Key Influencer in the Engine, Turbine, And Power Transmission Equipment Market 2025: The Role Of Stable Economic Conditions In The Engine, Turbine, And Power Transmission Equipment Manufacturing Market Driver

What Is the Forecasted Market Size and Growth Rate for the Engine, Turbine, And Power Transmission Equipment Market?
Over recent years, the market size for engine, turbine, and power transmission equipment has seen robust growth. It is projected to expand from $582.66 billion in 2024 to $632.99 billion in 2025, with a compound annual growth rate (CAGR) of 8.6%. Factors that have contributed to the growth during the historic period include industrialization, energy needs, advancements in the aerospace sector, infrastructure development, and globalization.

The market for engines, turbines, and power transmission equipment is anticipated to exhibit solid expansion in the upcoming years. The market value is projected to escalate to $855.1 billion by 2029, with a 7.8% compound annual growth rate (CAGR). Influences contributing to this projected growth during the forecast period encompass the integration of renewable energy, electrification, digitalization and IoT, decentralized power generation, and the emergence of a hydrogen economy. Noteworthy market trends for the forecast period feature advanced materials, hybrid power systems, the integration of energy storage, remote supervision and anticipatory upkeep, as well as sustainable propulsion.

What Factors Are Propelling the Expansion of the Engine, Turbine, And Power Transmission Equipment Market?
Steady economic expansion predicted in a myriad of progressed and emergent countries aids the progress of the engine, turbine, and power transmission equipment manufacture market. For example, the gross domestic product (GDP) of China, according to the U.S.-based International Monetary Fund (IMF), surged from $17.75 trillion in 2021 to $18.1 trillion in 2022. The growth rate in developing economies and emerging markets saw an increase from 3.9% in 2020 to 6.1% in 2022. The comeback of commodity prices following a significant fall in the historic period is anticipated to propel market growth. Developed economies are also predicated to experience steady growth within the projected period. Moreover, it is expected that the emerging markets will maintain a slightly speedy growth compared to the developed markets within the forecast duration. Expected stable economic growth should advance investments in the end-user markets, thereby propelling the market within the forecast timeframe.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=2857&type=smp

Which Businesses Are at the Forefront of Engine, Turbine, And Power Transmission Equipment Market Development?
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 Are the Latest Innovations in the Engine, Turbine, And Power Transmission Equipment Market?
Prominent companies in the market are opting for modular turbine models in an effort to minimize onsite work and ensure quicker installation times. Modular turbine models are pre-manufactured electricity generators made in factories, aimed at accelerating the power plant construction process. For example, WEG, a Brazilian company specializing in electric engineering, energy, and automation technology, introduced a 7 MW wind turbine with a rotor diameter of 172 meters in July 2022 to enhance productivity for wind energy initiatives. With its Medium-Speed Geared (MSG) drive technology and full power drive, this new unit can smoothly integrate with the electricity grid. The updated design also includes modular elements, such as an elevated tower for simplified logistics and easier assembly methods.

How Is the Engine, Turbine, And Power Transmission Equipment Market Segmented?
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 Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/engine-turbine-and-power-transmission-equipment-global-market-report

Where Is the Engine, Turbine, And Power Transmission Equipment Market Growth Most Prominent?
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.

What Is Covered In The Engine, Turbine, And Power Transmission Equipment Global Market Report?

- Market Size Analysis: Analyze the Engine, Turbine, And Power Transmission Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Engine, Turbine, And Power Transmission Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Engine, Turbine, And Power Transmission Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Engine, Turbine, And Power Transmission Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=2857

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.