The import of steam and vapour generating boilers to South Korea is forecast to decline significantly from 2024 to 2028. The value is expected to decrease from 49.6 million USD in 2024 to 18.3 million USD in 2028. In comparison, the value stood at approximately 60 million USD in 2023.
Year-on-year variations over the last two forecasted years indicate:
- A decline of about 16.2% from 2024 to 2025
- A reduction of 18.9% from 2025 to 2026
- A further drop of 22.9% from 2026 to 2027
- A final decline of 29.3% from 2027 to 2028
Over a longer period, the compound annual growth rate (CAGR) from 2024 to 2028 is projected at approximately -22%.
Future trends to watch for include technological advancements in boiler efficiency, increased domestic production capabilities, and shifting energy policies focusing on sustainable and renewable energy sources, which could significantly impact the demand for imported boilers in South Korea.
