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Engine, Turbine, And Power Transmission Equipment Market Poised To Hit $909.66 Billion By 2030 With A 7.9% CAGR
The engine, turbine, and power transmission equipment market has experienced substantial expansion in recent years. It is forecast to rise from $627.32 billion in 2025 to $670.7 billion in 2026, at a compound annual growth rate (CAGR) of 6.9%. The market’s growth in previous periods can be linked to the expansion of industrial manufacturing activities, growth in power generation capacity, increasing demand for mechanical power transmission, availability of advanced materials for engines, and rising investments in heavy equipment.
The engine, turbine, and power transmission equipment market size is anticipated to undergo substantial growth in the upcoming years. This growth is projected to elevate the market to $909.66 billion by the year 2030, with a compound annual growth rate (CAGR) of 7.9%. Key drivers for this expansion throughout the forecast period encompass a rising inclination towards cleaner power generation, an increasing uptake of hybrid and electric drivetrains, the broadening of renewable energy installations, an intensified focus on predictive maintenance technologies, and enhanced investments in industrial modernization. Prominent trends identified for the forecast period feature an expanding embrace of high-efficiency engines and turbines, increasing integration of digital condition monitoring, a burgeoning demand for low-emission power systems, the broadening of advanced gear and transmission technologies, and an elevated emphasis on operational reliability.
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Engine, Turbine, And Power Transmission Equipment Market Demand Drivers Opening New Revenue Streams
The escalating demand for renewable energy sources is poised to drive the expansion of the Engine, Turbine, And Power Transmission Equipment Market. The pivot towards sustainable energy options, such as wind and solar power, has amplified the need for engines, turbines, and power transmission equipment. These components are crucial in renewable energy systems for converting wind and solar energy into electricity. For instance, in January 2024, the U.S. Energy Information Administration, a US-based agency of federal statistical system, forecasted U.S. solar power generation to surge by 75%, increasing from 163 billion kWh in 2023 to 286 billion kWh by 2025. During this timeframe, wind power generation is expected to rise by 11%, from 430 billion kWh in 2023 to 476 billion kWh in 2025. Therefore, the heightened demand for renewable energy sources has been instrumental in the growth of the Engine, Turbine, And Power Transmission Equipment Market.
Engine, Turbine, And Power Transmission Equipment Market Segments: Where Is Growth Concentrated?
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, Industrial High-Speed Drive, 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 Industrial High-Speed Drive: Electric High-Speed Drives, Hydraulic High-Speed Drives, Pneumatic High-Speed Drives
5) By Gear: Spur Gears, Helical Gears, Bevel Gears, Worm Gears
Engine, Turbine, And Power Transmission Equipment Market Trends Powering Strategic Industry Growth
Leading companies in the engine, turbine, and power transmission equipment market are concentrating on developing innovative products like hydrogen-fueled gas turbines. These efforts aim to support decarbonization and enhance grid reliability by enabling the use of 100% hydrogen fuel for power generation. A hydrogen-fueled gas turbine is an engine that primarily uses hydrogen, allowing for electricity generation with substantially reduced greenhouse gas emissions compared to traditional fossil fuels, as its combustion produces only water vapor. For instance, in November 2024, GE Vernova, a US-based energy equipment manufacturing and service company, introduced 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 upholding grid reliability. The turbine, which is part of GE Vernova’s aeroderivative fleet, incorporates advancements from years of R&D to improve combustion systems and achieve higher hydrogen burn capabilities. This launch signifies a major step in enabling renewable power integration and demonstrates GE Vernova’s commitment to future-proofing energy solutions.
Engine, Turbine, And Power Transmission Equipment Market Key Participants And Competitive Landscape
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
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Engine, Turbine, And Power Transmission Equipment Market Geographic Analysis: Where Is Demand Rising Fastest?
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
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
