Spurred by gas fired capacity awards of 65.4 gigawatts (GW) in the past two quarters, orders for gas turbines have reached a 20-year high, according to a report from TD Cowen analysts. The awards come as natural gas companies are working to keep up with rising power generation demands from utilities and data centers.

Gas fired capacity awards in first-quarter 2025 were 32.8 GW, following 32.8 GW in fourth-quarter 2024. Combined, the two-quarter total is the highest since March 2001, analyst Marc Bianchi said in a May 22 research report.

Gas fired capacity awards reached a 20-year high led by Saudi Arabia, the U.S. and China.

Siemens Energy recorded the strongest orders in the first-quarter.

Combined Cycle plants without corresponding gas turbine orders remain a tailwind to OEM order books. Bianchi said Cowen analysis suggests “~75% of planned capacity is covered by backlog and slot reservations through '28.”

A total of 21 GW of combined cycle projects have yet to order a gas turbine, largely in China and the U.S., “implying ~14GW of forthcoming gas turbine awards. Siemens Energy increased Gas Turbine award share to 39% in 1Q25, while GE Vernova and Mitsubishi declined to 31% and 21% respectively.”

GE Vernova and Siemens appear to be increasing capacity to about 60% of prior peak levels, of which 75% is committed through existing backlog and slot reservations through 2028, Cowen reported. An examination of lead times for recently placed orders “shows a surprising reduction in recent quarters.”

In the two-quarter period examined, combined cycle projects accounted for about 75% (50 GW) of the total led, by Saudi Arabia (20 GW), the U.S. (14 GW) and China (7 GW). Simple cycle projects (15 GW) were led by U.S. (8 GW).

TD Cowen Global gas fired generation orders
(Source: McCoy Power Reports, TD Cowen)
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