Siemens Energy books 15 GW in gas turbine orders as US data centre demand drives quarterly sales to €10 billion
Manufacturer reported 62% sales growth and expanded capacity 30% to meet accelerating orders, with executives naming data centres as primary driver.
Siemens Energy booked 15 GW of gas turbine orders during its fiscal third quarter ended June 30, pushing sales in the gas services division 62% higher year-on-year to €10 billion ($11.6 billion), chief financial officer Maria Ferraro told analysts last week (week of 2026-08-03). The company shipped 6 GW of turbines during the quarter and reported a total gas services backlog of 69 GW, according to an earnings presentation.5
The order surge reflects accelerating demand for gas-fired generation in the United States and Asia, driven largely by data centre expansion. Christian Bruch, Siemens Energy's president and chief executive, said the company had brought approximately 30 additional units of medium-sized gas turbine manufacturing capacity online since 2025 to keep pace. "We had seen over the last quarters a lot of capacity going into data centers and the U.S.," Bruch told analysts.5
With the expanded manufacturing footprint, Siemens Energy expects to deliver 15-16 GW of gas turbines this year. The company also plans to expand its transformer and gas-insulated switchgear manufacturing capacity by roughly 50% by 2030. Ferraro said the grid technologies division, which makes transformers and other transmission equipment, held a €51 billion ($59 billion) order backlog as of June 30.5
Bruch projected the addressable market for gas turbines could reach 120 GW annually, with about half originating in the United States. US companies are on track to spend $50 billion on coal and gas-fired power generation this year, according to International Energy Agency data reported by the Financial Times in early July (2026-07-01) — the first such surge in a decade. The IEA reported US companies placed orders for 20 GW of gas turbine capacity in the first quarter of 2026 alone.5,2
US natural gas production is climbing in tandem with the turbine orders. Marketed output in the Lower 48 states averaged 117.2 billion cubic feet per day during the first quarter of 2026, up 4% year-on-year, according to the US Energy Information Administration. The EIA forecasts Lower 48 marketed production will rise 3% this year versus 2025, driven largely by the Permian basin, where output is expected to reach 29.2 Bcf/d in 2026, 6% above last year.1
The Haynesville shale, a gas-focused play in Louisiana and Texas, is forecast to grow 6% this year and 8% in 2027, the EIA said. Permian growth is expected to accelerate to 10% next year once infrastructure constraints ease. NYMEX Henry Hub front-month gas settled at $2.78 per million British thermal units on Sunday (2026-08-09), down 0.36% on the session.1
Siemens Energy's order intake offers a granular view of the investment wave tied to power demand growth from artificial intelligence and cloud computing. The company's backlog now covers roughly four years of production at its expanded run rate, assuming 16 GW of annual deliveries.
Asia accounts for much of the demand outside the United States, though Bruch did not break out specific country contributions during the earnings call. Global liquefied natural gas trade reached a record 437 million tonnes in 2025, up 6.3% year-on-year, with the United States contributing the largest volume increase, according to a July (2026-07-07) report from the International Gas Union. Higher Asian LNG imports typically support gas-fired generation capacity additions in countries with limited pipeline access.3
The manufacturing expansion by Siemens Energy comes amid a broader boom in energy sector earnings. The energy sector posted 128% year-on-year earnings growth during the second quarter of 2026, well above the S&P 500 average of 38%, according to FactSet data released in early August (2026-08-03). Brent crude averaged $92.55 per barrel during the second quarter, 45% above the first-quarter 2026 average of $63.68 per barrel, lifting upstream and refining margins.4
The next signal will be whether US utilities begin retiring coal capacity faster than expected to accommodate the new gas units, which would tighten coal markets and widen the gas-to-coal price spread. The other variable is whether Asian buyers accelerate LNG contract signings to secure fuel for similar capacity additions, which would lift JKM basis against Henry Hub.