Global Multi-Industry: Gas Turbine Market Q126: Global MW orders +43% y-o-y; Large GT share holding steady with smaller GTs

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Global Multi-Industry: Gas Turbine Market Q126: Global MW orders +43% y-o-y; Large GT share holding steady with smaller GTs

Equity Research

13 May 2026

Global Multi-Industry

Gas Turbine Market Q126: Global

MW orders +43% y-o-y; Large GT

U.S. Multi-Industryshare holding steady with smaller

NEUTRAL

European Capital GoodsGTs NEUTRAL

According to McCoy data, global GT orders in Q126 reached U.S. Multi-Industry

~29 GW (+43% y-o-y, after +134% in Q4). ENR had leading Julian Mitchell

+1 212 526 1661

market share regarding 3M '26 MW orders, with GEV following. julian.mitchell@barclays.com

Doosan emerges. BCI, US

European Capital Goods

Vlad Sergievskii

+44 (0)20 7116 1117

vlad.sergievskii@barclays.comGT market update / Mix of small vs large GTs

Barclays, UK

a) Market / market share overall:

TTM ordered capacity was up +71% in Q1 (after being up +72% in Q4) while TTM units

ordered were +106% y-o-y (after being +118% in Q4). The data reinforces our view that GTs

are one of the most attractive end-markets in MI at present.

For 3M 2026 period, Siemens Energy took the #1 spot with ~37% share (vs. ~39% share in

3M 2025). GEV was in the #2 position with a capacity share of ~32% (vs. ~32% share in 3M 2025).

Doosan Enerbility was at #3 with ~13% share (vs its ~0% share in 3M 2025).

b) Mix shift within GT market debate:

Investors are very focused right now on the potential shift within the GT market toward

smaller players / smaller MW turbines, amidst tight capacity in the large / HDGT segment,

which has created a 'window' for smaller units to fill the gap (esp. with Datacenter customers

directly; we do not think Utilities will buy these smaller units).

Investors are increasingly focused on questions such as the following:

1.