Spain: Steam Turbine Market 2024

Steam Turbine Market Size in Spain

For the eighth year in a row, the Spanish steam turbine market recorded growth in sales value, which increased by 2.4% to $X in 2021. In general, consumption, however, saw a significant expansion. Steam turbine consumption peaked in 2021 and is expected to retain growth in the near future.

Steam Turbine Production in Spain

In value terms, steam turbine production reduced to $X in 2021 estimated in export price. In general, production, however, enjoyed a significant expansion. The most prominent rate of growth was recorded in 2014 when the production volume increased by 336% against the previous year. Steam turbine production peaked at $X in 2020, and then fell modestly in the following year.

Steam Turbine Exports

Exports from Spain

In 2021, the amount of steam turbines and other vapor turbines exported from Spain declined remarkably to X units, dropping by -97.6% compared with the year before. In general, exports recorded a sharp setback. The pace of growth was the most pronounced in 2016 with an increase of 233% against the previous year. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, steam turbine exports declined markedly to $X in 2021. Overall, exports recorded a dramatic slump. The pace of growth appeared the most rapid in 2018 when exports increased by 149%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X units), the United States (X units) and Chile (X units) were the main destinations of steam turbine exports from Spain, together comprising 81% of total exports.

From 2012 to 2021, the biggest increases were recorded for Chile (with a CAGR of +17.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for steam turbines and other vapor turbines exports from Spain, comprising 22% of total exports. The second position in the ranking was held by the UK ($X), with a 4.3% share of total exports. It was followed by Chile, with a 1.8% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at -34.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+189.3% per year) and Chile (+4.0% per year).

Export Prices by Country

In 2021, the average steam turbine export price amounted to $X per unit, picking up by 1,108% against the previous year. Over the period under review, the export price posted a remarkable increase. As a result, the export price attained 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 the United States ($X per unit), while the average price for exports to Japan ($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 Bolivia (+5.4%), while the prices for the other major destinations experienced mixed trend patterns.

Steam Turbine Imports

Imports into Spain

In 2021, imports of steam turbines and other vapor turbines into Spain shrank dramatically to X units, with a decrease of -46.7% against 2020 figures. In general, imports saw a sharp shrinkage. The growth pace was the most rapid in 2018 when imports increased by 287%. Imports peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, steam turbine imports fell significantly to $X in 2021. Over the period under review, imports continue to indicate a dramatic shrinkage. The pace of growth was the most pronounced in 2017 with an increase of 171%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, India (X units) constituted the largest supplier of steam turbine to Spain, with a 84% share of total imports. Moreover, steam turbine imports from India exceeded the figures recorded by the second-largest supplier, the United States (X units), more than tenfold. Italy (X units) ranked third in terms of total imports with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from India amounted to +125.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+13.1% per year) and Italy (+32.8% per year).

In value terms, India ($X) constituted the largest supplier of steam turbines and other vapor turbines to Spain, comprising 48% of total imports. The second position in the ranking was taken by the United States ($X), with a 20% share of total imports. It was followed by Germany, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from India totaled +110.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+23.3% per year) and Germany (-40.3% per year).

Import Prices by Country

The average steam turbine import price stood at $X per unit in 2021, falling by -51.9% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average import price increased by 845%. As a result, import price attained the peak level of $X per unit. From 2020 to 2021, the average import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+80.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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