A closeup shot of the details of an old industrial machine
The Engine, Turbine, And Power Transmission Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Engine, Turbine, And Power Transmission Equipment Global Market Report 2024, The engine, turbine, and power transmission equipment market size has grown strongly in recent years. It will grow from $546.05 billion in 2023 to $593.61 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. 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 $810.87 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. 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.
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.
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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 Covered: Diesel Powered Internal Combustion Engines; Gasoline Powered Internal Combustion Engines; Natural Gas Powered Internal Combustion Engines; Other Powered Internal Combustion Engines; Steam And Gas Turbine; Wind Turbine; Hydro Turbine; Plain Bearings; Joints; Clutches; Couplings; Pulleys; Chains And Sprockets; Other Mechanical Power Transmission Equipment
Top Major Players
Caterpillar Inc.,
Vestas Wind Systems A/S,
Mitsubishi Heavy Industries Ltd.,
Siemens AG,
Goldwind
The engine, turbine, and power transmission equipment market report table of contents includes:
1. Executive Summary
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71. Engine, Turbine, And Power Transmission Equipment Market In 2028 – Countries Offering
List Of Tables :
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Engine, Turbine, And Power Transmission Equipment Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Engine, Turbine, And Power Transmission Equipment Market, Segmentation By Capacity, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Engine, Turbine, And Power Transmission Equipment Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 144: Caterpillar Inc. Financial Performance
Table 145: Vestas Wind Systems A/S Financial Performance
Table 146: Mitsubishi Heavy Industries ltd Financial Performance
Table 147: Siemens AG Financial Performance
Table 148: Goldwind Financial Performance
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