Industry Statistics and Trends
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 4.0 % over the past five years, to reach an estimated £5.4bn in 2024.
Trends and Insights
Steel and fuel price drop reinvigorate revenue
- A plummet in steel prices in the two years through 2024-25 by 19% from December 2022 to December 2024, this has enabled engine and turbine manufacturers to cut production costs. Steel feeds into the material for engines and turbines able to withstand high temperatures.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
A nationwide effort toward renewable energy generation offers wind turbine and parts manufacturers opportunities
- According to WindEurope, the UK is the second leading European nation in wind capacity, with wind energy accounting for 29% of total UK electricity generation in 2023. This figure will continue to climb and call in more engines and turbines. It will bolster the utility sector as a major market, making companies specialised in wind turbine-compatible generators more profitable and dominant. However, it could attract a slew of new entrants and tighten price competition
Biggest companies in the Engine & Turbine Manufacturing in the UK
| Company | Market Share (%)
2025 | Revenue (£m)
2025 |
|---|---|---|
Cummins Ltd | 2,196.4 | |
Perkins Engines Company Ltd | 1,432.4 | |
Siemens Energy Industrial Turbomachinery Ltd | 291.7 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Engine and turbine parts, Industrial engines and Gas and steam turbines. Engine and turbine parts is the largest segment of the Engine & Turbine Manufacturing in the UK.
Trends and Insights
Emission regulations lower domestic sales of industrial diesel engines
- Diesel and semi-diesel industrial engines are necessary for powering generation systems in factories and provide power supplies for various uses, including automated manufacturing lines engineered to meet emergency power needs in case of a blackout.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
Companies in this industry manufacture internal combustion engines. The manufacture of steam and other vapour turbines, hydraulic turbines, wind turbines and gas turbines are included in the industry. In addition, the manufacture of parts like pistons, piston rings, carburettors and exhaust valves is classified within the industry. The manufacture of motor vehicles, aircraft and cycle engines and generator sets is not included in the industry.
What's included in this industry?
Industrial enginesGas turbinesSteam turbinesWind turbinesHydraulic turbines Engine partsTurbine partsCompanies
Cummins LtdPerkins Engines Company LtdSiemens Energy Industrial Turbomachinery LtdPurchase this report to view all 5 major companies in this industry.
Related Terms
TURBINEINTERNAL COMBUSTION ENGINEPISTONCOMBINED-CYCLE GAS TURBINE (CCGT)Industry Code
SIC 28.11 - Engine & Turbine Manufacturing in the UK
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Steel prices drop; costs are reduced. This decline has allowed engine and turbine manufacturers to slash production expenses, enhancing profitability and enabling investments...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Renewable energy turbine manufacturers are gaining popularity. An upwards trend toward using renewable energy has stimulated sales of parts that make up alternative energy so...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Scotland is home to lots of onshore wind farms. This attracts engine and turbine manufacturers to the region. Scotland’s geography makes it a perfect location for harnessing ...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Europe, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Smaller manufacturers can tap into offering diverse product ranges. This is a great way for them to stand out from their competitors and differentiate themselves. Several sma...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Cummins' revenue trends upwards. It reached £2.76 billion in 2023, resulting from recovering global demand and green technology investments. Profits also surged to £337.67 mi...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Cummins Ltd's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Perkins Engines Company Ltd's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Siemens Energy Industrial Turbomachinery Ltd's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for Cummins Ltd, and factors influencing its performance in the industry
- Description and key data for Perkins Engines Company Ltd, and factors influencing its performance in the industry
- Description and key data for Siemens Energy Industrial Turbomachinery Ltd, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Demand from electricity production influences performance. When electricity production inflates, demand for turbines follow suit, as turbines are an integral part of electric...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
The industry is becoming increasingly reliant on automation. Advances in technology are benefiting the industry as manufacturers are able to increasingly use machinery to car...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2018-2022)
- Coverage Ratios (2018-2022)
- Leverage Ratios (2018-2022)
- Operating Ratios (2018-2022)
- Assets (2018-2022)
- Liabilities (2018-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
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)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Engine & Turbine Manufacturing in the UK industry in United Kingdom in 2024?
The market size of the Engine & Turbine Manufacturing in the UK industry in United Kingdom is £5.4bn in 2024.
How many businesses are there in the Engine & Turbine Manufacturing in the UK industry in 2024?
There are 321 businesses in the Engine & Turbine Manufacturing in the UK industry in United Kingdom, which has grown at a CAGR of 1.8 % between 2019 and 2024.
Has the Engine & Turbine Manufacturing in the UK industry in United Kingdom grown or declined over the past 5 years?
The market size of the Engine & Turbine Manufacturing in the UK industry in United Kingdom has been declining at a CAGR of 4.0 % between 2019 and 2024.
What is the forecast growth of the Engine & Turbine Manufacturing in the UK industry in United Kingdom over the next 5 years?
Over the next five years, the Engine & Turbine Manufacturing in the UK industry in United Kingdom is expected to grow.
What are the biggest companies in the Engine & Turbine Manufacturing in the UK market in United Kingdom?
The biggest companies operating in the Engine & Turbine Manufacturing market in United Kingdom are Cummins Ltd, Perkins Engines Company Ltd and Siemens Energy Industrial Turbomachinery Ltd
What does the Engine & Turbine Manufacturing in the UK in United Kingdom include?
Industrial engines and Gas turbines are part of the Engine & Turbine Manufacturing in the UK industry.
Which companies have the highest market share in the Engine & Turbine Manufacturing in the UK in United Kingdom?
The company holding the most market share in United Kingdom is Cummins Ltd.
How competitive is the Engine & Turbine Manufacturing in the UK industry in United Kingdom?
The level of competition is high and steady in the Engine & Turbine Manufacturing in the UK industry in United Kingdom.
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Competitors
Complementors
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Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the UK include:
- Office for National Statistics
- Office for Budget Responsibility
- Bank of England
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
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