The forecast for Canada’s import of steam and vapor turbines, excluding marine propulsion, shows a declining trend from 2024 to 2028. This period starts with a value of 6.592 million USD in 2024, dropping gradually by 8.5% year-on-year to 5.960 million USD in 2025, and further declining by 10.4% to 5.341 million USD in 2026. The decrease continues with a 11.4% reduction to 4.734 million USD by 2027 and a subsequent 12.6% decline reaching 4.140 million USD in 2028. The compound annual growth rate (CAGR) over this five-year span is a negative 11%, indicating a consistent decrease in import value.
Future trends to watch for:
- Increasing domestic production capabilities and technological advancements that might shift needs away from imports.
- Potential shifts in energy policies favoring renewable technologies that could impact steam and vapor turbine demand.
- Currency fluctuations or trade agreements that might alter import conditions.
