Major companies in the engine, turbine, and power transmission equipment market include General Electric Co; Siemens Corporation; Caterpillar Inc; Cummins Inc and Vestas Wind Systems A/S. The global engine, turbine, and power transmission equipment market is expected to grow from $494.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Engine, Turbine, And Power Transmission Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018845/?utm_source=GNW
46 billion in 2020 to $516.7 billion in 2021 at a compound annual growth rate (CAGR) of 4.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $712.24 billion in 2025 at a CAGR of 8%.
The engine, turbine, and power transmission equipment market consists of sales of engine, turbine, and power transmission equipment by entities (organizations, sole traders or partnerships) that produce turbines, power transmission equipment, and internal combustion engines (except automotive gasoline and aircraft). The engine, turbine, and power transmission equipment market is segmented into commercial internal combustion engines; turbine and turbine generator set units; mechanical power transmission equipment; and speed changer, industrial high-speed drive, and gear.
Asia Pacific was the largest region in the global engine, turbine, and power transmission equipment market, accounting for 39% of the market in 2020. Western Europe was the second largest region accounting for 31% of the global engine, turbine, and power transmission equipment market. Africa was the smallest region in the global engine, turbine, and power transmission equipment market.
Gas turbine and power generation equipment manufacturers are adopting modular turbine designs to reduce onsite works and offering short installation times. Modular turbine design is a prefabricated electricity generating equipment in a factory, packaged to reduce the timeline to construct a power plant. They are reliable and low-cost equipment to reduce construction, design, installation and delivery times. These modular designs can be prefabricated and delivered not only in gas turbines, but also in other components of power plants such as engine modules, fuel delivery systems, emissions control equipment, heat recovery steam generator (HRSG) modules, generators, pipe racks and other auxiliary systems. Major companies providing modular turbine designs are VESTAS, ENERCON and GE. In 2019, Vestas introduced EnVentus, a modular wind-turbine platform based on advanced modular design.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the engine, turbine, and power transmission equipment manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Machinery manufacturers depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the engine, turbine, and power transmission equipment manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy
The engine, turbine, and power transmission equipment manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.
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