Key Market Indicators
Latvia's gas turbine import market is poised for significant growth, with projections indicating it will reach approximately $761 million by 2028. This is a substantial increase from the estimated $578 million in 2023, marking an average annual growth rate of 4.3%. The country's demand for gas turbines has seen a steady rise, increasing by 2.6% annually since 1999. On the export front, Latvia is also expected to see robust growth. The nation's gas turbine exports are forecasted to climb to about $608 million by 2028, up from nearly $459 million in 2023. This represents a compound annual growth rate (CAGR) of 4.4%. Since 1999, Latvia's supply has similarly grown by 2.6% each year. In the global rankings for gas turbine exports in 2023, Latvia held the 25th position. South Korea surpassed Latvia with exports totaling around $459 million. Leading the rankings were France, Singapore, and Germany, occupying the second, third, and fourth spots, respectively.
