Engine, Turbine, And Power Transmission Equipment Market Size, Trends, Segmentation And Forecast To 2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The Business Research Company's Engine, Turbine, And Power Transmission Equipment Global Market Report 2024 identifies stable economic growth forecasted in many developed and developing countries as the major driver for the engine, turbine, and power transmission equipment market's growth in the forecast period. 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.

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.

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Major competitors in the engine, turbine, and power transmission equipment market are Caterpillar Inc., Vestas Wind Systems A/S, Mitsubishi Heavy Industries Ltd., Siemens AG, Goldwind, Doosan Heavy Industries & Construction Co. Ltd.

A key trend in the engine, turbine, and power transmission equipment market includes the adoption of modular turbine designs in gas turbine and power generation equipment manufacturing. 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.

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The 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-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

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the engine, turbine, and power transmission equipment market.

The Business Research Company's "Global Engine, Turbine, And Power Transmission Equipment Market Report 2024" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Engine, Turbine, And Power Transmission Equipment Market Include:
1. Executive Summary
2. Engine, Turbine, And Power Transmission Equipment Market Characteristics
3. Engine, Turbine, And Power Transmission Equipment Product/Service Analysis -Product/Service Examples
4. Engine, Turbine, And Power Transmission Equipment Market Trends And Strategies
5. Engine, Turbine, And Power Transmission Equipment Market - Macro Economic Scenario
……
68. Global Engine, Turbine, And Power Transmission Equipment Market Competitive Benchmarking
69. Global Engine, Turbine, And Power Transmission Equipment Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Engine, Turbine, And Power Transmission Equipment Market
71. Engine, Turbine, And Power Transmission Equipment Market Future Outlook and Potential Analysis
72. Appendix

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