NORTHEAST SECURITIES·2025-12-04 08:14Investment Rating - The report maintains a "Synchronize Trend" investment rating for the gas turbine industry [1]. Core Insights - The global gas turbine market is expected to exceed $30 billion, driven by the growth of data center construction and increasing power demands [2]. - The gas turbine is a type of rotary heat engine widely used in power generation, oil and gas, and marine propulsion [10]. - The market is dominated by international leaders such as GE, Siemens, and Mitsubishi, which hold over 80% of the market share, while domestic companies are gradually improving their production capabilities [2][65]. Summary by Sections 1. Gas Turbine Overview - Gas turbines convert fuel energy into mechanical power through a continuous flow of gas, with core components including compressors, combustion chambers, and turbines [10][35]. - Gas turbines are categorized by power output into heavy, medium, light, and micro turbines, with heavy turbines typically exceeding 50MW [13][16]. 2. Market Growth and Trends - The global gas turbine market size is projected to grow from $23.96 billion in 2024 to $34.75 billion by 2032, with the Asia-Pacific region accounting for 56% of the market [2][52]. - The demand for power from data centers is expected to significantly increase, with AI data center IT energy consumption projected to reach 55.1 TWh in 2024, double that of 2023 [2][63]. 3. Domestic Industry Development - Domestic companies like Harbin Electric, Dongfang Electric, and Shanghai Electric are making strides in heavy gas turbine production, although they still rely on imports for advanced technologies [2][69]. - The domestic market for light gas turbines is largely self-sufficient, with a market size of approximately 56.57 billion yuan in 2022 [58]. 4. Competitive Landscape - Major international players dominate the market, with GE holding a 34% market share, Mitsubishi 27%, and Siemens 24% [65][68]. - Domestic companies are focusing on improving their technology and production capabilities to compete with these international giants [69][73]. 5. Technological Advancements - The report highlights the importance of advanced materials and manufacturing techniques in the production of turbine components, particularly for high-temperature applications [40][44]. - Innovations in turbine design and efficiency, such as combined-cycle systems, are expected to enhance performance and reduce emissions [21][29].