Evolving Market Trends In The Engine, Turbine, And Power Transmission Equipment Industry: The Adoption Of Modular Turbine Designs In Gas Turbine And Power Generation Equipment Manufacturing

The Engine, Turbine, And Power Transmission Equipment Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories]._x000D_
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What Is the Expected Engine, Turbine, And Power Transmission Equipment Market Size During the Forecast Period?_x000D_
The engine, turbine, and power transmission equipment market has experienced significant growth in recent years. It is expected to increase from $582.66 billion in 2024 to $632.99 billion in 2025, with a compound annual growth rate (CAGR) of 8.6%. This growth can be attributed to industrialization, rising energy demand, expansion in the aerospace industry, infrastructure development, and globalization._x000D_
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The engine, turbine, and power transmission equipment market is expected to see strong growth, reaching $855.1 billion in 2029 at a CAGR of 7.8%. This growth is driven by renewable energy integration, electrification, the rise of digitalization and IoT, decentralized power generation, and the development of a hydrogen economy. Key trends include the use of advanced materials, the adoption of hybrid power systems, the integration of energy storage, remote monitoring and predictive maintenance, and the development of sustainable propulsion technologies._x000D_
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What Are the High-Growth Segments in the Engine, Turbine, And Power Transmission Equipment Market?_x000D_
The engine, turbine, and power transmission equipment market covered in this report is segmented -_x000D_
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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_x000D_
2) By Capacity: Small, Medium, Large_x000D_
3) By End-Users: Automotive, Manufacturing, Industrial, Other End-Users_x000D_
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Subsegments:_x000D_
1) By Commercial Internal Combustion Engines: Diesel Engines, Gasoline Engines, Natural Gas Engines, Propane Engines_x000D_
2) By Turbine And Turbine Generator Set Units: Steam Turbines, Gas Turbines, Wind Turbines, Hydraulic Turbines_x000D_
3) By Mechanical Power Transmission Equipment: Clutches And Brakes, Couplings, Bearings, Chain And Belt Drives, Speed Changer_x000D_
4) By Gearbox: Gearbox, Variable Speed Drives, Transmissions_x000D_
5) By Industrial High-Speed Drive: Electric High-Speed Drives, Hydraulic High-Speed Drives, Pneumatic High-Speed Drives_x000D_
6) By Gear: Spur Gears, Helical Gears, Bevel Gears, Worm Gears_x000D_
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What Key Drivers Are Expected to Influence Future Engine, Turbine, And Power Transmission Equipment Market Growth?_x000D_
Stable economic growth in both developed and developing countries is expected to drive the engine, turbine, and power transmission equipment manufacturing market. For example, the IMF reported that China's GDP grew from $17.75 trillion in 2021 to $18.1 trillion in 2022. Additionally, emerging markets saw significant growth in 2022. Stable economic conditions are anticipated to increase investments in end-user markets, thus contributing to the growth of this equipment manufacturing market._x000D_
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Which Companies Hold the Largest Share Across Different Engine, Turbine, And Power Transmission Equipment Market Segments?_x000D_
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._x000D_
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What Trends Are Driving Growth in The Engine, Turbine, And Power Transmission Equipment Market?_x000D_
Manufacturers in the turbine market are shifting toward modular turbine designs to decrease onsite work and speed up installation. In July 2022, WEG, a Brazil-based electric engineering company, launched a 7 MW wind turbine featuring a 172-meter rotor and modular components. The new turbine incorporates MSG drive technology and a taller tower for simplified logistics and easier assembly._x000D_
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What Are the Emerging Geographies for The Engine, Turbine, And Power Transmission Equipment Market Growth?_x000D_
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._x000D_
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Frequently Asked Questions:_x000D_
1. What Is the Market Size and Growth Rate of the Engine, Turbine, And Power Transmission Equipment Market?_x000D_
2. What is the CAGR expected in the Engine, Turbine, And Power Transmission Equipment Market?_x000D_
3. What Are the Key Innovations Transforming the Engine, Turbine, And Power Transmission Equipment Industry?_x000D_
4. Which Region Is Leading the Engine, Turbine, And Power Transmission Equipment Market?

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