Asia: Steam Turbine Market 2024

Steam Turbine Market Size in Asia

After nine years of growth, the Asian steam turbine market decreased by -3.6% to $X in 2021. Over the period under review, consumption, however, saw significant growth. Over the period under review, the market hit record highs at $X in 2020, and then shrank modestly in the following year.

Steam Turbine Production in Asia

In value terms, steam turbine production declined slightly to $X in 2021 estimated in export price. In general, production, however, posted a significant increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by 537%. The level of production peaked at $X in 2020, and then dropped slightly in the following year.

Steam Turbine Exports

Exports in Asia

In 2021, shipments abroad of steam turbines and other vapor turbines increased by 9.4% to X units, rising for the second year in a row after two years of decline. In general, exports, however, saw a abrupt slump. The pace of growth was the most pronounced in 2020 with an increase of 27% against the previous year. The volume of export peaked at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, steam turbine exports rose significantly to $X in 2021. Over the period under review, exports, however, showed a abrupt setback. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Japan dominates exports structure, resulting at X units, which was near 85% of total exports in 2021. It was distantly followed by India (X units), constituting a 4.6% share of total exports. The following exporters - Turkey (X units) and Thailand (X units) - each recorded a 7.6% share of total exports.

Exports from Japan decreased at an average annual rate of -6.2% from 2012 to 2021. At the same time, Turkey (+16.4%) and Thailand (+1.4%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +16.4% from 2012-2021. India experienced a relatively flat trend pattern. Turkey (+3.5 p.p.), India (+1.9 p.p.) and Thailand (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Japan saw its share reduced by -1.6% from 2012 to 2021, respectively.

In value terms, Japan ($X) remains the largest steam turbine supplier in Asia, comprising 52% of total exports. The second position in the ranking was held by India ($X), with a 13% share of total exports. It was followed by Thailand, with a 1.5% share.

In Japan, steam turbine exports shrank by an average annual rate of -7.7% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: India (+10.0% per year) and Thailand (+2.8% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2021, picking up by 1.9% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 45%. The level of export peaked at $X per unit in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+10.2%), while the other leaders experienced more modest paces of growth.

Steam Turbine Imports

Imports in Asia

After three years of growth, overseas purchases of steam turbines and other vapor turbines decreased by -33.1% to X units in 2021. Over the period under review, imports, however, enjoyed slight growth. The most prominent rate of growth was recorded in 2018 with an increase of 99%. The volume of import peaked at X units in 2020, and then declined notably in the following year.

In value terms, steam turbine imports dropped to $X in 2021. In general, imports continue to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2020 when imports increased by 7.7%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Indonesia (X units) and Turkey (X units) dominates imports structure, together making up 74% of total imports. It was distantly followed by Mongolia (X units), creating a 9.6% share of total imports. The following importers - Vietnam (X units), Bangladesh (X units), South Korea (X units) and the United Arab Emirates (X units) - each reached a 7.8% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Mongolia (with a CAGR of +134.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X), Indonesia ($X) and Bangladesh ($X) were the countries with the highest levels of imports in 2021, together comprising 44% of total imports. South Korea, Vietnam, the United Arab Emirates and Mongolia lagged somewhat behind, together comprising a further 12%.

Mongolia, with a CAGR of +44.6%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia stood at $X per unit in 2021, growing by 37% against the previous year. In general, the import price, however, saw a perceptible contraction. The most prominent rate of growth was recorded in 2016 an increase of 75% against the previous year. The level of import peaked at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Bangladesh ($X per unit), while Mongolia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+3.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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