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

The engine, turbine, and power transmission equipment market have experienced robust growth, scaling from $546.05 billion in 2023 to a projected $593.61 billion in 2024, marking a remarkable Compound Annual Growth Rate (CAGR) of 8.7%. This surge in the historic period is attributed to key factors such as industrialization, surging energy demand, aerospace industry growth, infrastructure development, and the increasing trend of globalization.

Sustainable Growth on the Horizon: Future Projections and Influencers

• Forecasted Momentum: The market is poised for continued growth, expected to reach $810.87 billion by 2028 with a CAGR of 8.1%.
• Shaping Forces: The anticipated surge is propelled by a shift towards renewable energy integration, electrification, digitalization, IoT, decentralized power generation, and the burgeoning hydrogen economy.
• Future Trends: Notable trends include the adoption of advanced materials, the rise of hybrid power systems, energy storage integration, remote monitoring, and predictive maintenance, alongside the promotion of sustainable propulsion methods.

Economic Stability: A Catalyst for Manufacturing Growth

• Economic Growth Catalyst: The engine, turbine, and power transmission equipment manufacturing market growth are bolstered by stable economic conditions predicted across developed and developing countries.
• IMF Insights: China’s GDP growth from $17.75 trillion in 2021 to $18.1 trillion in 2022, and a 6.1% growth in emerging markets and developing economies in 2022 showcase economic stability.
• Recovering Commodity Prices: After a significant decline, recovering commodity prices contribute further to market growth.
• Global Economic Landscape: Developed economies are anticipated to register stable growth, with emerging markets outpacing their developed counterparts.
• Investment Boost: Stable economic growth is expected to stimulate investments in end-user markets, becoming a driving force for the market during the forecast period.

Read The Full Engine, Turbine, And Power Transmission Equipment Market Report Here:
https://www.thebusinessresearchcompany.com/report/engine-turbine-and-power-transmission-equipment-global-market-report

Manufacturing Giants Leading the Charge

• Industry Leaders: Major companies shaping the market include Caterpillar Inc., Vestas Wind Systems A/S, Siemens AG, Goldwind, Cummins Inc., General Electric Company, and many others.
• Strategic Adoption: Manufacturers are focusing on adopting modular turbine designs to streamline processes and reduce onsite work.
• July 2022 Innovation: WEG, a Brazil-based company, launched a 7 MW wind turbine with a 172-meter rotor diameter, featuring a Medium-Speed Geared (MSG) drive technology and full power drive. The design incorporates modular components, offering ease in logistics and assembly.

Segmentation Insights: Understanding Market Dynamics

• Type Segmentation: Commercial Internal Combustion Engines, Turbine and Turbine Generator Set Units, Mechanical Power Transmission Equipment, Speed Changer, Industrial High-Speed Drive, and Gear.
• Capacity Segmentation: Small, Medium, Large.
• End-User Segmentation: Automotive, Manufacturing, Industrial, and other end-users.

Regional Dominance: Asia-Pacific Takes the Lead

• Largest Region in 2023: Asia-Pacific emerged as the dominant force in the engine, turbine, and power transmission equipment market in 2023.

Get A Free Sample On The Global Engine, Turbine, And Power Transmission Equipment Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=2857&type=smp

The Engine, Turbine, And Power Transmission Equipment Global Market Report 2023  provides an overview of the engine, turbine and power transmission equipment market 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 and their market positions.

Explore Similar Reports From The Business Research Company:

Power Generation, Transmission And Control Equipment Global Market Report 2023

Power Electronics Global Market Report 2023

Power Generators Global Market Report 2023

Learn More About The Business Research Company
The Business Research Company has published over 6500+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info

Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on: