Global gas turbine orders reached a record in the April–June quarter of 2026 as electricity demand rose, according to JPMorgan analysts including Phil Buller. Orders totaled about 38 gigawatts of generating capacity, up 29% from the first quarter and 71% from the same period a year earlier.
The United States remained the largest market, accounting for nearly half of the generating capacity ordered worldwide during the quarter.
The expansion of data centers and the wider use of electricity have driven gas turbine orders higher in recent years. Natural gas produces lower emissions than coal when used to generate electricity, while gas-fired plants can provide steadier output than wind or solar power.
Supplies have tightened in several regions as orders have risen. In Southeast Asia, turbine shortages have delayed planned additions to power generation capacity.
Rising demand is also pushing up equipment costs. JPMorgan analysts estimated that combined-cycle gas turbines scheduled for delivery in 2031 could cost three times as much as they did in 2025.
Siemens Energy led second-quarter orders by generating capacity, with about 12.5 gigawatts, according to JPMorgan’s data. General Electric followed with 11.3 gigawatts, and Mitsubishi Power recorded 5.3 gigawatts.
