Turbine, Engine and Industrial Gearbox Builder
The industry — Engine, turbine and power transmission equipment manufacturing
Base industry report for 3336 →- Establishments · CanadaA
- 122
- Under 10 employeesA
- 53%
- Establishments · USA
- 908
- Employment · USA
- 95,564
- Payroll · USA
- $7.5B
Of 122 Canadian establishments with employees, 53% have fewer than ten — mostly small operators.
Entry signal — what decides who wins here
Structure decidesThe binding constraint is not executional. Being better than the incumbent does not, by itself, get you in — this one is cleared with capital, an asset, or a permission.
Come with the asset, or buy the business that owns it. Plant, fleet, land or quota decide this market before any operating skill does. Operators here are bought, not started.
Measured, not forecast: the share of US establishments opening in one year that were still active later. It counts good operators and bad ones together, which is exactly why it is the honest answer to “what are the odds”. It is for the whole sector rather than this market, and the ten-year figure comes from an older cohort because no younger one has reached ten years.
This is not a probability of success, and it is not a verdict on you. No survival probability is published per market, and inventing one would be worse than saying so. What the bar reads is how much of the outcome sits inside an operator's control: green means the hurdles are ones a better operator clears, red means the binding constraint is capital, an asset or a permission rather than execution. Someone arriving with an advantage this screen did not assume can win a market shown in red.
Companies named in this market · 9
The binding constraint — capital intensity
Turbines, non-automotive engines, gearboxes and industrial drives — 122 Canadian establishments, of which 65 have fewer than ten people, against a US industry averaging 105 employees per establishment [A]. The attraction is current: power demand has the gas-turbine makers sold out years ahead. GE Vernova's Power segment took US$19.8B of revenue at a 14.7% EBITDA margin in 2025, and its 2025 cash from operations took in US$8.0B of contract liabilities and deferred income, driven first by down payments on Power orders and turbine slot reservations [A]. But the same filing shows what building rotating power equipment costs when things go less well. GE Vernova's Wind segment lost US$598M of EBITDA on US$9.1B of revenue in 2025, after losing US$588M in 2024 and US$1,033M in 2023 [A] — a leading turbine maker, at full scale, three years running. The mechanism is that the manufacturer does not just sell a machine; it underwrites the machine's output for years under fixed-price contracts and fleet-wide warranties, so a design fault or a delayed project is charged to its balance sheet across every unit shipped. Power survives that because US$13.1B of its US$19.8B revenue is services on turbines installed over decades — the installed-base annuity described in the special-purpose machinery record at 3332. The point specific to this group is the other side of it: the capital an entrant needs is not the plant, it is the balance sheet a utility or pipeline operator will accept as guarantor of a twenty-year asset. The small Canadian establishments are, on this reading, gear-cutting and rebuild shops serving local mills and mines — closer to the machine shop at 3327 than to a way into this industry. Plant software is screened separately.
Turbines, large engines and engineered drives are bought by utilities, pipeline operators, shipbuilders and heavy-equipment makers from a short list of global manufacturers, and shipped worldwide. A Canadian plant in this group is either a branch of one of those manufacturers or a supplier to them. Only gear repair and rebuild work is local, and that is a service trade rather than this industry's product market.
Sectors joined: Tech - Hardware · Manufacturing · Automotive IoT · IoT · Hardware · IoT Asset Tracking
[UNVERIFIED] Sector-to-NAICS mapping is analyst judgment — see data/angel-sector-map.json. Counts are a per-record cross-reference and are not additive across records.
Who you would be competing with
The operators already at scale here, and whoever is buying these businesses. In most of these industries the competition an entrant meets is local, so this is who sets the terms rather than a list of everyone in the trade.
Financials & market size — sourced
Figures that came from a filing, a results release or reputable reporting, each carrying its evidence tier.
Market size, derived
Built from the competitor set upward rather than quoted from a forecast. Published TAMs in these categories are frequently reverse-engineered from each other, so any published figure is checked against the vendor arithmetic rather than trusted on its own.
Disclosed revenue from 3 of 6 named vendors. The market is at least this large.
No vendor has both a disclosed revenue and a published share.
Only a revenue floor is known — the true market is larger by whatever the undisclosed vendors earn.
Competitor set · 6 named · 3 disclose revenue
| Name | Revenue | Share | Note |
|---|---|---|---|
| GE Vernova (Power segment)NYSE: GEVA | $19.8B | — | 2025 Power segment revenue, US$; Wind is reported separately and lost US$598M of EBITDA |
| Cummins (Power Systems segment)NYSE: CMIA | $7.5B | — | 2025 total segment sales, US$, including US$3,349M of intersegment sales; external sales were US$4,114M |
| Timken (Industrial Motion segment)NYSE: TKRA | $1.6B | — | FY2025 segment net sales, US$ — the gearing and industrial-drive end of this code |
| Siemens Energy / Mitsubishi Power / VestasC | not disclosed | — | The rest of the global turbine field. None was researched for this record and no figures are claimed |
| Caterpillar (Solar Turbines) / Rolls-Royce Power Systems / WärtsiläC | not disclosed | — | Packaged power and large engines. Not opened for this record |
| The 65 sub-ten-employee Canadian establishmentsA | not disclosed | — | Read here as gear-cutting and rebuild shops — an inference from the size bands, not a sourced fact. Counted by Statistics Canada (December 2023) |
Evidence
Evidence. Business counts are Statistics Canada (December 2023) and US County Business Patterns (2022). GE Vernova's segment figures and the US$8.0B contract-liability movement (which the filing attributes to Power and, second, to Electrification, and which is one component of a US$4.1B net working-capital inflow) were read from its Form 10-K for the year ended 31 December 2025 on SEC EDGAR [A]; the 66% services share is arithmetic on the segment table. What they establish: at the largest scale, new wind turbines have lost money three years running while a gas-turbine business that is two-thirds services earns a mid-teens margin. What they do not establish: that warranty and fixed-price project exposure is the cause of the wind losses in any given year — the 10-K discusses volumes, project delays and footprint reduction, and the link drawn here to balance-sheet requirements is the analyst's reading of how such equipment is contracted. GE Vernova is one company; diesel and gas engines and industrial gearing were not separately researched. The description of what the small Canadian establishments do is inference from the size bands, not a sourced fact. The cut factor is analyst judgment. Added for the competitive field: Cummins' Power Systems segment sales, EBITDA and product-line split were read from the segment and product-line tables in its fourth-quarter and full-year 2025 release as furnished to the SEC on Form 8-K, 5 February 2026 [A]; the segment sales figure is total sales including US$3,349M of intersegment sales, and the growth and margin percentages are arithmetic on the table's own numbers. Timken's Industrial Motion segment figures were read from the segment table in its 4 February 2026 release [A]. Cummins' Power Systems growth is driven by data-centre standby generation, which is not the utility turbine market the record's argument rests on — it is named as the second, healthier way this equipment is sold. Siemens Energy, Mitsubishi Power, Vestas, Caterpillar, Rolls-Royce, Wärtsilä, Regal Rexnord and Flender are named without figures and were not researched.
Where the industry talks
The associations, forums and events where people in this trade actually talk shop — where to listen before entering, and where the first customers are found. Each link was opened on the date shown.
Gear, bearing and power-transmission makers' association; agma.org now redirects here after the merger that formed MPMA.
Canadian aerospace body covering engine and component makers; runs the Canadian Aerospace Summit and ADSE (27-28 October 2026).
Service centres repairing motors, drives and gearboxes; publishes the EASA Technical Manual and runs accreditation.
The gearing and drive-systems trade show, next 26-28 October 2027 in Detroit; run by MPMA.
Texas A&M rotating-equipment symposium and exhibition, 22-24 September 2026 in Houston; the page says it is past its 54th year.
Trade magazine for gas turbines, compressors and rotating equipment. Blocked automated access (Cloudflare 403).
Software serving this industry
Vertical software markets filed along the same branch of NAICS — who sells to these businesses, and who an entrant would have to displace.