$41.3bn
$X.Xbn
72,806
505
$X.Xbn
Engine and turbine manufacturers produce diesel truck engines, power transmission turbines and industrial transmissions. In addition to the production of engines and turbines, they also produce the parts and pieces required to fix and update existing products. Demand for these engines and turbines are reliant on a few different things. Exports and global trade conditions are the most important area, since a lot of activity is generated through global trade. Through 2024 the industry faced significant problems stemming from global trade. This included an appreciating dollar, which made domestically produced goods less attractive to foreign buyers, as well as global supply chain disruptions, which would inevitably increase the cost of oil and steel.
Industry revenue has declined at a CAGR of 4.0 % over the past five years, to reach an estimated $41.3bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Cummins Inc. | 10,655.7 | 1,081.3 | 10.1 | |
Caterpillar Inc. | 7,077.8 | 494.6 | 7.0 | |
B&B Manufacturing, Inc.
| 52.3 | 2.1 | 4.1 |
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Industry revenue is measured across several distinct product and services lines, including Diesel and semidiesel engines , Turbines and turbine generator sets and Mechanical power transmission equipment. Diesel and semidiesel engines is the largest segment of the Engine & Turbine Manufacturing in the US.
Natural gas engines grow in popularity
Operators in this industry manufacture turbines and equipment used for power transmission, such as generators, in addition to diesel engines for highway vehicles and heavy-duty equipment. Parts and accessories are included, but wind turbines are excluded from this industry (see IBISWorld report 33361b).
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NAICS 333612 - Engine & Turbine Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
EPA regulations and preferences will support new product manufacturing through 2029. There’s an emphasis on greener technology which limits emissions.
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Shipping ports increase the presence of engine manufacturers. The proximity to the ports for ease of exporting as well as the bustling downstream market for engines makes it ...
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Low-interest rates at the beginning of the period have resulted in more rapid expansion in the industry. Cummins and Caterpillar have both expanded domestically and internati...
Learn about the performance of the top companies in the industry.
Cummins has acquired several large companies during the last few years. Most notably, Cummins expanded their product offering with the acquisition of Meritor in 2022.
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Skyrocketing oil prices brought severe volatility to manufacturers. In 2021 and 2022, operators faced difficulties surrounding prices, causing a significant drop in profit.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Wages climb as the workers are indispensable. High-skill scientists, laborers, and administrative employees are essential at every step of the production process, resulting i...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Engine & Turbine Manufacturing in the US industry in United States is $41.3bn in 2024.
There are 505 businesses in the Engine & Turbine Manufacturing in the US industry in United States, which has declined at a CAGR of 3.2 % between 2019 and 2024.
The market size of the Engine & Turbine Manufacturing in the US industry in United States has been declining at a CAGR of 4.0 % between 2019 and 2024.
Over the next five years, the Engine & Turbine Manufacturing in the US industry in United States is expected to grow.
The biggest companies operating in the Engine & Turbine Manufacturing market in United States are Cummins Inc., Caterpillar Inc. and B&B Manufacturing, Inc.
Manufacturing diesel, semidiesel and dual fuel engines and Manufacturing gas, steam and other turbines, generator sets and accessories are part of the Engine & Turbine Manufacturing in the US industry.
The company holding the most market share in United States is Cummins Inc..
The level of competition is moderate and steady in the Engine & Turbine Manufacturing in the US industry in United States.