Northern America: Steam Turbine Market 2024

Steam Turbine Market Size in Northern America

In 2021, the North American steam turbine market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption enjoyed a significant expansion. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Steam Turbine Production in Northern America

In value terms, steam turbine production amounted to $X in 2021 estimated in export price. The total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.7% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 21% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2021, production remained at a lower figure.

Steam Turbine Exports

Exports in Northern America

In 2021, overseas shipments of steam turbines and other vapor turbines decreased by -18.6% to X units, falling for the third year in a row after two years of growth. Over the period under review, exports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2014 when exports increased by 6,699% against the previous year. As a result, the exports attained the peak of X units. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, steam turbine exports surged to $X in 2021. In general, exports continue to indicate a deep slump. The pace of growth was the most pronounced in 2019 with an increase of 29% against the previous year. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

The United States was the major exporter of steam turbines and other vapor turbines in Northern America, with the volume of exports accounting for X units, which was approx. 85% of total exports in 2021. It was distantly followed by Canada (X units), making up a 15% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to steam turbine exports from the United States stood at -9.8%. Canada (-8.5%) illustrated a downward trend over the same period. Canada (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while the United States saw its share reduced by -1.6% from 2012 to 2021, respectively.

In value terms, the United States ($X) remains the largest steam turbine supplier in Northern America, comprising 84% of total exports. The second position in the ranking was taken by Canada ($X), with a 16% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United States amounted to -14.3%.

Export Prices by Country

In 2021, the export price in Northern America amounted to $X per unit, jumping by 48% against the previous year. Overall, the export price, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2015 when the export price increased by 5,583%. As a result, the export price attained the peak level of $X per unit. From 2016 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was Canada ($X per unit), while the United States totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+52.2%).

Steam Turbine Imports

Imports in Northern America

Steam turbine imports rose notably to X units in 2021, growing by 7.1% compared with the year before. Overall, imports, however, recorded a deep reduction. The growth pace was the most rapid in 2014 when imports increased by 1,304% against the previous year. As a result, imports reached the peak of X units. From 2015 to 2021, the growth of imports failed to regain momentum.

In value terms, steam turbine imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2018 when imports increased by 304% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X units) represented the key importer of steam turbines and other vapor turbines, mixing up 71% of total imports. It was distantly followed by Canada (X units), creating a 25% share of total imports. Greenland (X units) took a little share of total imports.

Imports into the United States decreased at an average annual rate of -19.5% from 2012 to 2021. At the same time, Greenland (+82.6%) and Canada (+16.4%) displayed positive paces of growth. Moreover, Greenland emerged as the fastest-growing importer imported in Northern America, with a CAGR of +82.6% from 2012-2021. While the share of Canada (+23 p.p.) and Greenland (+4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of the United States (-27.3 p.p.) displayed negative dynamics.

In value terms, the United States ($X) constitutes the largest market for imported steam turbines and other vapor turbines in Northern America, comprising 68% of total imports. The second position in the ranking was held by Canada ($X), with a 29% share of total imports.

From 2012 to 2021, the average annual growth rate of value in the United States amounted to -8.9%. The remaining importing countries recorded the following average annual rates of imports growth: Canada (-5.1% per year) and Greenland (+152.2% per year).

Import Prices by Country

In 2021, the import price in Northern America amounted to $X per unit, surging by 54% against the previous year. In general, the import price recorded a prominent increase. The growth pace was the most rapid in 2015 when the import price increased by 312% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 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 Canada ($X per unit), while Greenland ($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 (+13.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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