Market Trends COVID-19 Impact analysis

COVID-19 had a negative impact on the market in 2020. Several countries around the world went into lockdown to prevent the virus from spreading because of the pandemic situation. The supply and demand chain was completely disrupted, negatively affecting the market. COVID-19's outbreak is expected to have a number of short- and long-term consequences in a variety of industries, including transportation, mining, and other industrial manufacturing sectors, all of which could have an impact on the market for fire-resistant fabrics. 

Top Impacting Factors
The power generation industry is likely to grow in the coming years because of a focus on clean energy with the rise in electricity demand. Technology such as wind turbines, hydropower turbines, and gas-fired power plants are expected to experience significant growth during the forecast period. The decrease in cost of wind turbines, as well as various national and international initiatives to increase the use of renewable energy sources to stabilise carbon production around the world, are driving the turbine market. The global phase-out of coal-fired power plants, on the other hand, is expected to act as a market restraint. There is a good chance that turbines will be compatible with a variety of renewable energy sources with the growing popularity of alternative energy sources such as wind, hydro, and natural gas.

• Wind turbines are now used for power generation after being used for a variety of other purposes, including sailing, agriculture, grinding and others. Wind turbine technology has evolved from an emerging power source to a commercial electricity-generating technology in more than 80 countries in the last 20 years.
• Depleting fossil fuel reserves, falling wind power generation costs, growing sensitivity to environmental issues, and financial incentives from various governments around the world have all contributed to the wind turbine market's exponential growth.
• The rotor assembly, which is a shaft or drum with blades attached, is the only moving part in the simplest turbines. Moving fluid causes the blades to move and impart rotational energy to the rotor, or the blades react to the flow. Windmills and water wheels are examples of early turbines.
• In comparison to horizontal positioning systems, vertical axis wind turbines do not require a directional positioning system. This cuts down on the need for complex instruments while also lowering the overall cost.
• Apart from China, India is a significant country that relies heavily on coal-fired power plants to generate electricity. India has a cumulative installed capacity of around 80 gigawatts (wind energy and hydro energy) in 2018, and is expected to double wind energy installed capacity by 2022 as part of its green initiative.

Key Segments Covered

Key Benefits of the Report

• This study presents the analytical depiction of the turbines market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the turbines market share.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the turbines market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed turbines market analysis based on competitive intensity and how the competition will take shape in coming years.