ASEAN: Steam Turbine Market 2024

Steam Turbine Market Size in ASEAN

The ASEAN steam turbine market amounted to $X in 2021, approximately equating the previous year. Overall, consumption, however, enjoyed a significant increase. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Steam Turbine Production in ASEAN

In value terms, steam turbine production shrank to $X in 2021 estimated in export price. In general, production, however, posted a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 959%. The level of production peaked at $X in 2020, and then dropped in the following year.

Steam Turbine Exports

Exports in ASEAN

In 2021, steam turbine exports in ASEAN skyrocketed to X units, picking up by 572% compared with the year before. In general, exports, however, showed a noticeable slump. The volume of export peaked at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, steam turbine exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a abrupt decrease. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Thailand dominates exports structure, accounting for X units, which was approx. 95% of total exports in 2021. Malaysia (X units) and Singapore (X units) took a minor share of total exports.

Thailand was also the fastest-growing in terms of the steam turbines and other vapor turbines exports, with a CAGR of +1.4% from 2012 to 2021. Singapore (-9.9%) and Malaysia (-26.2%) illustrated a downward trend over the same period. While the share of Thailand (+41 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Malaysia (-28.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) emerged as the largest steam turbine supplier in ASEAN, comprising 57% of total exports. The second position in the ranking was held by Singapore ($X), with a 21% share of total exports.

In Thailand, steam turbine exports increased at an average annual rate of +2.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-12.8% per year) and Malaysia (-16.1% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per unit, dropping by -63.1% against the previous year. Overall, the export price recorded a noticeable setback. The pace of growth appeared the most rapid in 2018 an increase of 2,098% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Singapore ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+13.7%), while the other leaders experienced mixed trends in the export price figures.

Steam Turbine Imports

Imports in ASEAN

In 2021, purchases abroad of steam turbines and other vapor turbines decreased by -56.1% to X units, falling for the second consecutive year after two years of growth. Over the period under review, imports continue to indicate a mild slump. The most prominent rate of growth was recorded in 2018 when imports increased by 138%. The volume of import peaked at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, steam turbine imports fell markedly to $X in 2021. Overall, imports recorded a perceptible decline. The most prominent rate of growth was recorded in 2019 with an increase of 25% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Indonesia dominates imports structure, amounting to X units, which was approx. 89% of total imports in 2021. The following importers - Vietnam (X units), Thailand (X units) and Cambodia (X units) - together made up 9% of total imports.

Indonesia experienced a relatively flat trend pattern with regard to volume of imports of steam turbines and other vapor turbines. At the same time, Cambodia (+7.1%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +7.1% from 2012-2021. By contrast, Vietnam (-9.5%) and Thailand (-9.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Indonesia increased by +6.6 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported steam turbines and other vapor turbines in ASEAN, comprising 46% of total imports. The second position in the ranking was taken by Thailand ($X), with a 17% share of total imports. It was followed by Vietnam, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Indonesia totaled -2.8%. In the other countries, the average annual rates were as follows: Thailand (-4.2% per year) and Vietnam (-11.3% per year).

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2021, rising by 36% against the previous year. In general, the import price, however, showed a pronounced reduction. The growth pace was the most rapid in 2016 an increase of 99.9%. The level of import peaked at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Thailand ($X per unit), while Cambodia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+5.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform