Scandinavia: Steam Turbine Market 2024

Steam Turbine Market Size in Scandinavia

The Scandinavia steam turbine market dropped to $X in 2021, which is down by -14.9% against the previous year. Overall, consumption, however, posted a significant increase. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Steam Turbine Production in Scandinavia

In value terms, steam turbine production dropped to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a significant increase. The pace of growth appeared the most rapid in 2014 with an increase of 241% against the previous year. Over the period under review, production attained the peak level at $X in 2020, and then dropped in the following year.

Steam Turbine Exports

Exports in Scandinavia

In 2021, overseas shipments of steam turbines and other vapor turbines were finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. In general, exports, however, showed a precipitous contraction. The pace of growth appeared the most rapid in 2017 when exports increased by 769%. Over the period under review, the exports hit record highs at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, steam turbine exports skyrocketed to $X in 2021. Over the period under review, exports, however, faced a dramatic setback. The most prominent rate of growth was recorded in 2017 with an increase of 129% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Norway (X units) and Sweden (X units) dominates exports structure, together mixing up 97% of total exports. Iceland (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Norway (with a CAGR of +11.9%), while the other leaders experienced a decline in the exports figures.

In value terms, Sweden ($X) remains the largest steam turbine supplier in Scandinavia, comprising 77% of total exports. The second position in the ranking was taken by Norway ($X), with a 20% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Sweden amounted to -28.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Norway (-11.2% per year) and Iceland (+138.4% per year).

Export Prices by Country

In 2021, the export price in Scandinavia amounted to $X per unit, picking up by 65% against the previous year. In general, the export price, however, saw a pronounced shrinkage. The growth pace was the most rapid in 2015 an increase of 123%. As a result, the export price attained the peak level of $X per unit. From 2016 to 2021, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Sweden ($X per unit), while Norway ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+2.9%), while the other leaders experienced a decline in the export price figures.

Steam Turbine Imports

Imports in Scandinavia

In 2021, approx. X units of steam turbines and other vapor turbines were imported in Scandinavia; declining by -35.3% on 2020 figures. Overall, imports, however, showed temperate growth. The pace of growth was the most pronounced in 2018 when imports increased by 339%. As a result, imports reached the peak of X units. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, steam turbine imports declined rapidly to $X in 2021. In general, imports recorded a noticeable descent. The pace of growth was the most pronounced in 2020 when imports increased by 87% against the previous year. As a result, imports reached the peak of $X, and then declined remarkably in the following year.

Imports by Country

Iceland dominates imports structure, resulting at X units, which was approx. 94% of total imports in 2021. Denmark (X units) and Sweden (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to steam turbine imports into Iceland stood at +12.6%. At the same time, Denmark (+23.8%) displayed positive paces of growth. Moreover, Denmark emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +23.8% from 2012-2021. By contrast, Sweden (-16.7%) illustrated a downward trend over the same period. Iceland (+47 p.p.) and Denmark (+2.8 p.p.) significantly strengthened its position in terms of the total imports, while Sweden saw its share reduced by -14.5% from 2012 to 2021, respectively.

In value terms, Iceland ($X) constitutes the largest market for imported steam turbines and other vapor turbines in Scandinavia, comprising 83% of total imports. The second position in the ranking was held by Denmark ($X), with an 11% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Iceland totaled +6.7%. The remaining importing countries recorded the following average annual rates of imports growth: Denmark (+29.5% per year) and Sweden (-18.7% per year).

Import Prices by Country

The import price in Scandinavia stood at $X per unit in 2021, dropping by -3.9% against the previous year. Over the period under review, the import price saw a abrupt contraction. The most prominent rate of growth was recorded in 2019 an increase of 84%. Over the period under review, import prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Denmark ($X per unit), while Iceland ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+4.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform