South-Eastern Asia: Steam Turbine Market 2024

Steam Turbine Market Size in South-Eastern Asia

The Southeast Asian steam turbine market stood at $X in 2021, therefore, remained relatively stable against the previous year. Over the period under review, consumption, however, posted significant growth. The level of consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Steam Turbine Production in South-Eastern Asia

In value terms, steam turbine production reduced modestly to $X in 2021 estimated in export price. Overall, production, however, recorded a significant expansion. The growth pace was the most rapid in 2014 when the production volume increased by 978%. The level of production peaked at $X in 2020, and then declined slightly in the following year.

Steam Turbine Exports

Exports in South-Eastern Asia

In 2021, approx. X units of steam turbines and other vapor turbines were exported in South-Eastern Asia; increasing by 572% on the year before. Overall, exports, however, recorded a noticeable reduction. The volume of export peaked at X units in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, steam turbine exports surged to $X in 2021. In general, exports, however, continue to indicate a abrupt downturn. 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

Thailand prevails in exports structure, finishing at X units, which was near 95% of total exports in 2021. The following exporters - Malaysia (X units) and Singapore (X units) - together made up 4.8% of total exports.

Thailand was also the fastest-growing in terms of the steam turbines and other vapor turbines exports, with a CAGR of +1.4% from 2012 to 2021. Singapore (-9.9%) and Malaysia (-26.2%) illustrated a downward trend over the same period. While the share of Thailand (+41 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Malaysia (-28.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) emerged as the largest steam turbine supplier in South-Eastern Asia, comprising 57% of total exports. The second position in the ranking was held by Singapore ($X), with a 21% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Thailand totaled +2.8%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-12.8% per year) and Malaysia (-16.1% per year).

Export Prices by Country

In 2021, the export price in South-Eastern Asia amounted to $X per unit, reducing by -63.1% against the previous year. Over the period under review, the export price showed a noticeable decline. The growth pace was the most rapid in 2018 an increase of 2,098%. Over the period under review, the export prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Singapore ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+13.7%), while the other leaders experienced mixed trends in the export price figures.

Steam Turbine Imports

Imports in South-Eastern Asia

In 2021, purchases abroad of steam turbines and other vapor turbines decreased by -56.1% to X units, falling for the second year in a row after two years of growth. Over the period under review, imports showed a slight setback. The most prominent rate of growth was recorded in 2018 when imports increased by 139%. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, steam turbine imports dropped rapidly to $X in 2021. Overall, imports saw a noticeable decline. The most prominent rate of growth was recorded in 2019 when imports increased by 25% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Indonesia dominates imports structure, resulting at X units, which was near 89% of total imports in 2021. Vietnam (X units), Thailand (X units) and Cambodia (X units) held a minor share of total imports.

Indonesia experienced a relatively flat trend pattern with regard to volume of imports of steam turbines and other vapor turbines. At the same time, Cambodia (+7.1%) displayed positive paces of growth. Moreover, Cambodia emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +7.1% from 2012-2021. By contrast, Vietnam (-9.5%) and Thailand (-9.5%) illustrated a downward trend over the same period. While the share of Indonesia (+6.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Thailand (-3.5 p.p.) and Vietnam (-4.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported steam turbines and other vapor turbines in South-Eastern Asia, comprising 46% of total imports. The second position in the ranking was held by Thailand ($X), with a 17% share of total imports. It was followed by Vietnam, with an 11% share.

From 2012 to 2021, the average annual growth rate of value in Indonesia totaled -2.8%. In the other countries, the average annual rates were as follows: Thailand (-4.2% per year) and Vietnam (-11.3% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per unit in 2021, with an increase of 36% against the previous year. Overall, the import price, however, continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2016 an increase of 99.9%. Over the period under review, import prices hit record highs at $X per unit in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+5.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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