What Fueled The Previous Growth In The Engine Turbine And Power Transmission Equipment Market?
The engine turbine and power transmission equipment market has seen considerable growth due to a variety of factors.
• In recent times, the market size for engine, turbine, and power transmission equipment has been on a strong upward trend. The market is expected to expand from $582.66 billion in 2024 to $632.99 billion in 2025, indicating a Compound Annual Growth Rate (CAGR) of 8.6%.
Factors contributing to this growth during the historical phase include industrialization, an increase in energy demand, the expansion of the aerospace industry, infrastructure development, and globalization.
How Does the Forecast Look for the Engine Turbine And Power Transmission Equipment Market?
The engine turbine and power transmission equipment market is expected to maintain its strong growth trajectory in upcoming years.
• The market for engine, turbine, and power transmission equipment is predicted to witness robust expansion in the upcoming years, reaching a value of $855.1 billion by 2029, with a 7.8% Compound Annual Growth Rate (CAGR). This anticipated growth during the projected period could be a result of factors such as the incorporation of renewable energy, electrification, digitalization, and the internet of things (IoT), as well as decentralized power generation and the burgeoning hydrogen economy. The forecast period is expected to see trending developments like the adoption of advanced materials, hybrid power systems, the integration of energy storage, remote supervision and prognostic maintenance, as well as eco-friendly propulsion.
What Are The Leading Drivers Of Growth In The Engine Turbine And Power Transmission Equipment Market?
Stable economic growth in numerous developed and developing countries propels the growth of the engine, turbine, and power transmission equipment manufacturing market. To illustrate, the US-based financial agency, the International Monetary Fund (IMF), reported a rise in China's GDP from $17.75 trillion in 2021 to $18.1 trillion in 2022. Moreover, emerging and developing economies noted a growth surge from 3.9% in 2020 to 6.1% in 2022. The market's growth is also anticipated to be boosted by the recovery of commodity prices after a significant drop-off in the historical period. Developed economies will likely experience steady growth throughout the future period. Additionally, emerging markets are predicted to outpace the growth of developed markets slightly within the same period. Expectations of stable economic growth will potentially elevate investments in the end-user markets, hence propelling the market throughout the forecast period.
How Are The Segments Defined Within The Global 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
Pre-Book The Engine Turbine And Power Transmission Equipment Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
How Are Emerging Trends Reshaping The Dynamics Of The Engine Turbine And Power Transmission Equipment Market?
Leading manufacturers in the market are now favoring modular turbine designs which simplify onsite work and promise quicker installation times. Essentially, these designs involve the preconstruction of electricity-generating equipment in factories, before being packaged for speedy power plant construction. For example, in July 2022, Brazil-based WEG, a firm that specializes in electrical engineering, power, and automation technology, introduced a 7 MW wind turbine with a rotor diameter of 172 meters to boost the capacity of wind generation projects. Thanks to its Medium-Speed Geared (MSG) drive technology and full power drive, the unit can establish a flawless connection with the electric grid. What's more, the new design incorporates modular elements, including a higher tower, to streamline logistics and make assembly more straightforward.
Who Are the Key Players In 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.
What Is The Most Dominant Region In The Engine Turbine And Power Transmission Equipment Market?
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.
