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Gas turbine demand is outrunning factory capacity, Mitsubishi Power executive says

Andre Savage
Published Oct 27, 2026
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Summary:
  • Mitsubishi Power Asia Pacific CEO Akihiro Ondo said some delivery timelines are now "around 2031," with 2028 and 2029 slots nearly full.
  • Mitsubishi Heavy Industries said in 2025 it aimed to lift production capacity twofold within two years.
  • Orders are being fueled by data centers, manufacturing, and electrification, with most demand from North America and growing interest in Asia.

Backlog stretches into 2031

Speaking on Tuesday at Singapore International Energy Week, Akihiro Ondo put a date on the wait. "We're talking about delivery at around 2031," he said, adding that production slots for 2028 and 2029 are close to booked out. He also expects gas demand "will be continuously growing."

That queue is forming even as global benchmark gas prices have climbed to a four-year peak, a move linked to the war in the Middle East constraining flows from the Persian Gulf.

What is driving the squeeze

Manufacturers cannot match the surge. Demand for gas-fired plants has jumped alongside the buildout of data centers, heavier industrial activity, and the push to electrify more of the economy. The market is led by three heavyweights - Mitsubishi, GE Vernova, and Siemens Energy - and they are all racing to keep up.

In 2025, Mitsubishi Heavy Industries Ltd. - which owns Mitsubishi Power - stated it planned to double production capacity within the next two years.

Market shifts create opportunities for investors who learn to use smarter tools today. We're hosting our first ever investor livestream on 11/17 to show you how to use ChatGPT and Claude to invest like a pro, hosted by Briefs Finance CEO Jaspreet Singh. Save your seat.

Regional demand and orders

Ondo expects new global orders this year to land around 70 to 80 gigawatts, which he described as well above typical levels. Most buying is still coming from North America, though interest in Asia is picking up.

Within Asia, he sees the strongest openings in Southeast Asia, calling out Malaysia and Singapore as standouts as artificial intelligence needs add to the pull for gas turbines.

What this means for your portfolio

In plain English: gas remains a favored bridge fuel, cleaner than coal and able to backstop wind and solar when output swings. Longer lead times and high order volumes underscore tight supply across the turbine makers, with North America anchoring demand and Southeast Asia turning into a growth spot. If your exposure touches these manufacturers or the utilities and data center operators ordering from them, pay attention to delivery windows and capacity signals.

Staying curious about evolving industries helps investors find an edge with better tools. On 11/17, our CEO Jaspreet Singh goes live for our first ever investor livestream on how to use ChatGPT and Claude to invest like a pro. Register to join him.

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