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How much is the engine, turbine, and power transmission equipment market worth, and how is it expected to expand?
The engine, turbine, and power transmission equipment market size has grown strongly in recent years. It will grow from $582.66 billion in 2024 to $632.99 billion in 2025 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to industrialization, energy demand, aerospace industry growth, infrastructure development, globalization.
The engine, turbine, and power transmission equipment market size is expected to see strong growth in the next few years. It will grow to $855.1 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to renewable energy integration, electrification, digitalization and iot, decentralized power generation, hydrogen economy. Major trends in the forecast period include advanced materials, hybrid power systems, energy storage integration, remote monitoring and predictive maintenance, sustainable propulsion.
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Which industry factors have accelerated the engine, turbine, and power transmission equipment market’s expansion?
The engine, turbine, and power transmission equipment manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. For instance, according to the International Monetary Fund (IMF), a US-based financial agency, China’s gross domestic product (GDP) grew from $17.75 trillion in 2021 to $18.1 trillion in 2022. In addition, the emerging markets and developing economies registered a growth of 3.9% in 2020, which increased to 6.1% in 2022. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
What are the primary segments of the engine, turbine, and power transmission equipment market?
The engine, turbine, and power transmission equipment market covered in this report is segmented –
1) By Type: Commercial Internal Combustion Engines, Turbine And Turbine Generator Set Units, Mechanical Power Transmission Equipment, Speed Changer, Industrial High-Speed Drive, And Gear
2) By Capacity: Small, Medium, Large
3) By End-Users: Automotive, Manufacturing, Industrial, Other End-Users
Subsegments:
1) By Commercial Internal Combustion Engines: Diesel Engines, Gasoline Engines, Natural Gas Engines, Propane Engines
2) By Turbine And Turbine Generator Set Units: Steam Turbines, Gas Turbines, Wind Turbines, Hydraulic Turbines
3) By Mechanical Power Transmission Equipment: Clutches And Brakes, Couplings, Bearings, Chain And Belt Drives, Speed Changer
4) By Gearbox: Gearbox, Variable Speed Drives, Transmissions
5) By Industrial High-Speed Drive: Electric High-Speed Drives, Hydraulic High-Speed Drives, Pneumatic High-Speed Drives
6) By Gear: Spur Gears, Helical Gears, Bevel Gears, Worm Gears
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Which firms are leading the engine, turbine, and power transmission equipment market?
Major companies operating in the engine, turbine, and power transmission equipment market include Caterpillar Inc., Vestas Wind Systems A/S, Mitsubishi Heavy Industries ltd, Siemens AG, Goldwind, Doosan Heavy Industries & Construction Co. Ltd., SKF Group, Baker Hughes Co, Cummins Inc., Mitsubishi Heavy Industries Ltd., Doosan Heavy Industries & Construction Co. Ltd., Nordex SE, General Electric Company, ABB Ltd., Toshiba Corporation, Wartsila Corporation, Rolls-Royce Holdings plc, Alstom SA, Voith GmbH & Co. KGaA, Sulzer Ltd., MAN Energy Solutions SE, Kawasaki Heavy Industries Ltd., Woodward Inc., Regal Beloit Corporation, Timken Company, Dana Incorporated, BorgWarner Inc., Eaton Corporation plc, Emerson Electric Co., Parker-Hannifin Corporation, Rexnord Corporation, Gates Corporation.
Which market trends are set to define the future of the engine, turbine, and power transmission equipment market?
Major manufacturers operating in the market are adopting modular turbine designs to reduce onsite work and offer short installation times. The modular turbine design is prefabricated electricity-generating equipment in a factory, packaged to reduce the timeline to construct a power plant. For instance, in July 2022, WEG, a Brazil-based company operating in the electric engineering, power, and automation technology areas, launched a 7 MW wind turbine with a 172-meter rotor diameter to improve output for wind generation projects. With its Medium-Speed Geared (MSG) drive technology and full power drive, the unit can seamlessly interconnect with the electrical grid. Additionally, the new design includes modular components, such as a taller tower, to simplify logistics operations and provide an easier assembly concept.
Which geographic trends are shaping the engine, turbine, and power transmission equipment market, and which region has the highest market share?
Asia-Pacific was the largest region in the engine, turbine, and power transmission equipment market in 2023. Western Europe was the second largest region in the engine, turbine, and power transmission equipment market. The regions covered in the engine, turbine, and power transmission equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Engine, Turbine, And Power Transmission Equipment Market Report 2025 Offer?
The engine, turbine, and power transmission equipment market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
The engine, turbine, and power transmission equipment are machines including engine, turbine, and power transmission. The engine is used to move things, a turbine is used to convert rotational energy into usable work or energy and power transmission is used to transfer of mechanical energy from a prime mover to a driven machine. Commonly turbine equipment is used in the generation of electric power.
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