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

This research paper by Global Energy Monitor analyzes the market dominance of the top three gas turbine manufacturers—GE Vernova, Siemens Energy, and Mitsubishi Power—and the financial and geopolitical risks they face as the energy transition accelerates. The report highlights the industry's reliance on 'hydrogen-ready' technology and long-term service contracts as precarious strategies in the face of rising renewable energy capacity and potential gas power overcapacity.

• 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. GE Vernova is the market leader with nearly 55 GW of turbines under construction.
• Asia is the primary hub for gas-fired capacity under construction, accounting for more than two-thirds of the global total. In this region, 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 promoting 'hydrogen-ready' turbines to justify new gas plant construction, but the report argues this is a 'false solution' due to infrastructure gaps and low efficiency. 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 and joint ventures in regions like China and Saudi Arabia expose manufacturers to geopolitical risks. Examples include Siemens Energy selling its stake in a Russian joint venture in 2022, GE Vernova abandoning a Russian joint venture in 2023, and the German government blocking the sale of MAN Energy’s gas turbine business to a Chinese company in July 2024.
• The business model of turbine manufacturers is heavily dependent on long-term service agreements, which are tied to asset utilization. For GE, services account for 70% of revenue, with approximately 1,700 units under contracts averaging ten years. The report warns that as renewables replace gas—such as in the EU where wind and solar overtook fossil fuels in the first half of 2024—these assets may become underutilized and stranded.

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} }