Forecast: Import of Electric Generating Sets and Rotary Converters to Singapore

The import value of electric generating sets and rotary converters to Singapore stood at 245.09 million USD in 2023. Looking at the historical data, the import values fluctuated significantly over the years, with notable peaks in 2014 and 2016, followed by a sharp decline in 2017. In recent years, from 2021 to 2023, the values showed a mild decline with year-on-year reductions of -3.05% to -3.09%.

The five-year CAGR from 2023 to 2028 is projected to be -2.89%, indicating a continuous downward trend, and the forecasted five-year growth rate suggests a total decline of 13.62%. As of 2024, forecasted evaluations indicate a steady reduction in import values, predicting a continued decline in demand or shifts in supply chain dynamics.

Future trends to closely watch for include:

• The impact of global economic conditions on import demand.
• Technological advancements that could reduce the need for imports.
• Changes in Singapore's energy policies or infrastructure investments.
• Potential shifts towards alternative and renewable energy sources.