They are the indirect stars of artificial intelligence. Gas turbines, which are engineering gems at the heart of gas-fired power plants, are experiencing unprecedented popularity, driven by a surge in energy demand from American tech giants to power their data centers. Over several months, orders increased, putting pressure on a market controlled by a handful of producers.
GE’s Vernova backlog is so full that America is unable to deliver new turbines before 2028 and is already in commercial negotiations for 2030 and even 2031. A similar situation exists between its two main competitors, Japan’s Mitsubishi Power and Germany’s Siemens Energy. This increase led to a surge in the stock markets of these three companies, which provide nearly three-quarters of the world’s production capacity each year.
According to figures from the company Rystad published in mid-October, the global gas turbine market is expected to exceed 85 gigawatts (GW) of annual orders by 2025, an increase of nearly 50% compared to 2024. A sudden turnaround has occurred for the industry, which for a while appeared to be in decline amid the rise of renewable energy. “Gas turbines will die in 2022-2023”testified in February, at an energy conference in Dallas, Richard Voorberg, then president of Siemens Energy in North America.
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