29% from the first quarter and 71% from the same period last year, analysts including Phil Buller said in a note on Monday. The US remained the dominant market, accounting for nearly half the orders, they said.
Orders for gas turbines have surged in recent years due to the expansion of data centers and electrification. Natural gas burns more cleanly than coal, and offers more stable electricity than wind or solar power. The boom has led to shortages in some regions, including Southeast Asia, as a scarcity of turbines puts constraints on the delivery of planned capacity additions.
The rising demand is boosting costs. A combined-cycle gas turbine delivered in 2031 will be three times as expensive as one last year, the analysts said.
Siemens Energy AG booked the most orders in the second quarter, with about 12.5 gigawatts, followed by General Electric Co. at 11.3 gigawatts and Mitsubishi Power Ltd. at 5.3 gigawatts, according to the bank.
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