In 2023, India's import of gas turbine engines with power exceeding 5000 kW was $38.997 million. The forecast from 2024 to 2028 shows a consistent decline, from $37.946 million to $33.847 million. Year-on-year percentage changes indicate decreasing demand, with the largest decline of approximately 2.9% expected between 2027 and 2028. The five-year compound annual growth rate (CAGR) is negative, emphasizing a downward trend.
Future trends to watch for:
- Technological advancements in renewable energy sources may further reduce dependency on gas turbine engines.
- Policy changes in energy import tariffs could alter market dynamics.
- Economic factors and industrial energy requirements in India may impact import needs.
