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.
