Hong Kong SAR, China: Steam Turbine Market 2024

Steam Turbine Market Size in Hong Kong SAR, China

After seven years of growth, the Hong Kong steam turbine market decreased by -1.8% to $X in 2021. In general, consumption, however, continues to indicate a significant increase. Steam turbine consumption peaked at $X in 2020, and then declined modestly in the following year.

Steam Turbine Production in Hong Kong SAR, China

In value terms, steam turbine production fell modestly to $X in 2021 estimated in export price. In general, production, however, enjoyed significant growth. The growth pace was the most rapid in 2014 with an increase of 1,049%. Over the period under review, production hit record highs at $X in 2020, and then fell modestly in the following year.

Steam Turbine Exports

Exports from Hong Kong SAR, China

In 2021, exports of steam turbines and other vapor turbines from Hong Kong SAR contracted significantly to X units, reducing by -50% against the year before. Overall, exports saw a dramatic curtailment. The growth pace was the most rapid in 2018 when exports increased by 233% against the previous year. Over the period under review, the exports reached the maximum at X units in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, steam turbine exports skyrocketed to $X in 2021. Over the period under review, exports faced a abrupt descent. The pace of growth was the most pronounced in 2015 when exports increased by 554% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Singapore (X units), Romania (X units) and Germany (X units) were the main destinations of steam turbine exports from Hong Kong SAR. Moreover, steam turbine exports in Singapore exceeded the figures recorded by the second-largest exporter, Romania, twofold.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +8.0%), while the other leaders experienced mixed trend patterns.

In value terms, Germany ($X), Indonesia ($X) and Romania ($X) were the largest markets for steam turbine exported from Hong Kong SAR worldwide, with a combined 47% share of total exports.

In terms of the main countries of destination, Romania, with a CAGR of 0.0%, 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 a decline.

Export Prices by Country

In 2021, the average steam turbine export price amounted to $X per unit, with an increase of 530% against the previous year. In general, the export price recorded significant growth. The most prominent rate of growth was recorded in 2015 when the average export price increased by 1,029% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per unit), while the average price for exports to Singapore ($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 Germany (+21.8%), while the prices for the other major destinations experienced mixed trend patterns.

Steam Turbine Imports

Imports into Hong Kong SAR, China

In 2021, overseas purchases of steam turbines and other vapor turbines increased by 94% to X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, showed a dramatic downturn. The most prominent rate of growth was recorded in 2018 when imports increased by 425%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, steam turbine imports skyrocketed to $X in 2021. Overall, imports, however, faced a abrupt contraction. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, South Korea (X units) constituted the largest supplier of steam turbine to Hong Kong SAR, with a 73% share of total imports. Moreover, steam turbine imports from South Korea exceeded the figures recorded by the second-largest supplier, Singapore (X units), fivefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Korea stood at +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+21.5% per year) and the United States (-22.3% per year).

In value terms, South Korea ($X) constituted the largest supplier of steam turbines and other vapor turbines to Hong Kong SAR, comprising 79% of total imports. The second position in the ranking was taken by the United States ($X), with a 19% share of total imports.

From 2012 to 2021, the average annual growth rate of value from South Korea amounted to +17.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+0.2% per year) and Singapore (-2.8% per year).

Import Prices by Country

In 2021, the average steam turbine import price amounted to $X per unit, jumping by 87% against the previous year. Over the period under review, the import price posted significant growth. The growth pace was the most rapid in 2014 an increase of 622% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+29.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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