CITIC Securities says the gas-turbine industry is in a new upcycle. Demand for small- and mid-sized turbines is rising faster owing to flexible deployment and shorter construction cycles. Overseas OEM capacity expansion has long lead times, keeping supply tight; bottlenecks in hot-end components and large rotating parts are transmitting upstream. Overseas supply gaps and constrained deliveries of core engines for aviation fuel reform are likely to shift demand to domestic complete-machine and co

CITIC Securities says the gas-turbine industry is in a new upcycle. Demand for small- and mid-sized turbines is rising faster owing to flexible deployment and shorter construction cycles. Overseas OEM capacity expansion has long lead times, keeping supply tight; bottlenecks in hot-end components and large rotating parts are transmitting upstream. Overseas supply gaps and constrained deliveries of core engines for aviation fuel reform are likely to shift demand to domestic complete-machine and component makers, boosting demand for upstream materials such as high-temperature alloys.