In-depth analysis of the gas turbine industry: power supply methods, market size, supply-demand analysis, industrial chain, and in-depth review of related companies (produced by Huibo)

A leading domestic integrated equipment manufacturer and a globally recognized provider of industrial-grade green intelligent system solutions. 1) With a century-long heritage in the energy sector, the company pursues synergistic development across three core business segments: energy, industry, and services. Its core businesses comprise energy equipment, industrial equipment, and integrated services. The energy equipment segment covers coal-fired power generation, gas-fired power generation, wind power equipment, nuclear power equipment, energy storage systems, solar power generation, hydrogen energy, and more. 2) The company’s revenue has grown steadily over the past three years, while its net profit attributable to shareholders has maintained robust growth. In 2024, 2025, and Q1 2026, its operating revenues totaled RMB 116.186 billion, RMB 126.679 billion, and RMB 24.319 billion, representing year-on-year growth of 1.21%, 9.03%, and 9.32%, respectively. Net profit attributable to shareholders in those periods amounted to RMB 0.752 billion, RMB 1.206 billion, and RMB 0.380 billion, up 163.88%, 60.30%, and 30.15% year-on-year, respectively. Among the three major business segments, energy equipment contributes the largest share of revenue; meanwhile, the shares of industrial equipment and integrated services have slightly declined in recent years. In 2025, energy equipment, industrial equipment, and integrated services accounted for 56.09%, 28.47%, and 15.44% of total revenue from these three segments, respectively. The share of energy equipment rose steadily from 37.22% in 2020 to 56.09% in 2025—primarily driven by a recovery in the coal-fired power sector, supported by favorable policy tailwinds and rising sales revenue. With AI data center (AIDC) expansion, gas turbines have entered a new upcycle, marked by pronounced supply-demand gaps. The company is the sole Chinese heavy-duty gas turbine OEM capable of exporting. 1) Industry dynamics: ① AI data centers represent the core incremental driver of gas turbine demand. Coupled with energy transition imperatives and equipment replacement needs, this will propel the global gas turbine market into a new upcycle. As artificial intelligence advances rapidly, global data center construction is accelerating dramatically, causing electricity demand to grow exponentially. Given that AI computing centers operate continuously at high loads, require substantial power, and demand exceptional power supply stability and short construction timelines, conventional grid infrastructure often fails to meet their electricity needs. Gas turbines—owing to their short construction cycles, rapid startup capability, and stable power output—have become the core power solution supporting AI computing infrastructure. ② AIDC expansion could generate over USD 16 billion in incremental gas turbine installation capacity. According to McKinsey, global data center electricity demand is projected to rise from 82 GW in 2025 to 219 GW in 2030—an increase of 137 GW—with AI data centers accounting for approximately 156 GW (over 70%). Assuming 50% of this incremental electricity demand is met by gas turbines, the resulting incremental gas turbine demand would be ~68 GW. Assuming 30% is met by gas turbines, the estimated incremental demand would be ~41 GW. Using an approximate valuation of USD 4 billion per GW of gas turbine capacity, AIDC expansion between 2025 and 2030 could add USD 16.4 billion to the gas turbine market. Including after-sales service markets, the total incremental market size could exceed USD 49.3 billion.

Latest edition of 'Special Research and In-Depth Analysis Report on the Gas Turbine Industry': Supply shortages drive sustained growth in gas generator demand; the global gas turbine market is dominated by a few oligopolistic enterprises

On the supply side, gas turbines—widely adopted as the primary power source for data centers—are facing pronounced supply-demand imbalances. Orders at the three leading global gas turbine manufacturers are already booked through 2029–2030, compelling data center developers to seek alternative solutions. Gas generators offer advantages including faster delivery and greater flexibility; thus, amid gas turbine supply shortages, they are expected to emerge as the preferred alternative primary power source for data centers. Continued data center expansion will therefore sustainably boost demand for gas generators. II. Significant market potential exists for gas generators overseas. Major institutions continue revising upward their forecasts for U.S. data center power generation capacity. In July 2025, the U.S. Department of Energy (DOE) released its 'Assessment of Grid Reliability and Security in the United States', noting wide variation among institutional projections for incremental data center electricity demand by 2030—ranging from 35 GW to 108 GW. The DOE adopted a mid-point assumption of 50 GW, consistent with central forecasts issued by the Electric Power Research Institute (EPRI) in May 2024 and Lawrence Berkeley National Laboratory (LBNL) in December 2024. However, with the rapid advancement of AI and accelerated data center planning, EPRI’s February 2026 report, 'Updated Scenario Analysis of U.S. Data Center Electricity Demand and Power Strategies', revised its 2030 U.S. data center electricity demand forecast to 383–793 TWh (low/medium/high scenarios: 383, 596, and 793 TWh, corresponding to nominal installed capacity of 56 GW, 96 GW, and 132 GW, respectively)—an approximately 60% increase over its 2024 projection—to reflect the accelerated data center development observed over the past 18 months. Additionally, S&P Global has repeatedly raised its forecasts: in January 2026, it projected global data center installed capacity to reach 167 GW by 2030. III. The global gas turbine market is dominated by oligopolistic enterprises—including U.S.-based General Electric, Germany’s Siemens Energy, Japan’s Mitsubishi Heavy Industries, and the UK’s Rolls-Royce. The gas turbine industrial chain comprises upstream, midstream, downstream, and supporting services: upstream includes critical raw materials such as high-temperature alloys and key components like compressor blades—the core locus of technological barriers; midstream involves complete unit manufacturing and assembly, where system integration capability and manufacturing process expertise are paramount; downstream encompasses multi-sector applications and value-added services, which constitute the key value realization stage; and supporting services ensure orderly operation across the entire industrial chain. Globally, the gas turbine market is dominated by oligopolistic players—including General Electric (U.S.), Siemens Energy (Germany), Mitsubishi Heavy Industries (Japan), and Rolls-Royce (UK). Domestically, Dongfang Electric, Shanghai Electric, Harbin Electric, and Aero Engine Corporation of China (AECC) have achieved technological independence and localization breakthroughs. Competitive differentiation in the industry centers on R&D capabilities, manufacturing process sophistication, system integration proficiency, and brand influence. For comprehensive data and in-depth research on the gas turbine industry, please refer to Web Consulting’s latest publication: '2026 Special Research and In-Depth Analysis Report on China’s Gas Turbine Industry' For comprehensive data and in-depth research on the gas turbine industry, please refer to Web Consulting’s latest publication: '2026 Special Research and In-Depth Analysis Report on China’s Gas Turbine Industry'. I. Report Introduction

Ukraine's Naftogaz Considers Buying Gas-Turbine Compressors from Siemens

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Ukraine's state oil and gas company Naftogaz is evaluating the purchase of five gas-turbine compressor units from Siemens Energy to upgrade infrastructure. The potential deal is part of a €6.6 billion cooperation agreement signed during German Chancellor Merz's visit.

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