PUBLISHER: The Business Research Company | PRODUCT CODE: 1932482
PUBLISHER: The Business Research Company | PRODUCT CODE: 1932482
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.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
Tariffs are influencing the engine, turbine, and power transmission equipment market by increasing costs of imported castings, precision gears, bearings, control electronics, and turbine components. Power generation, industrial manufacturing, and automotive sectors in North America and Europe are most affected due to reliance on globally sourced heavy machinery components, while Asia-Pacific exporters face reduced price competitiveness. These tariffs are increasing equipment procurement costs and extending project timelines. However, tariffs are also driving localization of component manufacturing, strengthening regional supply chains, and accelerating innovation in efficient and modular power transmission systems.
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.
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.
The engine, turbine, and power transmission equipment market size is expected to see strong growth in the next few years. It will grow to $909.66 billion in 2030 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to increasing shift toward cleaner power generation, rising adoption of hybrid and electric drivetrains, expansion of renewable energy installations, growing focus on predictive maintenance technologies, increasing investments in industrial modernization. Major trends in the forecast period include increasing adoption of high-efficiency engines and turbines, rising integration of digital condition monitoring, growing demand for low-emission power systems, expansion of advanced gear and transmission technologies, enhanced focus on operational reliability.
The rising demand for renewable energy sources is expected to drive the growth of the engine, turbine, and power transmission equipment market. The shift toward renewable energy, including wind and solar power, has increased the need for engines, turbines, and power transmission systems, which are essential for converting wind and solar energy into electricity. For example, in January 2024, the U.S. Energy Information Administration, a US-based federal statistical agency, projected that U.S. solar power generation would rise 75%, from 163 billion kWh in 2023 to 286 billion kWh by 2025, while wind power generation is expected to increase by 11%, from 430 billion kWh in 2023 to 476 billion kWh in 2025. Therefore, the growing demand for renewable energy is propelling the engine, turbine, and power transmission equipment market.
The expansion of industrialization is also expected to drive the growth of the engine, turbine, and power transmission equipment market. Industrialization involves the transformation of an economy through industrial development, mechanized production, and urban growth. Rising demand for goods and services fuels industrialization, prompting investment in industries and mechanized production to efficiently meet growing needs. Engines, turbines, and power transmission equipment play a critical role in industrialization by providing reliable energy and mechanical power to operate machinery, run factories, and maintain large-scale production efficiently. For example, in 2024, TakeProfit, a US-based fintech company, reported that industrial production in Australia increased by 1.59% in the second quarter of 2023 compared to the same quarter in 2022. Therefore, expanding industrialization is driving the growth of the engine, turbine, and power transmission equipment market.
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 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
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 the engine, turbine, and power transmission equipment market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the engine, turbine, and power transmission equipment 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.
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.
Engine, Turbine, And Power Transmission Equipment Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses 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.
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, including technological disruption, regulatory shifts, and changing consumer preferences? The engine, turbine, and power transmission equipment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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