Singapore: Steam Turbine Market 2024

Steam Turbine Market Size in Singapore

The Singaporean steam turbine market declined to $X in 2021, which is down by -11.6% against the previous year. In general, consumption continues to indicate significant growth. Steam turbine consumption peaked at $X in 2020, and then reduced in the following year.

Steam Turbine Production in Singapore

In value terms, steam turbine production fell remarkably to $X in 2021 estimated in export price. Overall, production saw significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 720% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then dropped remarkably in the following year.

Steam Turbine Exports

Exports from Singapore

In 2021, the amount of steam turbines and other vapor turbines exported from Singapore skyrocketed to X units, growing by 156% against 2020. Overall, exports, however, recorded a deep reduction. The pace of growth was the most pronounced in 2013 when exports increased by 169%. Over the period under review, the exports attained the peak figure at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, steam turbine exports surged to $X in 2021. Over the period under review, exports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2013 with an increase of 289%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Australia (X units), Indonesia (X units) and Malaysia (X units) were the main destinations of steam turbine exports from Singapore, together comprising 94% of total exports.

From 2012 to 2021, the biggest increases were recorded for Australia (with a CAGR of +51.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) emerged as the key foreign market for steam turbines and other vapor turbines exports from Singapore, comprising 62% of total exports. The second position in the ranking was taken by Australia ($X), with a 21% share of total exports. It was followed by Malaysia, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Indonesia totaled -14.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+52.6% per year) and Malaysia (-5.9% per year).

Export Prices by Country

In 2021, the average steam turbine export price amounted to $X per unit, falling by -44.3% against the previous year. Overall, the export price showed a perceptible decline. The pace of growth appeared the most rapid in 2020 when the average export price increased by 146% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Indonesia ($X per unit), while the average price for exports to Germany ($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 the United States (+13.7%), while the prices for the other major destinations experienced more modest paces of growth.

Steam Turbine Imports

Imports into Singapore

In 2021, supplies from abroad of steam turbines and other vapor turbines increased by 89% to X units for the first time since 2016, thus ending a four-year declining trend. Over the period under review, imports, however, showed a sharp slump. Imports peaked at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, steam turbine imports declined remarkably to $X in 2021. In general, imports, however, faced a sharp shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of 27%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The United States (X units), Australia (X units) and India (X units) were the main suppliers of steam turbine imports to Singapore, with a combined 79% share of total imports. China, Japan, Angola and South Korea lagged somewhat behind, together comprising a further 19%.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +37.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and Australia ($X) constituted the largest steam turbine suppliers to Singapore, together accounting for 40% of total imports. These countries were followed by India, China, South Korea, Angola and Malaysia, which together accounted for a further 21%.

In terms of the main suppliers, India, with a CAGR of +46.8%, saw the highest rates of growth with regard to the value of imports, 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, shrinking by -72.9% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average import price increased by 231% against the previous year. As a result, import price reached the peak level of $X per unit, and then dropped sharply in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was South Korea ($X per unit), while the price for Australia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+18.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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