Emerging Trends to Reshape the Engine, Turbine, And Power Transmission Equipment Market: The Adoption Of Modular Turbine Designs In Gas Turbine And Power Generation Equipment Manufacturing as a Key Influencer

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Engine, Turbine, And Power Transmission Equipment Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent years, the market for engines, turbines, and power transmission equipment has seen robust growth. It's projected to increase in size from $582.66 billion in 2024 to $632.99 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.6%. Factors contributing to this growth during the historic period include industrialization, escalating energy needs, expansion of the aerospace industry, infrastructure advancement, and globalization.

Engine, Turbine, And Power Transmission Equipment Market Size Forecast: What's the Projected Valuation by 2029?
Anticipated robust growth is on the horizon for the engine, turbine, and power transmission equipment market in the upcoming years. The market value is projected to escalate to $855.1 billion by 2029, with a compound annual growth rate (CAGR) of 7.8%. Trends such as renewable energy integration, digitalization and IoT, decentralization of power generation, and the hydrogen economy are driving growth during the forecast period. Key trends shaping the forecast period comprise of advanced materials, hybrid power systems, the integration of energy storage, remote surveillance and predictive maintenance, along with sustainable propulsion.

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What Are the Drivers Transforming the Engine, Turbine, And Power Transmission Equipment Market?
The engine, turbine, and power transmission equipment manufacturing industry's expansion is bolstered by the forecasted economic stability in numerous developed and developing nations. As an example, China's gross domestic product (GDP), according to the US-based International Monetary Fund (IMF), saw a rise from $17.75 trillion in 2021 to $18.1 trillion in 2022. Furthermore, the growth of emerging markets and developing economies ramped up from 3.9% in 2020 to 6.1% in 2022. The market growth is also predicted to be supported by the recovery of commodity prices following a substantial downfall in the historic period. Developed economies are likewise projected to maintain stable growth throughout the forecast period. On top of that, over the forecast period, emerging markets will probably grow slightly quicker than their developed counterparts. Anticipated stable economic growth should escalate investments in the end-user markets, resulting in a boost to the market over the forecast period.

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What Long-Term Trends Will Define the Future of the Engine, Turbine, And Power Transmission Equipment Market?
Leading manufacturers in the market are turning towards modular turbine structures in an effort to minimize on-site construction and provide quicker installation times. The model of the modular turbine is a pre-built, factory-produced power-generating unit packaged to expedite the power plant construction process. For example, in July 2022, WEG, a firm from Brazil specializing in electric engineering, power, and automation technology, introduced a 7 MW wind turbine equipped with a 172-meter rotor diameter to enhance the output of wind power projects. Its Medium-Speed Geared (MSG) drive technology and full power capabilities allow for smooth integration with the electricity grid. Furthermore, the revamped design features modular components, including a heightened tower, to streamline logistics and facilitate easier assembly.

Which Segments in the Engine, Turbine, And Power Transmission Equipment Market Offer the Most Profit Potential?
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

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Which Firms Dominate the Engine, Turbine, And Power Transmission Equipment Market by Market Share and Revenue in 2025?
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.

Which Regions Offer the Highest Growth Potential in the Engine, Turbine, And Power Transmission Equipment Market?
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.

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