Mar 15, 2024 18:34 JST

Source: Mitsubishi Heavy Industries, Ltd.

Mitsubishi Power Achieves #1 Global Gas Turbine Market Share in 2023
- Global gas turbine leader for a second consecutive year with 36% global gas turbine market share and 56% Advanced Class gas turbine market share
- Cumulative orders for J-class gas turbines surpassed 120 units, contributing to the company's top market share

TOKYO, Mar 15, 2024 - (JCN Newswire) - Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), captured the top market share by megawatts in 2023 with a global gas turbine market share of 36% according to McCoy Power Reports data.(1) The company has also secured a 56% market share in the Advanced Class(2) gas turbine market, led by Mitsubishi Power's latest model JAC (J-Series Air-Cooled) gas turbines. This is the second consecutive year for Mitsubishi Power to achieve the top global market share for gas turbines, following 2022.

JAC Gas Turbine

Mitsubishi Power's high market share is the result of the company's strong project execution track record, high performance, and product reliability. Mitsubishi Power has extensive experience with large frame gas turbines, including the F, G and J-class. The J-class (including the JAC model) has surpassed 2.3 million actual operating hours (AOH). Orders are also increasing worldwide, with cumulative orders recently surpassing 120 units.

In the heavy-duty gas turbine market, which is the most popular segment for Gas Turbine Combined Cycle (GTCC) power plants, the JAC is the world's leading gas turbine with an efficiency greater than 64%. As a result, it meets rigorous standards for reductions in carbon emissions, allows for operation flexibility including shorter startup time and superior load-following capability, and plays an important role in regulating the supply and demand of electricity associated with the introduction of renewable energy.

Another feature contributing to Mitsubishi Power's leading global status is that all its heavy-duty gas turbines are now equipped with hydrogen co-firing capability for even deeper decarbonization. In November 2023, the company successfully executed a fuel blend of 30% hydrogen using a JAC gas turbine at the T-Point 2 Combined Cycle Power Plant Validation Facility within Takasago Hydrogen Park.

Toshiyuki Hashi, Executive Vice President, President and CEO, Energy Systems of MHI, said: "We are proud to have maintained our top market share position in the highly competitive gas turbine market in 2023. MHI Group will continue to collaborate with partners around the world on decarbonization solutions, such as the development and commercialization of hydrogen and ammonia-fired gas turbines, as we actively strive towards achieving carbon neutrality on a global scale."

Mitsubishi Power, driven by the strong support from customers that has solidified its leading market share, will further focus on advancing the adoption of its industry-leading power generation technologies. With a primary focus on its JAC gas turbines, the power solutions brand aims to support the stable supply of the electricity crucial for economic development while contributing to the realization of a decarbonized world.

(1) This is based on the McCoy Power Report in the United States, which provides detailed market research on global power generation projects.
(2) Advanced Class gas turbines include G, H and J classes.

About MHI Group

Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on spectra.mhi.com.

Source: Mitsubishi Heavy Industries, Ltd.
Sectors: Energy, Alternatives, Oil & Gas

Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

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