Cuba: Hvac Equipment Market 2024

Hvac Equipment Market Size in Cuba

The Cuban HVAC equipment market expanded rapidly to $X in 2022, surging by 8.4% against the previous year. In general, consumption, however, saw a abrupt curtailment. Consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Hvac Equipment Production in Cuba

In value terms, HVAC equipment production stood at $X in 2022 estimated in export price. Over the period under review, production, however, showed a deep reduction. The most prominent rate of growth was recorded in 2020 when the production volume increased by 8.2%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Hvac Equipment Exports

Exports from Cuba

In 2022, the amount of HVAC equipment exported from Cuba contracted remarkably to X units, reducing by -46.4% on 2021 figures. Overall, exports recorded a significant decline. The pace of growth appeared the most rapid in 2021 when exports increased by 150% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, HVAC equipment exports contracted remarkably to $X in 2022. Over the period under review, exports faced a deep slump. The pace of growth appeared the most rapid in 2021 with an increase of 51% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Canada (X units) was the main destination for HVAC equipment exports from Cuba, accounting for a 32% share of total exports. Moreover, HVAC equipment exports to Canada exceeded the volume sent to the second major destination, Venezuela (X units), threefold. The third position in this ranking was taken by Sweden (X units), with a 4% share.

From 2012 to 2022, the average annual growth rate of volume to Canada totaled +373.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-36.2% per year) and Sweden (-6.0% per year).

In value terms, Canada ($X) remains the key foreign market for HVAC equipment exports from Cuba, comprising 37% of total exports. The second position in the ranking was taken by Venezuela ($X), with a 6.2% share of total exports. It was followed by Sweden, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value to Canada totaled +369.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Venezuela (-31.3% per year) and Sweden (-4.2% per year).

Export Prices by Country

In 2022, the average HVAC equipment export price amounted to $X per unit, rising by 29% against the previous year. In general, the export price saw a prominent increase. The pace of growth appeared the most rapid in 2013 an increase of 493% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Sweden ($X per unit), while the average price for exports to Venezuela ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+711.5%), while the prices for the other major destinations experienced more modest paces of growth.

Hvac Equipment Imports

Imports into Cuba

In 2022, supplies from abroad of HVAC equipment was finally on the rise to reach X units after two years of decline. Overall, imports showed a buoyant increase. The growth pace was the most rapid in 2015 with an increase of 154%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, HVAC equipment imports soared to $X in 2022. In general, imports enjoyed pronounced growth. The most prominent rate of growth was recorded in 2015 when imports increased by 79%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Spain (X units) and Italy (X units) were the main suppliers of HVAC equipment imports to Cuba, with a combined 30% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +19.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X), China ($X) and Italy ($X) appeared to be the largest HVAC equipment suppliers to Cuba, together comprising 24% of total imports.

Spain, with a CAGR of +14.1%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average HVAC equipment import price stood at $X per unit in 2022, surging by 11% against the previous year. In general, the import price, however, continues to indicate a noticeable reduction. The growth pace was the most rapid in 2016 when the average import price increased by 29%. The import price peaked at $X per unit in 2017; however, from 2018 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Panama ($X per unit), while the price for France ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+4.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform