Key Market Indicators
Luxembourg's gas turbine import market is projected to plunge significantly by 2028. According to recent data, the import value is expected to drop to approximately $29 million from about $55 million in 2023. This represents an average annual decline of 10.2%. Historically, since 2004, the demand for gas turbines in Luxembourg has been decreasing at a rate of 2.8% each year. On the export front, Luxembourg's gas turbine market is also set to experience a decline, albeit at a slower pace. The export value is anticipated to decrease slightly to around $43 million by 2028, down from nearly $44 million in 2023. This corresponds to an average yearly decline of 0.3%. Since 2004, the supply has been diminishing at an annual rate of 1.8%. In 2023, Luxembourg ranked 42nd in the global gas turbine export market. Denmark took the lead with exports valued at about $44 million, followed by France, Singapore, and Germany, which secured the second, third, and fourth positions, respectively.
