Industry Market Status Continued from pg 31
• NGRC (NATO's Next Gen Rotorcraft Capability) – shaping future rotary wing fleets While many European nations have
reaffirmed their commitment to the 2% of GDP defence spending target, actual allocations remain politically sensitive due to debt levels and social spending concerns. Nonetheless, defence casting applications—especially in engine components, casings, and mission-critical systems—are projected to remain stable to moderately growing through 2025 and beyond.
2.3 Industrial Gas Turbines – The Energy Transition Interface
The IGT subsegment reached USD 603.4 million, up 2.04% from 2023. Though its growth is more modest compared to Aerospace, IGT remains vital due to its pivotal role in energy grid stability, renewable backup systems, and hydrogen fuel adoption. Europe’s diversification away from
Russian gas has redefined national energy strategies, particularly in Germany
and Italy, with increased
reliance on LNG and gas turbines as transitional energy sources. Simultaneously, OEMs and utilities are investing heavily in hydrogen co-firing capabilities, necessitating redesigns of burners, blades, and thermal systems. European IC suppliers involved in IGT benefit from a combination of: • New build programs • Refurbishment and overhaul cycles • Long-term service agreements This positions the IGT sector as
a steady contributor with long-range potential, especially as clean hydrogen integration matures.
3. Automotive Segment The Automotive sector continues
to face a structural decline, recording a 1.12% contraction, down to USD 468.3 million.
32 ❘ April 2025 ® Despite a modest increase in new
car registrations (+0.8%) across the EU in 2024, production levels dropped significantly by over 6%, reflecting both supply chain recalibration and long-term demand volatility. The core challenge lies in the declining relevance of IC-intensive components, especially
turbochargers and high-performance exhaust systems, as the market shifts toward electric and hybrid powertrains. Market dynamics in 2024:
• Battery Electric Vehicles (BEVs) reached 13.6% market share
• Hybrid Electric Vehicles (HEVs) grew to 30.9%
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