Industry Statistics and Trends
Engine & Turbine Manufacturing in Europe key trends
Import competition from China limits revenue prospects.
Wind turbine manufacturers have been especially hard hit. Eurostat figures show that China took up 61% of European wind turbine imports in 2022, eating into local manufacturers’ sales.
Combined-cycle gas turbines (CGGT) offer a growing source of sales.
CCGT plants offer a clean energy alternative to high-polluting coal- and oil-fired power stations, producing electricity from gas and steam turbines.
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Engine & Turbine Manufacturing in Europe
Industry Revenue
Total value and annual change from 2011-2029. Includes 5-year outlook.
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Engine & Turbine Manufacturing in Europe market size (2019-2024)
Industry revenue has declined at a CAGR of 3.0 % over the past five years, to reach an estimated €129.1bn in 2024.
Trends and Insights
Combined-cycle gas turbine (CGGT) plants provide a growing market for gas turbine manufacturers
- The most significant shift in the European electricity system has been the change from coal generation to gas generation via CCGT plants.
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Engine & Turbine Manufacturing in Europe outlook (2024-2029)
Market size is projected to grow over the next five years.
Import competition intensifies, threatening revenue prospects
- According to Eurostat, China accounted for 61% of European wind turbine imports in 2022, stealing sales away from local manufacturers. Over the coming years, imports are set to grab even more of Europe’s engine and turbine manufacturing market.
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Revenue
€129.1bn
Employees
369k
Wages
€XX.Xbn
European Leaders & Laggards
Top 5 Countries
- Netherlands +17.3%
- Serbia +13.4%
- Greece +12.2%
- Romania +11.4%
- Denmark +9.3%
Bottom 5 Countries
- Latvia -7.8%
- Slovakia -6.9%
- Portugal -6.0%
- United Kingdom -5.5%
- Slovenia -3.1%
* CAGR values are for the years 2019-2024.
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Biggest companies in the Engine & Turbine Manufacturing in Europe
| Company | Market Share (%)
2024 | Revenue (€m)
2024 | Profit (€m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Siemens Energy AG | 33,525.7 | -1,408.1 | -4.2 | |
General Electric International Inc. | 66,564.1 | 3,497.7 | 5.3 | |
Vestas Wind Systems A/S | 15,970.5 | 159.7 | 1.0 |
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Engine & Turbine Manufacturing in Europe
Products & Services Segmentation
Industry revenue broken down by key product and services lines.
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Top Questions Answered in this Report
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What is the market size of the Engine & Turbine Manufacturing industry in Europe in 2024?
The market size of the Engine & Turbine Manufacturing industry in Europe is €129.1bn in 2024.
How many businesses are there in the Engine & Turbine Manufacturing in Europe industry in 2024?
There are 2,458 businesses in the Engine & Turbine Manufacturing industry in Europe, which has declined at a CAGR of 2.4 % between 2019 and 2024.
Has the Engine & Turbine Manufacturing industry in Europe grown or declined over the past 5 years?
The market size of the Engine & Turbine Manufacturing industry in Europe has been declining at a CAGR of 3.0 % between 2019 and 2024.
What is the forecast growth of the Engine & Turbine Manufacturing industry in Europe over the next 5 years?
Over the next five years, the Engine & Turbine Manufacturing industry in Europe is expected to grow.
What does the Engine & Turbine Manufacturing in Europe include?
Parts for engines with compression ignition and Turbines are part of the Engine & Turbine Manufacturing industry.
Which countries have the most businesses in the Engine & Turbine Manufacturing industry in Europe?
The European country with the most businesses in the Engine & Turbine Manufacturing industry is Switzerland.
How competitive is the Engine & Turbine Manufacturing industry in Europe?
The level of competition is high and increasing in the Engine & Turbine Manufacturing industry in Europe.
Related Industries
This industry is covered in 37 countries
- Engine & Turbine Manufacturing in Austria
- Engine & Turbine Manufacturing in France
- Engine & Turbine Manufacturing in Lithuania
- Engine & Turbine Manufacturing in the Netherlands
- Engine & Turbine Manufacturing in Belgium
- Engine & Turbine Manufacturing in Italy
- Engine & Turbine Manufacturing in Denmark
- Engine & Turbine Manufacturing in Latvia
- Engine & Turbine Manufacturing in Bosnia & Herzegovina
- Engine & Turbine Manufacturing in the UK
- Engine & Turbine Manufacturing in Germany
- Engine & Turbine Manufacturing in Greece
- Engine & Turbine Manufacturing in Romania
- Engine & Turbine Manufacturing in Norway
- Engine & Turbine Manufacturing in Hungary
- Engine & Turbine Manufacturing in the UK
- Engine & Turbine Manufacturing in Germany
- Engine & Turbine Manufacturing in Finland
- Engine & Turbine Manufacturing in Croatia
- Engine & Turbine Manufacturing in Spain
- Engine & Turbine Manufacturing in Portugal
- Engine & Turbine Manufacturing in Serbia
- Engine & Turbine Manufacturing in Czechia
- Engine & Turbine Manufacturing in Sweden
- Engine & Turbine Manufacturing in Turkey
- Engine & Turbine Manufacturing in Ireland
- Engine & Turbine Manufacturing in Estonia
- Engine & Turbine Manufacturing in Europe
- Engine & Turbine Manufacturing in Luxembourg
- Engine & Turbine Manufacturing in Russia
- Engine & Turbine Manufacturing in Slovakia
- Engine & Turbine Manufacturing in Switzerland
- Engine & Turbine Manufacturing in Poland
- Engine & Turbine Manufacturing in Slovenia
- Engine & Turbine Manufacturing in Bulgaria
- Engine & Turbine Manufacturing in Iceland
Table of Contents
About this industry
Industry definition
Companies in this industry manufacture internal combustion piston engines, including marine and railway engines and engine components. They also produce steam turbines and other vapour, hydraulic, wind and gas turbines, but not motor vehicles, aircraft engines or generator sets.
Related Terms
TURBINEINTERNAL COMBUSTION ENGINEPISTONCombined-Cycle Gas Turbines (Ccgts)What's included in this industry?
Parts for engines with compression ignitionTurbinesParts for engines with spark ignitionEngines for water and rail vehicles and industrial enginesCompanies
Siemens Energy AGGeneral Electric International Inc.Vestas Wind Systems A/SIndustry Code
2811 - Manufacture of engines and turbines, except aircraft, vehicle and cycle engines in Europe
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Performance
Key Takeaways
Combined-cycle gas turbine (CGGT) plants provide a growing market for gas turbine manufacturers
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Revenue Highlights
Trends
- Revenue
- 2024 Revenue Growth
- Revenue Volatility
Employment Highlights
Trends
- Employees
- Employees per Business
- Revenue per Employee
Business Highlights
Trends
- Businesses
- Employees per Business
- Revenue per Business
Profit Highlights
Trends
- Total Profit
- Profit Margin
- Profit per Business
Current Performance
Charts
- Revenue in the Engine & Turbine Manufacturing in Europe industry (2011 -2029)
- Employees in the Engine & Turbine Manufacturing in Europe industry (2011 -2029)
- Business in the Engine & Turbine Manufacturing in Europe industry (2011 -2029)
- Profit in the Engine & Turbine Manufacturing in Europe industry (2011 -2029)
Analysis
What's driving current industry performance in the Engine & Turbine Manufacturing in Europe industry?
Outlook
Analysis
What's driving the Engine & Turbine Manufacturing in Europe industry outlook?
Volatility
Analysis
What influences volatility in the Engine & Turbine Manufacturing in Europe industry?
Charts
- Industry Volatility vs. Revenue Growth Matrix
Life Cycle
Analysis
What determines the industry life cycle stage in the Engine & Turbine Manufacturing in Europe industry?
Charts
- Industry Life Cycle Matrix
Products and Markets
Highlights
Trends
- Largest Market
- Product Innovation
Key Takeaways
Turbine sales drop despite investment in renewable energy growing. Sales of combined-cycle gas turbines (CCGTs) have increased as Europe invests in boosting CCGT capacity, but orders of European wind turbines have still dipped recently.
Products and Services
Charts
- Products and Services Segmentation
Analysis
How are the Engine & Turbine Manufacturing in Europe industry's products and services performing?
Analysis
What are innovations in the Engine & Turbine Manufacturing in Europe industry's products and services?
Major Markets
Charts
- Major Market Segmentation
Analysis
What influences demand in the Engine & Turbine Manufacturing in Europe industry?
International Trade
Highlights
- Largest Importer
- Smallest Importer
- Total Imports into Europe
- Largest Exporter
- Smallest Exporter
- Total Exports into Europe
Heat maps
- Industry Concentration of Imports by Country
- Industry Concentration of Exports by Country
Data Tables
Value and annual change (%) included
- Number of Imports and Exports by European Country (2024)
Geographic Breakdown
Business Locations
Heat maps
- Share of Total Industry Revenue by Region (2024)
- Share of Total Industry Enterprises by Region (2024)
- Share of Total Industry Employment by Region (2024)
- Share of Total Industry Wages by Region (2024)
Industry Geographic Breakdown
Data Tables
Values and annual change provided for 37 European countries:
- Revenue (2024)
- IVA (2024)
- Enterprises (2024)
- Employment (2024)
- Exports (2024)
- Imports (2024)
Competitive Forces
Highlights
Trends
- Concentration
- Competition
- Barriers to Entry
- Substitutes
- Buyer Power
- Supplier Power
Key Takeaways
No manufacturer holds significant sway over the market. Even though the industry includes several major international corporations, like Siemens Energy and MAN Energy Solutions, medium-size companies producing specialised engine and turbine parts dominate the market.
Supply Chain
Charts
Buyer and supply industries
Companies
Market Share
Charts
- Industry Market Share by Company (2019-2024)
Companies
Data Tables
Top 10 companies by market share:
- Market share (2024)
- Revenue (2024)
- Profit (2024)
- Profit Margin (2024)
Data Tables
- Countries of operation for Siemens Energy AG
- Countries of operation for General Electric International Inc.
- Countries of operation for Vestas Wind Systems A/S
- Countries of operation for Wärtsilä Corporation
- Countries of operation for MAN Energy Solutions SE
- Countries of operation for Voith GmbH & Co KGaA
- Countries of operation for Cummins Ltd
- Countries of operation for Perkins Engines Company Ltd
- Countries of operation for Iveco SpA
- Countries of operation for Ansaldo Energia SpA
External Environment
Highlights
Trends
- Regulation & Policy
- Assistance
Key Takeaways
Manufacturers must abide by EU emission regulations. The Non-Road Mobile Machinery regulations (passed on 5 July 2016) necessitate that industrial engines emit significantly fewer nitrogen oxides and considerably reduce soot particle emissions.
External Drivers
Analysis
What demographic and macroeconomic factors impact the Engine & Turbine Manufacturing in Europe industry?
Financial Benchmarks
Highlights
Trends
- Profit Margin
- Average Wage
- Largest Cost
Key Takeaways
Manufacturers protect their profit by passing on rising costs. Despite a hike in world steel prices, profitability has remained strong thanks to manufacturers offloading cost inflation by upping their prices. Many also entered into fixed-price supply contracts.
Cost Structure
Charts
- Share of Economy vs. Investment Matrix
-
Industry Cost Structure Benchmarks:
- Marketing
- Depreciation
- Profit
- Purchases
- Wages
- Rent
- Utilities
- Other
Analysis
What trends impact cost in the Engine & Turbine Manufacturing in Europe industry?
Key Ratios
Data tables
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
- Revenue per Employee (2014-2029)
- Wages/Revenue (2014-2029)
- Employees per Establishment (2014-2029)
- Average Wage (2014-2029)
Country Benchmarks
European Leaders & Laggards
Data Tables
Top and boottom five countries listed for each:
- Revenue Growth (2024)
- Business Growth (2024)
- Job Growth (2024)
European Country Performance
Data Tables
Rankings available for 37 countries. Statistics ranked include:
- IVA/Revenue (2024)
- Imports/Demand (2024)
- Exports/Revenue (2024)
- Revenue per Employee (2024)
- Wages/Revenue (2024)
- Employees per Establishment (2024)
- Average Wage (2024)
Structural Comparison
Data Tables
Trends in 37 countries benchmarked against trends in Europe
- Concentration
- Competition
- Barriers to Entry
- Buyer Power
- Supplier Power
- Volatility
- Capital Intensity
- Innovation
- Life Cycle
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
Where does IBISWorld source its data?
IBISWorld is a world-leading provider of business information, with reports on 5,000+ industries in Australia, New Zealand, North America, Europe and China. Our expert industry analysts start with official, verified and publicly available sources of data to build an accurate picture of each industry.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and IBISWorld's proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
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