Engine, Turbine, And Power Transmission Equipment Market Report 2026

Engine, Turbine, And Power Transmission Equipment Market Overview

• Engine, Turbine, And Power Transmission Equipment market size has reached to $627.32 billion in 2025

• Expected to grow to $909.66 billion in 2030 at a compound annual growth rate (CAGR) of 7.9%

• Growth Driver: The Impact Of Growing Renewable Energy Demand On The Engine, Turbine, And Power Transmission Equipment Market

• Market Trend: Innovative Hydrogen-Fueled Gas Turbines Support Decarbonization And Enhance Grid Reliability

• Asia-Pacific was the largest region in 2025 and Western Europe is the fastest growing region.

What Is Covered Under Engine, Turbine, And Power Transmission Equipment Market?

The engine, turbine, and power transmission equipment are machines including engine, turbine, and power transmission. The engine is used to move things, a turbine is used to convert rotational energy into usable work or energy and power transmission is used to transfer of mechanical energy from a prime mover to a driven machine. Commonly turbine equipment is used in the generation of electric power.

The main types of engine, turbine and power transmission equipment are commercial internal combustion engines, turbine and turbine generator set units, mechanical power transmission equipment, speed changer, industrial high-speed drive, and gear. Internal combustion engines refer to the internal combustion engines that generate motive power and produce hot gas to drive a piston. The various capacities include small, medium, and large. The various end-users involved are automotive, manufacturing, industrial, and other end-users.

What Is The Engine, Turbine, And Power Transmission Equipment Market Size and Share 2026?

The engine, turbine, and power transmission equipment market size has grown strongly in recent years. It will grow from $627.32 billion in 2025 to $670.7 billion in 2026 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to expansion of industrial manufacturing activities, growth in power generation capacity, increasing demand for mechanical power transmission, availability of advanced materials for engines, rising investments in heavy equipment.

Tariff Impact On Engine, Turbine, And Power Transmission Equipment Market

Tariffs are influencing the engine, turbine, and power transmission equipment market by increasing costs of imported castings, precision gears, bearings,

Global Engine, Turbine, And Power Transmission Equipment Market Segmentation

1) By Type: Commercial Internal Combustion Engines, Turbine And Turbine Generator Set Units, Mechanical Power Transmission Equipment, Industrial High-Speed Drive, 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 Industrial High-Speed Drive: Electric High-Speed Drives, Hydraulic High-Speed Drives, Pneumatic High-Speed Drives

5) By Gear: Spur Gears, Helical Gears, Bevel Gears, Worm Gears

What Is The Driver Of The Engine, Turbine, And Power Transmission Equipment Market?

The increasing demand for renewable energy sources is expected to propel the growth of the engine, turbine, and power transmission equipment market. The shift towards renewable energy sources, such as wind and solar power, has increased the demand for engines, turbines, and power transmission equipment. The use of engines and turbines in renewable energy sources is essential for converting wind and solar energy into electricity. For instance, in January 2024, according to the U.S. Energy Information Administration, a US-based agency of federal statistical system, U.S. solar power generation is forecast to jump 75%, expanding from 163 billion kWh in 2023 to 286 billion kWh by 2025. During this timeframe, wind power generation is anticipated to increase by 11%, rising from 430 billion kWh in 2023 to 476 billion kWh in 2025. Therefore, the increasing demand for renewable energy sources contributed to the growth of the engine, turbine, and power transmission equipment industry.

What Is The Driver Of The Engine, Turbine, And Power Transmission Equipment Market?

The growing industrialization is expected to propel the growth of the engine, turbine, and power transmission equipment market going forward. Industrialization is the transformation of a society’s economy through the development of industries, mechanized production, and urban growth. Increasing industrialization is driven by rising demand for goods and services, prompting investment in industries and mechanized production to meet growing needs efficiently. Engines, turbines, and power transmission equipment support industrialization by providing reliable energy and mechanical power needed to operate machinery, run factories, and maintain large-scale production efficiently. For instance, in 2024, according to TakeProfit, a US-based fintech company focused on providing advanced trading platforms and tools for investors and traders, industrial production in Australia increased by 1.59% in the second quarter of 2023 over the same quarter in 2022. Therefore, growing industrialization is driving the growth of the engine, turbine, and power transmission equipment industry.

Key Players In The Global Engine, Turbine, And Power Transmission Equipment Market

Major companies operating in the engine, turbine, and power transmission equipment market are 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

Global Engine, Turbine, And Power Transmission Equipment Market Trends and Insights

Major companies operating in the engine, turbine, and power transmission equipment market are focusing on developing innovative products such as hydrogen-fueled gas turbines to support decarbonization efforts and enhance grid reliability by enabling the use of 100% hydrogen fuel for power generation. A hydrogen-fueled gas turbine is a type of turbine engine that uses hydrogen as a primary fuel source, enabling the generation of electricity with significantly reduced greenhouse gas emissions compared to traditional fossil fuels, as it produces only water vapor when combusted. For instance, in November 2024, GE Vernova, a US-based energy equipment manufacturing and service company, launched the LM6000VELOX, a 100% hydrogen-fueled aeroderivative gas turbine solution. This innovative technology is designed to operate on 100% hydrogen fuel, supporting decarbonization goals while maintaining grid reliability. The turbine, part of GE Vernova’s aeroderivative fleet, incorporates advancements from years of R&D to enhance combustion systems and achieve higher hydrogen burn capabilities. This launch marks a significant step in enabling renewable power integration and showcasing GE Vernova’s commitment to future-proofing energy solutions.

Regional Outlook

Asia-Pacific was the largest region in the engine, turbine, and power transmission equipment market in 2025. Western Europe was the second largest region in the engine, turbine, and power transmission equipment market. The regions covered in this market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in this market report are China, India, Japan, Australia, Indonesia, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, Taiwan, New Zealand, UK, Germany, France, Italy, Spain, Austria, Belgium, Denmark, Finland, Ireland, Netherlands, Norway, Portugal, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

What Defines the Engine, Turbine, And Power Transmission Equipment Market?

The engine, turbine, and power transmission equipment market consist of sales of equipment including turbines, equipment for power transmission, and internal combustion engines (except the automotive gasoline and aircraft), among others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What is the Market Assessment and Strategic Outlook for the Engine, Turbine, And Power Transmission Equipment Industry?

The engine, turbine, and power transmission equipment market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the engine, turbine, and power transmission equipment industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.