Key Market Indicators
Armenian Gas Turbine Export is projected to reach approximately $3.5 million by 2028, up from around $2.8 million in 2023. This marks an average annual growth rate of 3.2%. Since 2002, Armenia's gas turbine supply has seen a robust increase, averaging an 11.4% year-on-year rise. In 2023, Armenia was ranked 63rd in global gas turbine exports, with Bosnia and Herzegovina surpassing it by reaching the $2.8 million mark. France, Singapore, and Germany held the 2nd, 3rd, and 4th positions in this ranking, respectively. On the import side, Armenian gas turbine imports plummeted significantly to $340,000 in 2023, down from $808,000 in 2022, representing a sharp 57.9% decline. This drop continues a long-term trend, as Armenian demand for gas turbines has decreased by an average of 33.5% annually since 2002.
