Global Gas Turbine Orders Hit Record High With 71 Percent Annual Jump; JPMorgan Cites Data Center Power Demand

According to Oilprice.com, citing JPMorgan and Bloomberg, global gas turbine orders reached 38 gigawatts in the second quarter of 2026, up 29 percent from the first quarter and 71 percent year over year. Among the three major gas turbine makers, Siemens Energy booked the most orders at 12.5 gigawatts, while General Electric and Mitsubishi Power received orders for 11.3 and 5.3 gigawatts respectively. The United States accounted for half of the new orders, driven largely by surging power demand from data centers. According to BloombergNEF data cited in the report, lead times for new combined cycle gas power plants have risen from three and a half years in 2023 to five years in 2025, with costs up 49 percent.