Mitsubishi Power Achieves #1 Global Gas Turbine Market Share in 2022 According to McCoy Power Report

· Global gas turbine leader with 33% global gas turbine market share and 49% Advanced Class gas turbine market share
· Cumulative orders for J-series gas turbines surpassed 100 units, contributing to the company's top market share

Tokyo, March 9, 2023 - Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI), captured the top market share by megawatts in 2022 with a global gas turbine market share of 33% according to McCoy Power Reports data.(Note1) The company has also secured 49% market share in the Advanced Class(Note2) gas turbine market, led by Mitsubishi Power's latest model JAC (J-Series Air-Cooled) gas turbines.

Mitsubishi Power's high market share results is attributed to its 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-series. The G-series has surpassed 7 million actual operating hours (AOH) and the J-series has surpassed 2 million AOH.

In the heavy-duty gas turbine market, which is the most popular segment for combined cycle gas turbines, the JAC is the world's leading gas turbine with an efficiency greater than 64%. It meets rigid standards for reduced carbon emissions, offering the lowest emissions in its class. The J-series has surpassed 100 units of cumulative orders. In 2022, the company received orders for 20 units of the JAC gas turbines (the latest J-series model), accounting for about 60% in terms of output, and contributing to the high market share.

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. The gas turbines are capable of operating on a mixture of up to 30% hydrogen and 70% natural gas, which can be increased to 100% hydrogen in the future.

Toshiyuki Hashi, MHI Senior Executive Fellow and Head of Energy Transition & Power Headquarters of Energy Systems, commented on the achievement of this record: "Mitsubishi Power continues to be recognized as both a market and industry leader, receiving top global market share in heavy duty gas turbines. We are eager to continue working with our customers and partners worldwide to drive a realistic energy transition toward carbon neutrality."

• 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.