CLEVELAND, Aug. 13, 2020 /PRNewswire/ — The impact of the COVID-19 pandemic on the $182 billion global turbine market is expected to vary significantly by product type, with the steepest near-term declines expected in aircraft engine applications, particularly as the global air travel industry is likely to face a protracted recovery:
- Finished aircraft deliveries for the first half of 2020 were down more than 40% compared to the same period in 2019.
- Turbines sold to repair existing aircraft will also be extremely limited in 2020, as airlines are likely to have at least a portion of their fleet grounded for the whole year and can idle rather than repair a malfunctioning plane if needed to reduce expenses.
Nevertheless, beyond 2020, global turbine demand is expected to rebound quickly as travel and construction patterns return to normal.
These trends and more are in the new Global Turbines study from The Freedonia Group.
https://www.freedoniagroup.com/industry-study/global-turbines-3842.htm
The pandemic is having a mixed impact on electricity-generating turbines
Wind turbines will also register a strong decline, though not as severe as aircraft engines, as stay-at-home orders, closures of nonessential businesses, and other measures to slow the spread of COVID delay the completion of ongoing wind farms or the approval of new wind farms.
Turbines installed in other electricity generation applications, namely natural gas, will be the most resilient markets during the pandemic:
- While demand is still expected to be weaker in 2020, electricity generation is a critical part of a nation’s infrastructure and will likely not experience the same delays and lack of funds as aircraft engines or wind turbines.
- However, supply chain disruptions that occurred because of the pandemic, or more limited government budgets to fund new energy projects, will have an adverse effect on equipment sales due to the global nature of the turbine industry.
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
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group
