Republic of Korea: Steam Turbine Market 2024

Steam Turbine Market Size in Republic of Korea

The South Korean steam turbine market totaled $X in 2021, surging by 3.8% against the previous year. Overall, consumption, however, saw significant growth. Steam turbine consumption peaked in 2021 and is likely to see gradual growth in the immediate term.

Steam Turbine Production in Republic of Korea

In value terms, steam turbine production contracted modestly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a significant increase. The growth pace was the most rapid in 2014 with an increase of 4,574% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then contracted modestly in the following year.

Steam Turbine Exports

Exports from Republic of Korea

In 2021, approx. X units of steam turbines and other vapor turbines were exported from South Korea; waning by -29.6% on 2020. Over the period under review, exports, however, showed measured growth. The pace of growth appeared the most rapid in 2015 with an increase of 379% against the previous year. As a result, the exports reached the peak of X units. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, steam turbine exports surged to $X in 2021. Overall, exports, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2013 when exports increased by 584% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X units), South Africa (X units) and Vietnam (X units) were the main destinations of steam turbine exports from South Korea, together comprising 95% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +54.7%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) emerged as the key foreign market for steam turbines and other vapor turbines exports from South Korea, comprising 23% of total exports. The second position in the ranking was taken by Japan ($X), with a 10% share of total exports. It was followed by South Africa, with a 1.3% share.

From 2012 to 2021, the average annual growth rate of value to Vietnam stood at +77.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-6.0% per year) and South Africa (+9.6% per year).

Export Prices by Country

The average steam turbine export price stood at $X per unit in 2021, surging by 296% against the previous year. Overall, the export price showed a remarkable increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Vietnam ($X per unit), while the average price for exports to South Africa ($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 Indonesia (+15.2%), while the prices for the other major destinations experienced mixed trend patterns.

Steam Turbine Imports

Imports into Republic of Korea

In 2021, the amount of steam turbines and other vapor turbines imported into South Korea contracted rapidly to X units, reducing by -23.5% against 2020 figures. Over the period under review, imports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2020 when imports increased by 96%. Imports peaked at X units in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, steam turbine imports rose sharply to $X in 2021. Overall, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2020 with an increase of 78%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X units) constituted the largest supplier of steam turbine to South Korea, accounting for a 45% share of total imports. Moreover, steam turbine imports from Japan exceeded the figures recorded by the second-largest supplier, India (X units), twofold. The third position in this ranking was held by Germany (X units), with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan stood at -11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+32.0% per year) and Germany (+10.5% per year).

In value terms, Japan ($X), the United States ($X) and Germany ($X) constituted the largest steam turbine suppliers to South Korea, with a combined 67% share of total imports. India, France and Sweden lagged somewhat behind, together accounting for a further 20%.

France, with a CAGR of +25.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average steam turbine import price stood at $X per unit in 2021, picking up by 44% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.0%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per unit), while the price for India ($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 (+11.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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