The export of gas turbine engines from Saudi Arabia has shown remarkable growth over the last decade, starting from $77.44 million in 2013 to $447.57 million in 2023. Notable year-on-year growth rates include significant increases such as 50.76% in 2014, 50.82% in 2016, and a 27.77% rise in 2021. However, there were also years with minimal growth, like 2019, and a notable decline of 11.54% in 2020.
In examining the last five years leading up to 2023, the compound annual growth rate (CAGR) stands at 4.97%, indicating consistent albeit slower growth in recent years compared to earlier in the decade. Looking forward, the forecast suggests continued growth with a projected CAGR of 3.59% from 2024 to 2028, resulting in a growth rate of 19.3% over these five years.
Future trends to watch for include potential impacts from global energy policies, advancements in turbine technology, and market demand shifts. Additionally, monitoring geopolitical events and their influence on the energy sector could provide critical insights for future export performance.
