The import of parts of steam and vapour turbines to South Korea in 2023 stood at 113.95 million USD. The forecasted data for 2024 indicates a value of 111.27 million USD, which represents a year-on-year decline of 2.35% from 2023. This decreasing trend continues in the subsequent years, with a value of 108.7 million USD in 2025 (-2.31%), 106.18 million USD in 2026 (-2.32%), 103.71 million USD in 2027 (-2.33%), and 101.29 million USD in 2028 (-2.33%). The Compound Annual Growth Rate (CAGR) over the forecasted five-year period (2024-2028) is approximately -2.27% per year.
Future trends to watch for include the potential impact of advancements in renewable energy technologies, shifts in global manufacturing supply chains, and changes in South Korea’s energy policy, which may alter the demand for steam and vapour turbine components in the long run.
