Showing posts with label Geothermal. Show all posts
Showing posts with label Geothermal. Show all posts

U.S. Engine and Turbine Market Set for 5.1% CAGR Through 2032 Amid Rising Energy Demand

According to the latest market research study published by P&S Intelligence, the U.S. engines and turbines market is set for robust growth, with its value projected to rise from USD 40.4 billion in 2024 to USD 59.5 billion by 2032, registering a CAGR of 5.1% during the period. This momentum is fueled by the surging national energy demand, rapid technological advancements, and the push for environmentally friendly power generation methods.

Engines and turbines remain indispensable across industries — from thermal power plants and renewable energy projects to automotive, marine, aerospace, and defense applications. Their dual capability for propulsion and electricity generation reinforces their role as a cornerstone of modern infrastructure.

The adoption of energy-efficient, multi-fuel, and low-emission systems is accelerating, aligning with the U.S. pledge under the UN Framework Convention on Climate Change to cut greenhouse gas emissions by over 60% from 2005 levels by 2035. With strong government support for clean energy transitions and major industrial upgrades, the sector is poised for steady expansion in the coming years.

Key Insights

  • Turbines dominate the market with a 70% share in 2024 and represent the fastest-growing product category, supported by their extensive use in power generation, industrial operations, and renewable energy integration.
  • Natural gas turbines lead the power sector, but installations of wind and hydro capacity are expanding, backed by technological progress in gas turbine efficiency and reduced environmental footprint.
  • Hydrogen is the fastest-growing fuel type, expected to capture 60% share growth over the forecast years, driven by clean energy investments, net-zero emission goals, and innovations in green hydrogen production.
  • In October 2023, Duke Energy unveiled plans for an integrated facility in Florida to produce, store, and burn green hydrogen in turbines for electricity generation.
  • Power generation remains the largest application segment with 65% market share in 2024, as turbines are integral to producing electricity from diverse sources including natural gas, wind, biomass, nuclear, and geothermal.
  • Aerospace & defense is the fastest-growing application category, supported by rising global demand for commercial and military aircraft; Boeing and Airbus together held over 14,900 pending aircraft orders as of January 2025.
  • Marine applications are fueled by the need for large-scale diesel engines in cargo vessels and cruise ships, with notable examples such as the Wartsila RT-flex96C producing 107,390 hp and standing 44 feet tall.
  • The South leads regionally with a 40% share, underpinned by Texas, Louisiana, and Florida’s strong manufacturing base, high power demand, and significant oil & gas activity.
  • The West is the fastest-growing regional market, benefiting from expanding renewable energy infrastructure and aerospace manufacturing capabilities.
  • Competitive dynamics are shaped by specialization — companies often focus on either turbines or engines, with niche leadership in multi-fuel and hybrid solutions.
  • Key industry players include General Electric Company, Siemens AG, Caterpillar Inc., Cummins Inc., Mitsubishi Heavy Industries Ltd., Rolls-Royce Holdings plc, Wärtsilä Corporation, ABB Ltd., Baker Hughes Co., Doosan Heavy Industries, Kawasaki Heavy Industries Ltd., and Woodward Inc.
  • In March 2025, GE Aerospace committed USD 1 billion to upgrade its U.S. factories and supply chain, aiming to boost production capacity and integrate advanced manufacturing technologies.
  • In February 2025, Pratt & Whitney secured a USD 1.5 billion, three-year contract with the U.S. Air Force to maintain F119 engines for F-22 Raptors, enhancing operational readiness and lowering lifetime costs.
  • Industry trends point to a shift toward hybrid and combined-cycle turbine systems, which support both baseline and peak power needs while optimizing fuel efficiency.
  • The integration of digital monitoring and predictive maintenance tools is enhancing operational efficiency, reliability, and lifespan of engines and turbines.
  • Combined heat and power (CHP) systems are gaining traction across industrial facilities, delivering cost savings and reduced carbon footprints by generating both electricity and heat simultaneously.
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Why Industrialization and Urbanization Help Propel Heat Pump Market

From $53,821.2 million in 2021, the heat pump market value will increase at a growth rate of 8.8% in the years to come and reach $115,435.6 million by 2030. The replacement of conformist fuel-based heating know-how in these systems and momentous adoption of the heat pump expertise in housing uses as a lucrative heating technique are influencing the market development positively. Also, this technology contributes considerably to the decrease of carbon emissions and also obeys governing norms. Consequently, the rising environmental apprehensions and promising governing policies also are responsible for the growth of the industry.

The air-to-air heat pumps lead the heat pump market, with approximately 80% share, in the year 2021. Fast and easy fitting, longer lifespan, and little emissions are some projecting drivers quickening the use of these variations. They absorb heat from the outdoor air and transmit it to a walled space via central heating system. Key fundings in the manufacture of personalized systems for operations athwart regions with extreme weather conditions will also inspire business growth for the important manufacturers.

The heat pump market value in the APAC region is likely to exceed $50 billion by the year 2030, with an around 9% CAGR. The growing scale of commercial and residential construction, including hotels, offices, and educational organizations, is responsible for market growth. Furthermore, the strict regulations regarding energy efficiency and the increasing R&D for upgrading know-how, to reduce the influence of human actions on the atmosphere, would lead to industrial growth.

This technique is measured as favorable for lessening the emissions of greenhouse gas. These pumps extract heat from the air and then with the use of use electricity either increase or decrease its temperature relying on whether they are used for cooling or heating. These kinds of pumps can take up to 77% of the heat from the air; therefore, their usage can diminish the utilization of renewable energy sources expansively as opposed to alternate HVAC know-hows, thus lowering the emissions of carbon.

Industrialization and urbanization are the main factors for the demand of heat pumps around the world.

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