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Engine, Turbine, And Power Transmission Equipment Market Report 2024 - Market Trends And Size
Engine, Turbine, And Power Transmission Equipment Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Engine, Turbine, And Power Transmission Equipment Market 2024 Key Insights:
• 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 Role Of Stable Economic Conditions In The Engine, Turbine, And Power Transmission Equipment Manufacturing Market
• The Adoption Of Modular Turbine Designs In Gas Turbine And Power Generation Equipment Manufacturing
• The Asia-Pacific was the largest region in the engine, turbine, and power transmission equipment market in 2023
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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.
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