CLEVELAND, Sept. 3, 2020 /PRNewswire/ -- A new Freedonia Group analysis projects the world market for turbines and related products to rise 3.2% annually to $214 billion in 2024, boosted by growth in electricity generation and turbine engine production. Though the COVID-19 pandemic is causing steep near-term declines in key markets – particularly the large aircraft engine segment – demand is expected to rebound to former levels in all segments beyond 2020 as travel and construction patterns renormalize. Highlighted below are some other key trends covered in the report:
Wind Turbines to See Fastest Growth Among Electricity-Generation Products
Among electricity generation applications, wind turbines will offer the fastest growth prospects and the best opportunities. Many countries are increasing wind energy construction to meet renewable energy targets set by federal governments or as part of a larger signatory body such as the Paris Agreement. Many of these renewable energy targets are set for 2025 and will likely lead to a ramping up of new wind energy installations in 2023 and 2024.
Asia/Pacific Region, Led by China, Will Power Global Turbine Demand Through 2024
China will continue to dominate the global turbine market in 2024, when the country will account for 28% of global demand. Over half of all gains in the country will stem from demand for wind turbines, as the country will continue to add substantial amounts of wind energy generation capacity to meet its growing energy requirements. China's turbine market will also benefit from the country's push to become a significant global supplier of commercial aircraft, which will boost sales of turbine engines.
The same factors driving turbine growth in China hold true for India, though on a much smaller scale as the country is less developed than its regional neighbor. Still, robust investment in wind energy systems (India has set a goal to almost double its installed wind energy generation capacity between 2019 and 2022) will result in the India outperforming nearly all other nations.
Looking for More?
Global Turbines is now available from The Freedonia Group. This study analyzes global supply of and demand for turbines, turbine-based engines, generators, and generator sets. Specific products covered include gas combustion turbines, steam turbines, hydraulic turbines, wind turbines, microturbines, turbine-based engines (both aircraft and marine), and turbine-based generators and generator sets.
Demand is also segmented by global region and market:
- power generation
- aircraft (including space vehicle) engines
- other markets, including marine turbine engines and specialty industrial applications found mostly in petroleum and gas-related settings, such as gas pipeline compressor drives
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SOURCE The Freedonia Group