Leading three manufacturers providing two-thirds turbines gas-fired power plants under construction

Three companies—GE Vernova, Siemens Energy, and Mitsubishi Power—control two-thirds of the global market for gas turbines in power plants currently under construction. While these firms are expanding through regional partnerships and promoting 'hydrogen-ready' technology, the report argues they face significant geopolitical and financial risks due to the rapid growth of renewables and the potential for gas power overcapacity.

• GE Vernova, Siemens Energy, and Mitsubishi Power dominate the global market for gas turbines in gas-fired power plants under construction, collectively holding two-thirds of the market. GE Vernova is the leader with nearly 55 GW of turbines under construction.
• Asia is the primary hub for new gas-fired capacity, containing more than two-thirds of the world's capacity under construction. Within Asia, GE Vernova holds a 38% market share, followed by Mitsubishi at 17% and Siemens Energy at 16%. China specifically has 151 GW of gas-fired capacity in development and approximately 46 GW under construction.
• Manufacturers are utilizing 'hydrogen-ready' turbines to justify new gas plant construction, but the report identifies this as a 'false solution' due to high costs and lack of infrastructure. Currently, 47% (about 82 GW) of turbines under construction can blend 50% hydrogen, including 20 GW from GE Vernova’s 9HA model. However, a 75% hydrogen blend only reduces CO2 emissions by 50%, and only 1% of global hydrogen is currently derived from renewable sources.
• Strategic partnerships in regions like China and Saudi Arabia expose manufacturers to geopolitical risks, as evidenced by Siemens Energy and GE Vernova being forced to exit joint ventures in Russia in 2022 and 2023 respectively. Additionally, the German government blocked the sale of MAN Energy’s gas turbine business to China-based CSIC Longjiang GH Gas Turbine Co. in July 2024.
• The business models of these manufacturers are heavily reliant on long-term service agreements, which are vulnerable to declining asset utilization as renewables replace gas. For GE, services account for 70% of revenue, with approximately 1,700 units under contracts averaging ten years in remaining life.

APA

Martos, J. (2024). Leading three manufacturers providing two-thirds turbines gas-fired power plants under construction. Global Energy Monitor. https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under

Chicago

Martos, Jenny. Leading three manufacturers providing two-thirds turbines gas-fired power plants under construction. Global Energy Monitor, 2024. https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under.

Wikipedia

{{cite report |last1=Martos |first1=Jenny |title=Leading three manufacturers providing two-thirds turbines gas-fired power plants under construction |publisher=Global Energy Monitor |date=29 August 2024 |url=https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{martos2024leading, author = {Martos, Jenny}, title = {{Leading three manufacturers providing two-thirds turbines gas-fired power plants under construction}}, institution = {Global Energy Monitor}, year = {2024}, month = aug, url = {https://globalenergymonitor.org/research/leading-three-manufacturers-providing-two-thirds-turbines-gas-fired-power-plants-under}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }