The import of parts for steam and vapour turbines to Canada is projected to decline steadily from 2024 to 2028, with values dropping from $29.19 million in 2024 to $21.604 million in 2028. This represents a year-on-year decrease in import values of approximately 6-7%. Looking at the last two years, from 2026 to 2028, the import values show a consistent downward trend, decreasing by an average of 7% per year. Over the five-year period, the compound annual growth rate (CAGR) is approximately -7.2%, indicating a persistent contraction in import activities.
Future trends to watch for include changes in domestic production capabilities, advancements in turbine technology, and potential shifts in energy policies favoring renewable sources over steam and vapour turbines. Additionally, global economic factors and trade policies will play critical roles in shaping the import landscape for these components.
