Global Engine, Turbine, And Power Transmission Equipment Market Size, Drivers, Trends, Opportunities And Strategies – Includes Engine, Turbine, And Power Transmission Equipment Market Report
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Stable economic growth in many developed and developing countries is expected to fuel innovation in the production of engines, turbines, and power transmission equipment, propelling the market throughout the forecast period.
The global engine, turbine and power transmission equipment market is expected to grow from $571.79 billion in 2022 to $621.6 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The engine, turbine, and power transmission equipment market is expected to grow to $837.61 billion in 2027 at a CAGR of 7.7%.
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Global engine, turbine and power transmission equipment Market Segments Include:
- By Type: Commercial Internal Combustion Engines, Turbine And Turbine Generator Set Units, Mechanical Power Transmission Equipment, Speed Changer, Industrial High-Speed Drive, And Gear
- By Capacity: Small, Medium, Large
- By End-Users: Automotive, Manufacturing, Industrial, Other End-Users
- Subsegments Covered: Diesel Powered Internal Combustion Engines, Gasoline Powered Internal Combustion Engines, Natural Gas Powered Internal Combustion Engines, Other Powered Internal Combustion Engines, Steam And Gas Turbine, Wind Turbine, Hydro Turbine, Plain Bearings, Joints, Clutches, Couplings, Pulleys, Chains And Sprockets, Other Mechanical Power Transmission Equipment
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global engine, turbine and power transmission equipment market in 2021.
Major Market Players in the engine, turbine and power transmission equipment market include Caterpillar Inc., Vestas Wind Systems A/S, Mitsubishi Heavy Industries Ltd., Siemens AG, Goldwind.
Gas turbine and power generation equipment manufacturers are embracing modular turbine designs to reduce on-site labor and shorten installation times. The modular turbine design is a type of factory-built electricity-generating machinery that is built and packaged to reduce the time required to construct a power plant. Because they are dependable and affordable machinery, they can expedite construction, design, installation, and delivery. In addition to gas turbines, these modular designs can be used to build and deliver other power plant components such as engine modules, fuel delivery systems, emissions control equipment, heat recovery steam generator (HRSG) modules, generators, pipe racks, and other auxiliary systems. VESTAS, ENERCON, and GE are three well-known companies that provide modular turbine designs. WEG, for example, launched a 7 MW wind turbine with a rotor diameter of 172 meters in July 2022 to increase output for wind energy projects. The device can connect to the electrical grid with ease thanks to its full power drive and Medium-Speed Geared (MSG) drive technology. The new design also includes modular elements, such as a taller tower, to streamline logistics and provide a simpler assembly concept.
The Engine, Turbine, And Power Transmission Equipment Global Market Report 2023 provides a engine, turbine and power transmission equipment market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The engine, turbine and power transmission equipment market forecast analyzes engine, turbine and power transmission equipment market size, engine, turbine and power transmission equipment market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Engine, turbine, and power transmission equipment refers to the machines that comprise the engine, turbine, and power transmission. A power transmission transfers mechanical energy from a driven machine to another driven machine, a turbine converts rotational energy into usable work or energy, and an engine moves objects. Turbine technology is commonly used to generate electricity.
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