2025-2034 Engine, Turbine, And Power Transmission Equipment Market Evolution: Disruptions, Innovations, and Untapped Opportunities

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What Is the Expected CAGR for the Engine, Turbine, And Power Transmission Equipment Market Through 2025?
The market size for engine, turbine, and power transmission equipment has seen significant expansion in the past few years. The market is set to increase from $586.84 billion in 2024 to $627.32 billion in 2025, with a compound annual growth rate (CAGR) of 6.9%. The growth experienced in the historical period is due to factors such as industrialization, rising energy demand, expansion of the aerospace industry, infrastructure development, and globalization.

What's the Projected Size of the Global Engine, Turbine, And Power Transmission Equipment Market by 2029?
The market for engine, turbine, and power transmission equipment is anticipated to undergo considerable expansion in the upcoming years. By 2029, it is projected to reach a value of $840.96 billion, with a compound annual growth rate (CAGR) of 7.6%. This expected growth during the forecast period is tied to factors such as the integration of renewable energy, electrification, the advent of digitalization and IoT, the decentralization of power generation, and the rise of the hydrogen economy. Notable trends for the forecast period are the use of advanced materials, the development of hybrid power systems, the integration of energy storage, the use of remote monitoring and predictive maintenance, and the growth of sustainable propulsion.

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Top Growth Drivers in the Engine, Turbine, And Power Transmission Equipment Industry: What's Accelerating the Market?
The expansion of the engine, turbine, and power transmission equipment production market is propelled by the constant financial advancement anticipated in numerous established and emerging nations. For example, data from the US-based International Monetary Fund (IMF) indicates that China's GDP experienced growth from $17.75 trillion in 2021 to $18.1 trillion in 2022. Similarly, the emerging and developing economies noted a 3.9% growth in 2020, which rose to 6.1% in 2022. Rebounding commodity prices, post a significant fall in the historic period, are projected to further spur market growth. It's also projected that developed economies will exhibit steady growth during the anticipated period. Furthermore, emerging markets are likely to maintain a slightly quicker pace of growth than developed markets in the same period. A stable economic growth trajectory is set to lead to more investment in end-user markets, which will in turn fuel the market during the forecast period.

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What Are the Key Trends Driving Engine, Turbine, And Power Transmission Equipment Market Growth?
Prominent market players are currently embracing modular turbine designs to cut down on-site work and ensure swift installations. The design of the modular turbine is essentially equipment that produces electricity, which is prefabricated in a factory and then assembled to minimize the timeframe to construct an energy plant. For example, WEG, a Brazilian company that specializes in electric engineering, power, and automation technology, introduced a 7 MW wind turbine with a 172-meter rotor diameter to amplify the productivity of wind power projects in July 2022. The device features Medium-Speed Geared (MSG) drive technology and full power drive for easy integration with the electrical grid. Furthermore, the new model consists of modular parts, including a taller tower, to streamline logistic processes and facilitate a simpler assembly procedure.

What Are the Main Segments in the Engine, Turbine, And Power Transmission Equipment Market?
The engine, turbine, and power transmission equipmentmarket 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 Top Companies are Driving Growth in the Engine, Turbine, And Power Transmission Equipment Market?
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 Will Dominate the Engine, Turbine, And Power Transmission Equipment Market Through 2029?
Asia-Pacific was the largest region in the engine, turbine, and power transmission equipment market in 2024. 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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