Key Market Indicators
Singapore's gas turbine export market is projected to soar to approximately $17.7 billion by 2028, up from around $14 billion in 2023. This represents an annual compound growth rate (CAGR) of 3.6%. Since 1994, Singapore's gas turbine supply has consistently increased by an average of 3.3% per year. In 2023, Singapore ranked third in global gas turbine exports, with France surpassing it by achieving the same $14 billion mark. Notably, France, Singapore, and Germany occupied the second, third, and fourth positions, respectively, in this ranking. On the import front, Singapore's gas turbine imports are expected to climb to nearly $20 billion by 2028, up from around $16.3 billion in 2023. This indicates an average annual growth rate of 3.2%. Since 1994, the demand for gas turbines in Singapore has surged by 2.8% annually.
