Gas turbine orders grow as localization accelerates: GE Vernova raises guidance, and how can Chinese companies participate?

How fast is global gas turbine demand growing?

According to McCoy Power Reports, new global gas turbine orders reached approximately 38 GW in the second quarter of 2026, up 71% from approximately 22 GW in the same period of 2025. Orders totaled approximately 100 GW for the full year of 2025 and are expected to exceed 100 GW in 2026.
Construction of AI data centers is increasing electricity demand. Gas turbines start quickly, have strong peak-load regulation capabilities and have relatively short construction cycles, making them an option for filling power gaps in regions including the United States.

GE Vernova’s third-quarter 2026 results, released on 28 October, showed revenue of 12.6 billion dollars, up 27% year over year; new orders of 29.3 billion dollars, up 101%; and adjusted EBITDA of 1.94 billion dollars, up 123%.
The company raised its 2026 revenue guidance from 45.5 billion–46.5 billion dollars to 46.5 billion–47.5 billion dollars, its adjusted EBITDA margin guidance from 12%–14% to 13.5%–14.5%, and its free cash flow guidance from 11.5 billion–12.5 billion dollars to 16 billion–17 billion dollars.

The National Energy Administration and other authorities have proposed strengthening domestic gas turbine innovation capabilities by 2030, building an independently controlled industrial chain covering research and development, manufacturing, validation and maintenance, and achieving progress at key stages in pilot applications of heavy-duty gas turbines for power generation.
The policy supports the use of domestically developed gas turbines in gas-fired power projects. It also calls for stronger gas supply security, relatively stable natural gas supply prices for pilot projects, and support for first-of-a-kind equipment projects to generate and use more electricity. These measures cover key stages from equipment commissioning through operation.

Founder Securities believes capacity is tight at leading US companies and that related supply orders may spill over to China, where capacity is relatively ample. Whether overseas demand translates into orders for Chinese manufacturers depends on whether their products and capacity can meet that demand.
Haomai Technology has casting and precision machining capabilities for large energy equipment components, including gas turbine parts, and its production lines can switch between products. AECC Aviation Science and Technology’s international subcontracting projects have grown, and the company received GE Vernova’s Outstanding Partner Award.
Jereh disclosed that from November 2025 through the disclosure date of its 2026 half-year report, it had secured cumulative new orders exceeding 3.1 billion dollars for gas turbine generator sets and supporting equipment, equivalent to approximately 20.9 billion yuan. The orders represent equipment demand; delivery is still required before they become revenue.