CITIC Construction Investment: It is expected that the global gas turbine supply-demand gap will be 16, 16, and 19GW respectively from 2026 to 2028.

The report from CITIC Securities Research stated that the surging demand for AI computing power in North America is driving data centers to enter the era of "self-owned power plants." They have raised their forecast for North American AI power demand, with increases of 4%, 35%, and 42% for the years 2026-2028 compared to the previous version. The compound annual growth rate of AI power demand over the next three years is as high as 73%. The slow connection of the power grid is forcing data centers to build their own power sources, with gas turbines being the preferred base load power source due to their low cost and high efficiency. However, their delivery cycle is as long as 1-3 years, pushing their installation beyond 2028 and creating a core supply bottleneck. Other available options include internal combustion engines, solid oxide fuel cells, aircraft conversion engines, and ship conversion engines. It is estimated that from 2026 to 2028, the global supply-demand gap for gas turbines will be 16, 16, and 19GW respectively. When considering demand for other power generation methods, the total global power demand during the same period will reach 30, 42, and 59GW. This significant and sustained gap is driving high prosperity cycles in the gas turbine, internal combustion engine, solid oxide fuel cell, and aircraft conversion engine industries.