Investing.com -- Gas turbine orders are emerging as one of the clearest indicators of rising future demand for natural gas in power generation, according to a new note from Barclays.

Analysts now see a "risked base case estimate of >10 Bcfd of power demand growth by 2030 in the US," with potential upside reaching nearly 14 Bcfd.

This surge in projected demand is said to align with increasing gas turbine orders globally.

Citing data from McCoy, Barclays highlighted that orders grew 34% year-over-year in 2024 to 57 GW, the highest level in a decade, and are expected to rise another 40% in 2025 to 80 GW.

They added that average annual orders could hit 93 GW between 2026 and 2030.

North America’s share of the order book is reportedly expanding rapidly. "North America’s share of the global orders had increased from 14% in 2023 to 26% in 2024, and is seen growing to 40–50% over 2025–2030E," said Barclays, noting that a significant portion of these orders will be deployed into the power sector rather than industrial upgrades.

GE Vernova, which commands around a quarter of the global gas turbine market, disclosed 50 GW of turbines under contract or reserved slots as of the first quarter of 2025.

Barclays expects the backlog to grow to 60 GW by year-end, with 60% of the growth tied to the U.S.

“Commercial activity is accelerating for 2029–2030 deliveries,” Barclays said.

The bank estimates that 50 GW of turbine capacity translates to about 5 Bcfd of gas demand annually.

“Even haircutting this by half would be material to current U.S. power demand, which we estimate at ~36 Bcfd for 2025,” the analysts concluded, reinforcing their bullish long-term outlook for gas.