Global Energy Monitor attributes about two-thirds of all gas plants under construction to three manufacturers. In Asia the split is GE Vernova 38%, Mitsubishi Heavy Industries 17%, Siemens Energy 16%.
Heavy-duty gas turbine order books now run years deep, and that lead time — not permitting, not capital — increasingly sets the pace at which new dispatchable capacity can reach a data centre. GE Vernova booked $38.1bn of 2025 revenue on the back of it.
The consequence is that an AI demand shock passes through a three-company gate before it becomes electricity. Worth holding alongside the interconnection-queue insight: even where the grid will connect you, the machine that makes the power has its own queue. One caveat on the figure — 17% of plants under construction had no attributable manufacturer at all, so even this has a hole in it.