The import volume of parts of steam and vapour turbines to the UK has shown significant fluctuations over the years. Between 2013 and 2015, there was a sharp decline, followed by a sharp increase in 2016. This volatility continued over the years with alternating periods of growth and decline. In 2023, the volume stood at 1.77 million kilograms, showing a slight year-on-year decline of around 5%. The Compound Annual Growth Rate (CAGR) for the period 2019-2023 was nearly stable at -0.25%, indicating a relatively flat trend over the last five years.
Looking ahead, the forecasted data from 2024 to 2028 suggests a consistent downward trend, with an estimated annual decline of around 5.08%. This trend indicates a significant reduction in import volumes, reaching around 1.29 million kilograms by 2028, which is a 22.94% drop from 2023 levels.
Future trends to watch for include:
- Economic and industrial policy changes in the UK that could affect import demands.
- Technological advancements in turbine parts that may impact supply chains.
- Global market dynamics, including trade agreements and tariffs, influencing import volumes.
