ECOWAS: Market for Vacuum Pumps and Air or Gas Compressors 2024

Market Size for Vacuum Pumps and Air or Gas Compressors in ECOWAS

After four years of growth, the ECOWAS market for vacuum pumps and air or gas compressors decreased by -6.6% to $X in 2022. In general, consumption, however, enjoyed a buoyant expansion. Over the period under review, the market attained the peak level at $X in 2021, and then declined in the following year.

Production of Vacuum Pumps and Air or Gas Compressors in ECOWAS

In value terms, production of vacuum pumps and air or gas compressors rose remarkably to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the production volume increased by 33%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Exports of Vacuum Pumps and Air or Gas Compressors

Exports in ECOWAS

In 2022, after two years of decline, there was growth in shipments abroad of vacuum pumps and air or gas compressors, when their volume increased by 2.9% to X units. Over the period under review, exports, however, continue to indicate a deep reduction. The pace of growth was the most pronounced in 2014 when exports increased by 406%. Over the period under review, the exports of hit record highs at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, exports of vacuum pumps and air or gas compressors rose rapidly to $X in 2022. Overall, exports, however, recorded a noticeable downturn. The most prominent rate of growth was recorded in 2019 with an increase of 117% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports of failed to regain momentum.

Exports by Country

In 2022, Ghana (X units) represented the main exporter of vacuum pumps and air or gas compressors, achieving 36% of total exports. It was distantly followed by Sierra Leone (X units), Cote d'Ivoire (X units), Senegal (X units), Nigeria (X units) and Mali (X units), together making up a 54% share of total exports. Togo (X units) and Niger (X units) followed a long way behind the leaders.

Exports from Ghana increased at an average annual rate of +3.0% from 2012 to 2022. At the same time, Niger (+7.4%) and Sierra Leone (+1.2%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +7.4% from 2012-2022. Senegal and Cote d'Ivoire experienced a relatively flat trend pattern. By contrast, Togo (-8.0%), Nigeria (-14.4%) and Mali (-23.2%) illustrated a downward trend over the same period. While the share of Ghana (+22 p.p.), Sierra Leone (+8.1 p.p.), Cote d'Ivoire (+7.2 p.p.) and Senegal (+5.5 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nigeria (-12.9 p.p.) and Mali (-33.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vacuum pump and air or gas compressor supplying countries in ECOWAS were Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X), together accounting for 50% of total exports.

Senegal, with a CAGR of +12.3%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, surging by 2.3% against the previous year. Over the period under review, the export price saw a notable expansion. The most prominent rate of growth was recorded in 2015 when the export price increased by 409% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Niger ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mali (+37.1%), while the other leaders experienced more modest paces of growth.

Imports of Vacuum Pumps and Air or Gas Compressors

Imports in ECOWAS

After five years of growth, purchases abroad of vacuum pumps and air or gas compressors decreased by -11.3% to X units in 2022. In general, imports, however, posted a remarkable increase. The pace of growth was the most pronounced in 2020 when imports increased by 137% against the previous year. Over the period under review, imports of reached the maximum at X units in 2021, and then reduced in the following year.

In value terms, imports of vacuum pumps and air or gas compressors amounted to $X in 2022. Total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -23.1% against 2020 indices. The most prominent rate of growth was recorded in 2014 with an increase of 71% against the previous year. Over the period under review, imports of attained the maximum at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Ghana represented the key importer of vacuum pumps and air or gas compressors in ECOWAS, with the volume of imports recording X units, which was near 72% of total imports in 2022. Nigeria (X units) held the second position in the ranking, followed by Cote d'Ivoire (X units). All these countries together took approx. 18% share of total imports. The following importers - Guinea (X units), Burkina Faso (X units) and Senegal (X units) - together made up 6.7% of total imports.

Ghana was also the fastest-growing in terms of the vacuum pumps and air or gas compressors imports, with a CAGR of +34.7% from 2012 to 2022. At the same time, Cote d'Ivoire (+8.9%), Nigeria (+5.6%) and Burkina Faso (+1.3%) displayed positive paces of growth. By contrast, Guinea (-1.5%) and Senegal (-5.5%) illustrated a downward trend over the same period. Ghana (+58 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire, Burkina Faso, Senegal, Guinea and Nigeria saw its share reduced by -3.3%, -4.4%, -9.8%, -10.4% and -14.7% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported vacuum pumps and air or gas compressors in ECOWAS, comprising 45% of total imports. The second position in the ranking was held by Ghana ($X), with a 14% share of total imports. It was followed by Cote d'Ivoire, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+3.0% per year) and Cote d'Ivoire (+5.9% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, picking up by 17% against the previous year. Over the period under review, the import price, however, continues to indicate a drastic downturn. The most prominent rate of growth was recorded in 2016 an increase of 70% against the previous year. The level of import peaked at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+17.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform