In 2023, the import value of gas turbine engines to the Philippines stood at approximately 44 million US dollars. Forecasted data indicates a steady year-on-year decline:
- 2024: 43.403 million USD (-1.36%)
- 2025: 42.634 million USD (-1.77%)
- 2026: 41.88 million USD (-1.77%)
- 2027: 41.142 million USD (-1.76%)
- 2028: 40.418 million USD (-1.75%)
The compound annual growth rate (CAGR) for the forecast period (2023-2028) shows an average annual decline of about -1.68%.
Future trends to watch for include technological advancements in gas turbine engines, shifts towards renewable energy sources, and potential changes in government policies regarding energy imports and sustainability.
