⚠ Two Rivals Share the Same ShortageModerate threat

GE Vernova (GEV) — threat to the moat

GE Vernova's turbine shortage is shared with Siemens Energy and Mitsubishi Power, so its pricing power is the industry's, not its own.

GE Vernova's queue is not unique to GE Vernova. Its 10-K names Siemens Energy and Mitsubishi Power among the key competitors in the Power segment1, and Global Energy Monitor found the three together supplying two-thirds of the turbines for gas plants under construction2. A third-party market study put GE Vernova's share of the gas turbine market at over 18.5% in 20253.

Gas turbine market share, 2025 (third-party estimate, %)GE Vernova — 18%Other four of the top five — 46%Rest of market — 36%Global Market Insights; top five 64.5% in total
A leader in a market with four other large makers.

When all three are sold out, a customer takes whichever slot comes first. That makes the shortage an industry condition rather than a GE Vernova advantage, and it will ease for all three as they expand.

The 10-K itself says that with demand exceeding capacity "we face growing competition from emerging threats"4. Bloom Energy's page describes one of those threats.

The ranking depends on who is counting. Global Market Insights lists the top five gas turbine makers as Ansaldo, Mitsubishi Heavy Industries, GE Vernova, Siemens Energy and Baker Hughes, together holding 64.5% of the market5. A market in which five makers hold under two thirds is less concentrated than the phrase turbine oligopoly suggests for the heavy-duty class alone.

The 10-K is candid that the shortage invites competitors. Its phrase for them is "emerging threats"6, and it pairs that with the risk that capacity expansions may outpace realized demand7. A company that warns about both is describing a market it expects to loosen.

The test is GE Vernova's own order count relative to its capacity. Gas turbine orders were 173 units in 20258; if they fall while rivals report full order books, customers will be choosing the other queues.

References
  1. ReportedIts 10-K names Siemens Energy and Mitsubishi Power among the key competitors in the Power segment, and Global Energy Monitor found the three together supplying two-thirds of the turbines for gas plants under construction.
    GE Vernova Form 10-K for fiscal 2025 - Item 1 business: products, installed base, competitors and employees. — FY2025 · publ. 29 January 2026 · source ↗
  2. Third-party estimateIts 10-K names Siemens Energy and Mitsubishi Power among the key competitors in the Power segment, and Global Energy Monitor found the three together supplying two-thirds of the turbines for gas plants under construction.
    Global Energy Monitor, 'Leading three manufacturers providing two-thirds of turbines for gas-fired power plants under construction' - GE Vernova almost 55 GW of turbines under construction. — August 2024 · publ. August 2024 · source ↗
  3. Third-party estimateA third-party market study put GE Vernova's share of the gas turbine market at over 18.5% in 2025.
    Global Market Insights, gas turbine market report - GE Vernova led the gas turbine market with over 18.5% share in 2025. — 2025 · publ. 2026 · source ↗
  4. ReportedThe 10-K itself says that with demand exceeding capacity "we face growing competition from emerging threats".
    GE Vernova Form 10-K for fiscal 2025 - Item 1A risk factors. — FY2025 · publ. 29 January 2026 · source ↗
  5. Third-party estimateGlobal Market Insights lists the top five gas turbine makers as Ansaldo, Mitsubishi Heavy Industries, GE Vernova, Siemens Energy and Baker Hughes, together holding 64.5% of the market.
    Global Market Insights, gas turbine market report - GE Vernova led the gas turbine market with over 18.5% share in 2025. — 2025 · publ. 2026 · source ↗
  6. ReportedIts phrase for them is "emerging threats", and it pairs that with the risk that capacity expansions may outpace realized demand.
    GE Vernova Form 10-K for fiscal 2025 - Item 1A risk factors. — FY2025 · publ. 29 January 2026 · source ↗
  7. ReportedIts phrase for them is "emerging threats", and it pairs that with the risk that capacity expansions may outpace realized demand.
    GE Vernova Form 10-K for fiscal 2025 - Item 1A risk factors. — FY2025 · publ. 29 January 2026 · source ↗
  8. ReportedGas turbine orders were 173 units in 2025; if they fall while rivals report full order books, customers will be choosing the other queues.
    GE Vernova Form 10-K for fiscal 2025 - Item 1 business: products, installed base, competitors and employees. — FY2025 · publ. 29 January 2026 · source ↗
Sources
Generated September 28, 2026