Engine, Turbine, And Power Transmission Equipment Market: Size, Share, Trends, Key Opportunities And Forecast To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Engine, Turbine, And Power Transmission Equipment Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $810.87 billion In 2028 At A CAGR Of 8.1% :

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.

Request A Sample Of This Report - https://www.thebusinessresearchcompany.com/sample.aspx?id=2857&type=smp

Engine, Turbine, And Power Transmission Equipment Market Major Segments
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

Key Driver - The Role Of Stable Economic Conditions In The Engine, Turbine, And Power Transmission Equipment Manufacturing Market

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.

Customise This Report As Per Your Requirements - https://www.thebusinessresearchcompany.com/Customise?id=2857&type=smp

Prominent Trend - 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.

Engine, Turbine, And Power Transmission Equipment Market Players
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.

View The Full Report Here - https://www.thebusinessresearchcompany.com/report/engine-turbine-and-power-transmission-equipment-global-market-report

Largest And Fastest Growing Region In The Market
The 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.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Engine, Turbine, And Power Transmission Equipment Market Report Structure
3. Engine, Turbine, And Power Transmission Equipment Market Trends And Strategies
4. Engine, Turbine, And Power Transmission Equipment Market - Macro Economic Scenario
5. Engine, Turbine, And Power Transmission Equipment Market Size And Growth
…..
27. Engine, Turbine, And Power Transmission Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Contact us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Latest Trending Press Releases: https://www.thebusinessresearchcompany.com/press-release.aspx

Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.