The import of gas turbine engines to Thailand has shown a varying yet upward trend from 2013 to 2023, reaching $1.7817 billion in 2023. From 2013 to 2023, the CAGR has expanded at an average yearly growth rate of 3.7%. However, the trend experienced disruptions such as a notable dip in 2016 and 2020, attributable to global economic conditions and market fluctuations.
Variations in the last two years revealed consistent growth. 2021 saw a significant year-on-year increase of 24.98%, while 2022 and 2023 grew by 3.52% and 3.34%, respectively. The import value is expected to rise, with a forecasted 5-year CAGR of 2.45%, indicating a steady growth rate to $2.0822 billion by 2028.
Future Trends to Watch for:
- Technological advancements in gas turbine efficiency and environmental compliance, which could alter demand and import patterns.
- Economic policies within Thailand impacting industrial investments and energy infrastructure developments.
- Global market dynamics, including supply chain adjustments and international trade agreements, influencing import volumes.
