Norway: Steam Turbine Market 2024

Steam Turbine Market Size in Norway

After three years of growth, the Norwegian steam turbine market decreased by -14.5% to $X in 2021. Over the period under review, consumption, however, continues to indicate a significant expansion. Over the period under review, the market reached the maximum level at $X in 2020, and then contracted in the following year.

Steam Turbine Production in Norway

In value terms, steam turbine production dropped to $X in 2021 estimated in export price. In general, production, however, continues to indicate a significant expansion. The pace of growth appeared the most rapid in 2014 when the production volume increased by 878% against the previous year. Steam turbine production peaked at $X in 2020, and then contracted in the following year.

Steam Turbine Exports

Exports from Norway

In 2021, exports of steam turbines and other vapor turbines from Norway declined sharply to X units, reducing by -16.2% against the previous year's figure. In general, exports, however, continue to indicate prominent growth. The pace of growth appeared the most rapid in 2017 with an increase of 979% against the previous year. As a result, the exports reached the peak of X units. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, steam turbine exports surged to $X in 2021. Over the period under review, exports saw a abrupt slump. The pace of growth was the most pronounced in 2014 when exports increased by 437% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The UK (X units) was the main destination for steam turbine exports from Norway, accounting for a 91% share of total exports. Moreover, steam turbine exports to the UK exceeded the volume sent to the second major destination, Germany (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to the UK amounted to +15.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+38.8% per year) and Denmark (+38.4% per year).

In value terms, the largest markets for steam turbine exported from Norway were Germany ($X), the UK ($X) and Denmark ($X), with a combined 77% share of total exports.

Denmark, with a CAGR of +32.3%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average steam turbine export price stood at $X per unit in 2021, with an increase of 60% against the previous year. In general, the export price, however, continues to indicate a dramatic shrinkage. The growth pace was the most rapid in 2014 when the average export price increased by 571%. As a result, the export price attained the peak level of $X per unit. From 2015 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Germany ($X per unit), while the average price for exports to the UK ($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 Denmark (-4.4%), while the prices for the other major destinations experienced a decline.

Steam Turbine Imports

Imports into Norway

In 2021, steam turbine imports into Norway dropped markedly to X units, reducing by -99.2% on 2020. Overall, imports continue to indicate a precipitous decrease. The most prominent rate of growth was recorded in 2020 with an increase of 2,015%. As a result, imports attained the peak of X units, and then reduced markedly in the following year.

In value terms, steam turbine imports plummeted to $X in 2021. In general, imports saw a significant decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 623% 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, Germany (X units) was the main supplier of steam turbine to Norway, accounting for a 100% share of total imports. Moreover, steam turbine imports from Germany exceeded the figures recorded by the second-largest supplier, China (X units), eightfold. The third position in this ranking was taken by the Netherlands (X units), with a 13% share.

From 2012 to 2021, the average annual growth rate of volume from Germany stood at -26.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-7.4% per year) and the Netherlands (-14.3% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of steam turbines and other vapor turbines to Norway, comprising 72% of total imports. The second position in the ranking was held by Germany ($X), with an 18% share of total imports. It was followed by the UK, with a 0.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands totaled +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-32.8% per year) and the UK (-31.9% per year).

Import Prices by Country

The average steam turbine import price stood at $X per unit in 2021, surging by 366% against the previous year. In general, the import price enjoyed buoyant growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the Netherlands ($X per unit), while the price for Hungary ($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 Netherlands (+31.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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