Latin America and the Caribbean: Steam Turbine Market 2024

Steam Turbine Market Size in Latin America and the Caribbean

In 2021, the Latin American steam turbine market decreased by -15.2% to $X, falling for the third consecutive year after four years of growth. Over the period under review, consumption recorded a abrupt setback. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Steam Turbine Production in Latin America and the Caribbean

In value terms, steam turbine production contracted to $X in 2021 estimated in export price. In general, production, however, continues to indicate a significant increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 394% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then dropped in the following year.

Steam Turbine Exports

Exports in Latin America and the Caribbean

For the fourth year in a row, LatAmerica and the Caribbean recorded decline in overseas shipments of steam turbines and other vapor turbines, which decreased by -5.9% to X units in 2021. In general, exports continue to indicate a deep reduction. The pace of growth was the most pronounced in 2017 when exports increased by 418%. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, steam turbine exports stood at $X in 2021. Overall, exports recorded a deep setback. The most prominent rate of growth was recorded in 2017 when exports increased by 71% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Brazil was the key exporting country with an export of around X units, which resulted at 58% of total exports. It was distantly followed by Trinidad and Tobago (X units), mixing up a 32% share of total exports. The following exporters - the Dominican Republic (X units), Panama (X units) and Costa Rica (X units) - together made up 8% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Trinidad and Tobago (with a CAGR of +33.3%), while the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X) remains the largest steam turbine supplier in Latin America and the Caribbean, comprising 88% of total exports. The second position in the ranking was taken by Trinidad and Tobago ($X), with a 9.2% share of total exports. It was followed by the Dominican Republic, with a 0.7% share.

From 2012 to 2021, the average annual growth rate of value in Brazil stood at -15.0%. In the other countries, the average annual rates were as follows: Trinidad and Tobago (+25.0% per year) and the Dominican Republic (+33.3% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per unit in 2021, surging by 6.5% against the previous year. In general, the export price continues to indicate moderate growth. The pace of growth appeared the most rapid in 2018 when the export price increased by 122%. The level of export peaked in 2021 and is likely to continue growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was Brazil ($X per unit), while Panama ($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 Dominican Republic (+16.3%), while the other leaders experienced mixed trends in the export price figures.

Steam Turbine Imports

Imports in Latin America and the Caribbean

In 2021, overseas purchases of steam turbines and other vapor turbines decreased by -48.2% to X units, falling for the third year in a row after three years of growth. Over the period under review, imports faced a sharp descent. The pace of growth was the most pronounced in 2018 with an increase of 249% against the previous year. The volume of import peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, steam turbine imports expanded significantly to $X in 2021. Overall, imports recorded a abrupt shrinkage. The pace of growth was the most pronounced in 2018 with an increase of 280%. The level of import peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Mexico (X units), Jamaica (X units), the Dominican Republic (X units), Brazil (X units), Argentina (X units), Bolivia (X units) and Ecuador (X units) represented roughly 79% of total imports in 2021. The following importers - Guatemala (X units), Colombia (X units), Peru (X units), Honduras (X units), Nicaragua (X units) and Paraguay (X units) - together made up 18% of total imports.

From 2012 to 2021, the biggest increases were recorded for Bolivia (with a CAGR of +85.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest steam turbine importing markets in Latin America and the Caribbean were Mexico ($X), the Dominican Republic ($X) and Jamaica ($X), together accounting for 52% of total imports.

In terms of the main importing countries, Jamaica, with a CAGR of +51.0%, recorded the highest rates of growth with regard to the value of imports, 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 Latin America and the Caribbean stood at $X per unit in 2021, increasing by 104% against the previous year. Overall, the import price saw a significant increase. The most prominent rate of growth was recorded in 2014 when the import price increased by 193%. The level of import peaked at $X per unit in 2015; however, from 2016 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 Peru ($X per unit), while Bolivia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+31.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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