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Engine, Turbine, And Power Transmission Equipment Market Forecast: What Market Value Is Expected By 2030?
The engine, turbine, and power transmission equipment market size has demonstrated robust growth in recent years. It is anticipated to expand from $627.32 billion in 2025 to $670.7 billion in 2026, exhibiting a compound annual growth rate (CAGR) of 6.9%. Historically, this market expansion can be credited to the growth of industrial manufacturing activities, an increase in power generation capacity, rising demand for mechanical power transmission, the availability of advanced materials for engines, and increasing investments in heavy equipment.
The market for engine, turbine, and power transmission equipment is anticipated to demonstrate significant expansion over the next few years, with projections indicating it will achieve a valuation of $909.66 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.9%. This projected growth during the forecast period is largely driven by factors such as a growing move towards cleaner power generation, the increased implementation of hybrid and electric drivetrains, the expansion of renewable energy infrastructure, a heightened emphasis on predictive maintenance technologies, and increased financial commitments to industrial modernization. Important trends observed in this period encompass the greater adoption of high-efficiency engines and turbines, the increasing integration of digital condition monitoring, a rising requirement for low-emission power systems, the progress in advanced gear and transmission technologies, and an intensified focus on enhancing operational reliability.
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#Engine, Turbine, And Power Transmission Equipment Market Growth Factors: Which Forces Are Supporting Market Expansion?
The rising global requirement for renewable energy sources is anticipated to boost the engine, turbine, and power transmission equipment market. The ongoing transition to clean energy alternatives, including wind and solar power, has fueled a greater need for engines, turbines, and related power transmission gear. These components are crucial for converting wind and solar energy into usable electricity. For example, as reported by the U.S. Energy Information Administration in January 2024, U.S. solar power generation is projected to climb by 75%, growing from 163 billion kWh in 2023 to 286 billion kWh by 2025. Concurrently, wind power generation is expected to see an 11% increase, moving from 430 billion kWh in 2023 to 476 billion kWh in 2025. Thus, the escalating demand for renewable energy sources has significantly contributed to the expansion of the engine, turbine, and power transmission equipment market.
Engine, Turbine, And Power Transmission Equipment Market Segment Landscape: Which Areas Lead Market Development?
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 Strategic Trends: What Is Defining The Next Phase Of Growth?
Major companies within the engine, turbine, and power transmission equipment market are prioritizing the development of innovative products, such as hydrogen-fueled gas turbines, to advance decarbonization efforts and improve grid reliability by enabling power generation with 100% hydrogen fuel. A hydrogen-fueled gas turbine is an engine designed to use hydrogen as its primary fuel, which allows for electricity generation with substantially reduced greenhouse gas emissions compared to traditional fossil fuels, as its combustion only produces water vapor. For example, in November 2024, GE Vernova, a US-based energy equipment manufacturing and service provider, unveiled the LM6000VELOX, a 100% hydrogen-fueled aeroderivative gas turbine solution. This advanced technology is specifically designed to operate on 100% hydrogen fuel, thereby supporting decarbonization targets while also ensuring grid reliability. The turbine, which is part of GE Vernova’s aeroderivative fleet, includes enhancements derived from years of research and development to optimize combustion systems and achieve superior hydrogen burn capabilities. This product launch signifies an important progression in enabling renewable power integration and highlights GE Vernova’s dedication to future-proofing energy solutions.
Engine, Turbine, And Power Transmission Equipment Market Industry Leaders And Market Competition
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 Leading Geography: Which Region Generates The Most Revenue?
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.
