China: Steam Turbine Market 2024

Steam Turbine Market Size in China

After nine years of growth, the Chinese steam turbine market decreased by -3.7% to $X in 2021. Over the period under review, consumption, however, recorded a significant increase. Over the period under review, the market attained the maximum level at $X in 2020, and then declined modestly in the following year.

Steam Turbine Production in China

In value terms, steam turbine production declined slightly to $X in 2021 estimated in export price. Overall, production, however, posted significant growth. The growth pace was the most rapid in 2014 with an increase of 533%. Over the period under review, production attained the maximum level at $X in 2020, and then reduced modestly in the following year.

Steam Turbine Exports

Exports from China

Steam turbine exports from China declined to X units in 2021, which is down by -10.2% compared with 2020 figures. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when exports increased by 52,669%. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, steam turbine exports surged to $X in 2021. In general, exports saw a abrupt slump. The pace of growth appeared the most rapid in 2018 when exports increased by 45%. Over the period under review, the exports attained the peak figure at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Pakistan (X units), Indonesia (X units) and Iran (X units) were the main destinations of steam turbine exports from China, together accounting for 52% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Iran (with a CAGR of +22.0%), while the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Pakistan ($X) and Vietnam ($X) constituted the largest markets for steam turbine exported from China worldwide, together accounting for 47% of total exports. Turkey, Iran, Bangladesh, Thailand, India, Saudi Arabia, Malaysia, Cambodia, Lao People's Democratic Republic and Nigeria lagged somewhat behind, together comprising a further 32%.

In terms of the main countries of destination, Saudi Arabia, with a CAGR of +84.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average steam turbine export price amounted to $X per unit, growing by 60% against the previous year. In general, the export price, however, saw a abrupt decrease. The pace of growth appeared the most rapid in 2018 an increase of 14,358% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Lao People's Democratic Republic (+39.7%), while the prices for the other major destinations experienced more modest paces of growth.

Steam Turbine Imports

Imports into China

In 2021, imports of steam turbines and other vapor turbines into China skyrocketed to X units, rising by 47% on the year before. Over the period under review, imports, however, recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2017 when imports increased by 673% against the previous year. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, steam turbine imports reduced remarkably to $X in 2021. Overall, imports, however, faced a deep reduction. The most prominent rate of growth was recorded in 2017 with an increase of 131%. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Germany (X units) constituted the largest supplier of steam turbine to China, accounting for a 74% share of total imports. Moreover, steam turbine imports from Germany exceeded the figures recorded by the second-largest supplier, the Czech Republic (X units), sixfold. The third position in this ranking was taken by the UK (X units), with a 9.7% share.

From 2012 to 2021, the average annual growth rate of volume from Germany stood at +33.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+22.3% per year) and the UK (+100.8% per year).

In value terms, Germany ($X) constituted the largest supplier of steam turbines and other vapor turbines to China, comprising 48% of total imports. The second position in the ranking was held by Japan ($X), with a 19% share of total imports. It was followed by the Czech Republic, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to -8.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+2.5% per year) and the Czech Republic (-29.3% per year).

Import Prices by Country

In 2021, the average steam turbine import price amounted to $X per unit, waning by -52.2% against the previous year. In general, the import price faced a abrupt setback. The pace of growth was the most pronounced in 2014 when the average import price increased by 513%. Over the period under review, average import prices hit record highs at $X per unit in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Japan ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Pakistan (+781.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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