The engine, turbine, and power transmission equipment market consists of sales of engine, turbine, and power transmission equipment by entities (organizations, sole traders, or partnerships) that produce turbines, power transmission equipment, and internal combustion engines (except automotive gasoline and aircraft).
The main types of engine, turbine and power transmission equipment are commercial internal combustion engines, turbine and turbine generator set units, mechanical power transmission equipment, speed changer, industrial high-speed drive, and gear. Internal combustion engines refer to the internal combustion engines that generate motive power and produce hot gas to drive a piston. The various capacity includes small, medium, and large. The various end-users involved are automotive, manufacturing, industrial, and other end-users.
The global engine, turbine, and power transmission equipment market size is expected to grow from $513.1 billion in 2021 to $571.66 billion in 2022 at a compound annual growth rate (CAGR) of 11.4%. The global engine, turbine, power transmission equipment market size is then expected to grow to $847.08 billion in 2026 at a CAGR of 10.3%.
The engine, turbine, and power transmission equipment manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. 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.
The outbreak of the Coronavirus disease (COVID-19) has acted as a massive restraint on the engine, turbine, and power transmission equipment manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia. Machinery manufacturers depend heavily on the supply of raw materials, parts, and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to a lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the engine, turbine, and power transmission equipment manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Gas turbine and power generation equipment manufacturers are adopting modular turbine designs to reduce onsite works 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. They are reliable and low-cost equipment to reduce construction, design, installation, and delivery times. These modular designs can be prefabricated and delivered not only in gas turbines, but also in other components of power plants such as engine modules, fuel delivery systems, emissions control equipment, heat recovery steam generator (HRSG) modules, generators, pipe racks, and other auxiliary systems. Major companies providing modular turbine designs are VESTAS, ENERCON, and GE. In 2019, Vestas introduced EnVentus, a modular wind-turbine platform based on an advanced modular design.
Major companies 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, and Nordex SE.
Asia Pacific was the largest region in the engine, turbine, and power transmission equipment market in 2021. Western Europe was the second largest region in the global engine, turbine, and power transmission market. The regions covered in the global engine, turbine, and power transmission equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in engine, turbine, and power transmission equipment market include Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The global engine, turbine, and power transmission equipment market 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-User: Automotive, Manufacturing, Industrial, Others
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
