Middle East: Steam Turbine Market 2024

Steam Turbine Market Size in the Middle East

After nine years of growth, the Middle Eastern steam turbine market decreased by -0.4% to $X in 2021. In general, consumption saw a significant increase. The level of consumption peaked at $X in 2020, and then reduced in the following year.

Steam Turbine Production in the Middle East

In value terms, steam turbine production shrank slightly to $X in 2021 estimated in export price. Overall, production continues to indicate significant growth. The most prominent rate of growth was recorded in 2014 when the production volume increased by 917%. Over the period under review, production hit record highs at $X in 2020, and then fell slightly in the following year.

Steam Turbine Exports

Exports in the Middle East

In 2021, the amount of steam turbines and other vapor turbines exported in the Middle East skyrocketed to X units, picking up by 96% on the year before. Overall, exports enjoyed a remarkable increase. The pace of growth was the most pronounced in 2013 with an increase of 222% against the previous year. The volume of export peaked at X units in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, steam turbine exports surged to $X in 2021. In general, exports, however, continue to indicate a perceptible slump. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Turkey was the largest exporting country with an export of about X units, which accounted for 81% of total exports. The United Arab Emirates (X units) ranks second in terms of the total exports with a 10% share, followed by Israel (8.6%).

Turkey was also the fastest-growing in terms of the steam turbines and other vapor turbines exports, with a CAGR of +16.4% from 2012 to 2021. At the same time, Israel (+6.3%) and the United Arab Emirates (+3.4%) displayed positive paces of growth. While the share of Turkey (+20 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Israel (-5.9 p.p.) and the United Arab Emirates (-12 p.p.) displayed negative dynamics.

In value terms, Turkey ($X), Israel ($X) and the United Arab Emirates ($X) were the countries with the highest levels of exports in 2021, together comprising 97% of total exports.

Turkey, with a CAGR of +22.0%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per unit, with a decrease of -6.9% against the previous year. Overall, the export price saw a drastic downturn. The most prominent rate of growth was recorded in 2014 when the export price increased by 225% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+4.8%), while the other leaders experienced a decline in the export price figures.

Steam Turbine Imports

Imports in the Middle East

In 2021, the amount of steam turbines and other vapor turbines imported in the Middle East surged to X units, rising by 38% on 2020. Over the period under review, imports showed a buoyant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 364%. Over the period under review, imports reached the maximum at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, steam turbine imports soared to $X in 2021. Overall, imports posted a tangible expansion. The growth pace was the most rapid in 2013 when imports increased by 139%. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Turkey prevails in imports structure, accounting for X units, which was approx. 92% of total imports in 2021. It was distantly followed by the United Arab Emirates (X units), mixing up a 5.1% share of total imports.

Turkey was also the fastest-growing in terms of the steam turbines and other vapor turbines imports, with a CAGR of +5.7% from 2012 to 2021. At the same time, the United Arab Emirates (+3.8%) displayed positive paces of growth. Turkey (+4.6 p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported steam turbines and other vapor turbines in the Middle East, comprising 73% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 9.9% share of total imports.

In Turkey, steam turbine imports increased at an average annual rate of +5.7% over the period from 2012-2021.

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per unit, growing by 16% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the import price increased by 118% against the previous year. The level of import peaked at $X per unit in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was the United Arab Emirates ($X per unit), while Turkey stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+0.1%).

Source: IndexBox Platform

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