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
What Is Driving The Engine, Turbine, And Power Transmission Equipment Market? The Role Of Stable Economic Conditions In The Engine, Turbine, And Power Transmission Equipment Manufacturing Market
The engine, turbine, and power transmission equipment manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. For instance, according to the International Monetary Fund (IMF), a US-based financial agency, China’s gross domestic product (GDP) grew from $17.75 trillion in 2021 to $18.1 trillion in 2022. In addition, the emerging markets and developing economies registered a growth of 3.9% in 2020, which increased to 6.1% in 2022. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
What Is Driving The Engine, Turbine, And Power Transmission Equipment Market? The Impact Of Growing Renewable Energy Demand On 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 April 2023, according to a report published by the National Renewable Energy Laboratory (NREL), a US-based research institution dedicated to advancing renewable energy and energy efficiency technologies, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current (TWdc) cumulatively in 2022. China's annual PV installations surged by 57%, accounting for 42% of global demand, primarily driven by distributed PV, while annual installations are forecast to exceed 300 GW by 2023 and surpass 400 GW by 2025., Therefore, the increasing demand for renewable energy sources contributed to the growth of the engine, turbine, and power transmission equipment market.
Who Are The Major Players In The Global 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.
What Are The Key Trends Of The Global Engine, Turbine, And Power Transmission Equipment Market? The Adoption Of Modular Turbine Designs In Gas Turbine And Power Generation Equipment Manufacturing
Major manufacturers operating in the market are adopting modular turbine designs to reduce onsite work and offer short installation times. The modular turbine design is prefabricated electricity-generating equipment in a factory, packaged to reduce the timeline to construct a power plant. For instance, in July 2022, WEG, a Brazil-based company operating in the electric engineering, power, and automation technology areas, launched a 7 MW wind turbine with a 172-meter rotor diameter to improve output for wind generation projects. With its Medium-Speed Geared (MSG) drive technology and full power drive, the unit can seamlessly interconnect with the electrical grid. Additionally, the new design includes modular components, such as a taller tower, to simplify logistics operations and provide an easier assembly concept.
What Are The Key Trends Of The Global Engine, Turbine, And Power Transmission Equipment Market? Innovative Hydrogen-Fueled Gas Turbines Support Decarbonization And Enhance Grid Reliability
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 For The Global Engine, Turbine, And Power Transmission Equipment Market
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.
The countries covered in the engine, turbine, and power transmission equipment market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, 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 are one of a series of new reports from The Business Research Company that provides engine, turbine, and power transmission equipment market statistics, including engine, turbine, and power transmission equipment industry global market size, regional shares, competitors with an engine, turbine, and power transmission equipment market share, detailed engine, turbine, and power transmission equipment market segments, market trends and opportunities, and any further data you may need to thrive in the engine, turbine, and power transmission equipment industry. This engine, turbine, and power transmission equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
