This Engine, Turbine, and Power Transmission Equipment market report provides a comprehensive analysis of the market’s characteristics, size, and growth, including segmentation, regional and country-level breakdowns, competitive landscape, market shares, trends, and strategies. It also tracks historical and forecasted market growth across various geographies.
The engine, turbine, and power transmission equipment market size has grown strongly in recent years. It will grow from $582.66 billion in 2024 to $632.99 billion in 2025 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to industrialization, energy demand, aerospace industry growth, infrastructure development, globalization.
The engine, turbine, and power transmission equipment market size is expected to see strong growth in the next few years. It will grow to $855.1 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to renewable energy integration, electrification, digitalization and iot, decentralized power generation, hydrogen economy. Major trends in the forecast period include advanced materials, hybrid power systems, energy storage integration, remote monitoring and predictive maintenance, sustainable propulsion.
The growth of the engine, turbine, and power transmission equipment manufacturing market is supported by the expected stable economic growth in both developed and developing countries. For example, according to the International Monetary Fund (IMF), China's gross domestic product (GDP) increased from $17.75 trillion in 2021 to $18.1 trillion in 2022. Emerging markets and developing economies experienced a growth rate of 3.9% in 2020, which further increased to 6.1% in 2022. The recovery of commodity prices, following a significant decline in the past, is also anticipated to contribute to market growth. Developed economies are forecasted to sustain stable growth during the forecast period, while emerging markets are expected to grow slightly faster than developed ones. This stable economic growth is likely to lead to increased investments in the end-user markets, thereby driving the engine, turbine, and power transmission equipment manufacturing market in the forecast period.
The growing demand for renewable energy sources is expected to be a driving factor for the engine, turbine, and power transmission equipment market. The transition to renewable energy, particularly from sources like wind and solar power, has led to an increased need for engines, turbines, and power transmission equipment. These components are essential for converting renewable energy, such as wind and solar power, into electricity. For example, in April 2023, a report from the National Renewable Energy Laboratory (NREL) indicated that global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc) in 2022, resulting in a total cumulative capacity of 1.2 terawatts of direct current (TWdc). China, in particular, saw a significant increase in annual PV installations, with a 57% surge, driven primarily by distributed PV systems. It is expected that annual installations will continue to grow, surpassing 300 GW by 2023 and exceeding 400 GW by 2025. This underscores the impact of the increasing demand for renewable energy sources on the engine, turbine, and power transmission equipment market.
Major manufacturers in the market are increasingly embracing modular turbine designs as a strategy to streamline onsite work and expedite installation processes. The modular turbine design approach involves the prefabrication of electricity-generating equipment within a factory setting, resulting in packaged components that reduce the construction timeline for power plants. For example, in July 2022, WEG, a prominent company based in Brazil specializing in electric engineering, power, and automation technology, introduced a 7 MW wind turbine featuring a substantial 172-meter rotor diameter. This innovation was aimed at enhancing energy output for wind generation projects. The turbine incorporated Medium-Speed Geared (MSG) drive technology and a full-power drive, allowing seamless integration with the electrical grid. Moreover, this new design also featured modular components, including an extended tower, which not only simplifies logistics but also facilitates an easier assembly process. This modular approach is gaining traction as it optimizes the efficiency of power generation projects and contributes to reducing installation times.
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 turbine engine that uses hydrogen as its primary fuel source, generating electricity with significantly reduced greenhouse gas emissions compared to traditional fossil fuels, as it produces only water vapor when combusted. For example, 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 advanced technology is designed to operate entirely on hydrogen fuel, supporting decarbonization goals while ensuring grid reliability. The turbine, part of GE Vernova’s aeroderivative fleet, incorporates years of research and development to enhance combustion systems and improve hydrogen burn capabilities. This launch marks a significant step in facilitating the integration of renewable power and underscores GE Vernova’s commitment to future-proofing energy solutions.
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.
Engine, turbine, and power transmission equipment encompass a range of machinery, including engines for propulsion, turbines for energy conversion, and power transmission equipment for the transfer of mechanical energy. Engines are utilized to drive various mechanisms, turbines are employed to transform rotational energy into useful work or power, and power transmission equipment is responsible for transferring mechanical energy from a prime mover to a driven machine. Turbine equipment is commonly employed in electric power generation.
The primary categories of engine, turbine, and power transmission equipment include commercial internal combustion engines, turbine and turbine generator set units, mechanical power transmission equipment, speed changers, industrial high-speed drives, and gears. Internal combustion engines pertain to engines that generate motive power by producing hot gas to move a piston. These engines come in various capacities, including small, medium, and large. Diverse end-users utilize this equipment, with applications spanning the automotive, manufacturing, industrial, and other sectors.
The engine, turbine, and power transmission equipment market research report are one of a series of new reports 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.
The 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.
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.
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.
This product will be delivered within 3-5 business days.
The engine, turbine, and power transmission equipment market size has grown strongly in recent years. It will grow from $582.66 billion in 2024 to $632.99 billion in 2025 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to industrialization, energy demand, aerospace industry growth, infrastructure development, globalization.
The engine, turbine, and power transmission equipment market size is expected to see strong growth in the next few years. It will grow to $855.1 billion in 2029 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to renewable energy integration, electrification, digitalization and iot, decentralized power generation, hydrogen economy. Major trends in the forecast period include advanced materials, hybrid power systems, energy storage integration, remote monitoring and predictive maintenance, sustainable propulsion.
The growth of the engine, turbine, and power transmission equipment manufacturing market is supported by the expected stable economic growth in both developed and developing countries. For example, according to the International Monetary Fund (IMF), China's gross domestic product (GDP) increased from $17.75 trillion in 2021 to $18.1 trillion in 2022. Emerging markets and developing economies experienced a growth rate of 3.9% in 2020, which further increased to 6.1% in 2022. The recovery of commodity prices, following a significant decline in the past, is also anticipated to contribute to market growth. Developed economies are forecasted to sustain stable growth during the forecast period, while emerging markets are expected to grow slightly faster than developed ones. This stable economic growth is likely to lead to increased investments in the end-user markets, thereby driving the engine, turbine, and power transmission equipment manufacturing market in the forecast period.
The growing demand for renewable energy sources is expected to be a driving factor for the engine, turbine, and power transmission equipment market. The transition to renewable energy, particularly from sources like wind and solar power, has led to an increased need for engines, turbines, and power transmission equipment. These components are essential for converting renewable energy, such as wind and solar power, into electricity. For example, in April 2023, a report from the National Renewable Energy Laboratory (NREL) indicated that global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc) in 2022, resulting in a total cumulative capacity of 1.2 terawatts of direct current (TWdc). China, in particular, saw a significant increase in annual PV installations, with a 57% surge, driven primarily by distributed PV systems. It is expected that annual installations will continue to grow, surpassing 300 GW by 2023 and exceeding 400 GW by 2025. This underscores the impact of the increasing demand for renewable energy sources on the engine, turbine, and power transmission equipment market.
Major manufacturers in the market are increasingly embracing modular turbine designs as a strategy to streamline onsite work and expedite installation processes. The modular turbine design approach involves the prefabrication of electricity-generating equipment within a factory setting, resulting in packaged components that reduce the construction timeline for power plants. For example, in July 2022, WEG, a prominent company based in Brazil specializing in electric engineering, power, and automation technology, introduced a 7 MW wind turbine featuring a substantial 172-meter rotor diameter. This innovation was aimed at enhancing energy output for wind generation projects. The turbine incorporated Medium-Speed Geared (MSG) drive technology and a full-power drive, allowing seamless integration with the electrical grid. Moreover, this new design also featured modular components, including an extended tower, which not only simplifies logistics but also facilitates an easier assembly process. This modular approach is gaining traction as it optimizes the efficiency of power generation projects and contributes to reducing installation times.
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 turbine engine that uses hydrogen as its primary fuel source, generating electricity with significantly reduced greenhouse gas emissions compared to traditional fossil fuels, as it produces only water vapor when combusted. For example, 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 advanced technology is designed to operate entirely on hydrogen fuel, supporting decarbonization goals while ensuring grid reliability. The turbine, part of GE Vernova’s aeroderivative fleet, incorporates years of research and development to enhance combustion systems and improve hydrogen burn capabilities. This launch marks a significant step in facilitating the integration of renewable power and underscores GE Vernova’s commitment to future-proofing energy solutions.
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.
Engine, turbine, and power transmission equipment encompass a range of machinery, including engines for propulsion, turbines for energy conversion, and power transmission equipment for the transfer of mechanical energy. Engines are utilized to drive various mechanisms, turbines are employed to transform rotational energy into useful work or power, and power transmission equipment is responsible for transferring mechanical energy from a prime mover to a driven machine. Turbine equipment is commonly employed in electric power generation.
The primary categories of engine, turbine, and power transmission equipment include commercial internal combustion engines, turbine and turbine generator set units, mechanical power transmission equipment, speed changers, industrial high-speed drives, and gears. Internal combustion engines pertain to engines that generate motive power by producing hot gas to move a piston. These engines come in various capacities, including small, medium, and large. Diverse end-users utilize this equipment, with applications spanning the automotive, manufacturing, industrial, and other sectors.
The engine, turbine, and power transmission equipment market research report are one of a series of new reports 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.
The 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.
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.
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.
This product will be delivered within 3-5 business days.
Executive Summary
Engine, Turbine, and Power Transmission Equipment Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on engine, turbine, and power transmission equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for engine, turbine, and power transmission equipment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The engine, turbine, and power transmission equipment market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include: the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Commercial Internal Combustion Engines; Turbine and Turbine Generator Set Units; Mechanical Power Transmission Equipment; Speed Changer, Industrial High-Speed Drive, and Gear2) 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 Engines2) 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
Key Companies Mentioned: Caterpillar Inc.; Vestas Wind Systems a/S; Mitsubishi Heavy Industries ltd; Siemens AG; Goldwind
Countries: 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
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
The major companies featured in this Engine, Turbine, and Power Transmission Equipment market report 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
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 400 |
| Published | April 2025 |
| Forecast Period | 2025 - 2029 |
| Estimated Market Value ( USD | $ 632.99 Billion |
| Forecasted Market Value ( USD | $ 855.1 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 32 |
