GE Vernova, Siemens Energy, and Mitsubishi Power are the top three gas turbine manufacturers leading the global market for gas-fired power plants under construction. These companies collectively hold two-thirds of the market share, with GE Vernova at the forefront, managing nearly 55 gigawatts (GW) of turbines currently being built, according to a recent report by Global Energy Monitor.
Asia has emerged as the key battleground for these manufacturers, as more than two-thirds of the world’s gas-fired capacity under construction is located in the region.
GE Vernova leads the Asian market with a 38 percent share, followed by Mitsubishi Power at 17 percent, and Siemens Energy at 16 percent.
China, which has 151 GW of gas-fired capacity in development and about 46 GW under construction, remains a focal point for these companies. GE Vernova provides 39 percent of the gas turbines in China, either directly or through its joint venture with Harbin Electric General, while Mitsubishi Power’s joint venture, Dongfang Electric Corporation, accounts for 25 percent.
In the Middle East, GE Vernova has made significant strides with its joint venture, GE Saudi Advanced Turbines (GESAT). The facility recently rolled out its first H-class gas turbine, marking a milestone for the region’s manufacturing capabilities.
However, the future of gas turbines is not without challenges. Manufacturers are heavily investing in “hydrogen-ready” turbines that could potentially use hydrogen as a fuel source, a move that some argue is a false solution to the climate crisis.
The Institute for Energy Economics and Financial Analysis (IEEFA) has highlighted significant barriers to the widespread adoption of hydrogen, including a lack of supply, pipeline infrastructure, and storage capacity. Despite these hurdles, manufacturers like GE Vernova continue to develop turbines capable of blending up to 50 percent hydrogen, betting on gas power’s continued relevance in the global energy mix.