Key Market Indicators
Cypriot gas turbine imports are projected to decline significantly over the next five years. According to recent data, imports are expected to decrease from approximately $3.5 million in 2023 to about $1.7 million by 2028. This marks an average annual decline of 11.7%. Despite this downward trend, it is noteworthy that Cypriot demand for gas turbines had previously experienced a robust growth rate, increasing by 19.4% year on year since 1994. On the export front, Cyprus saw a notable surge in gas turbine exports in 2018. The total export value rose to $8,550, up 58% from the $5,410 recorded in 2017. However, this positive development comes against a backdrop of a long-term decline in supply, which has fallen by an average of 28.9% per year since 1997.
