ECOWAS: Boring Machinery Market 2024

Boring Machinery Market Size in ECOWAS

The ECOWAS boring machinery market declined to $X in 2022, falling by -3% against the previous year. In general, consumption, however, recorded a noticeable expansion. As a result, consumption reached the peak level of $X. From 2020 to 2022, the growth of the market remained at a lower figure.

Boring Machinery Production in ECOWAS

In value terms, boring machinery production fell slightly to $X in 2022 estimated in export price. The total production indicated noticeable growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.8% against 2019 indices. The growth pace was the most rapid in 2019 when the production volume increased by 35% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Boring Machinery Exports

Exports in ECOWAS

In 2022, approx. X units of boring or sinking machinery were exported in ECOWAS; shrinking by -20% against the previous year's figure. Over the period under review, exports showed a perceptible setback. The most prominent rate of growth was recorded in 2021 when exports increased by 80% against the previous year. Over the period under review, the exports reached the maximum at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, boring machinery exports dropped to $X in 2022. In general, exports showed a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of 38%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Cote d'Ivoire (X units) represented the main exporter of boring or sinking machinery, achieving 31% of total exports. It was distantly followed by Burkina Faso (X units), Nigeria (X units), Mali (X units), Ghana (X units) and Niger (X units), together generating a 59% share of total exports. Guinea (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to boring machinery exports from Cote d'Ivoire stood at +15.7%. At the same time, Nigeria (+29.2%), Guinea (+23.1%) and Mali (+14.9%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +29.2% from 2012-2022. By contrast, Ghana (-2.4%), Niger (-3.8%) and Burkina Faso (-12.5%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+25 p.p.), Nigeria (+13 p.p.), Mali (+9.9 p.p.) and Guinea (+3.7 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Niger (-1.8 p.p.) and Burkina Faso (-31.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Burkina Faso ($X), Cote d'Ivoire ($X) and Ghana ($X) were the countries with the highest levels of exports in 2022, with a combined 74% share of total exports. Mali, Nigeria, Guinea and Niger lagged somewhat behind, together accounting for a further 21%.

Guinea, with a CAGR of +20.2%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, with an increase of 9.6% against the previous year. Over the period under review, the export price, however, showed a deep setback. The most prominent rate of growth was recorded in 2019 when the export price increased by 74% against the previous year. The level of export peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Burkina Faso ($X per unit), while Niger ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+4.7%), while the other leaders experienced a decline in the export price figures.

Boring Machinery Imports

Imports in ECOWAS

In 2022, approx. X units of boring or sinking machinery were imported in ECOWAS; falling by -7.6% on the previous year's figure. Over the period under review, imports, however, showed a measured increase. The pace of growth appeared the most rapid in 2019 when imports increased by 365% against the previous year. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, boring machinery imports reduced sharply to $X in 2022. Overall, imports saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 82% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria prevails in imports structure, resulting at X units, which was near 74% of total imports in 2022. Burkina Faso (X units) ranks second in terms of the total imports with a 6.6% share, followed by Senegal (5.7%). Ghana (X units), Cote d'Ivoire (X units), Niger (X units) and Mali (X units) held a little share of total imports.

Nigeria was also the fastest-growing in terms of the boring or sinking machinery imports, with a CAGR of +14.6% from 2012 to 2022. At the same time, Burkina Faso (+6.4%) displayed positive paces of growth. Senegal experienced a relatively flat trend pattern. By contrast, Niger (-5.9%), Ghana (-6.8%), Cote d'Ivoire (-7.4%) and Mali (-15.8%) illustrated a downward trend over the same period. While the share of Nigeria (+47 p.p.) and Burkina Faso (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Senegal (-2 p.p.), Niger (-4 p.p.), Cote d'Ivoire (-6.2 p.p.), Ghana (-6.6 p.p.) and Mali (-12.1 p.p.) displayed negative dynamics.

In value terms, Burkina Faso ($X), Ghana ($X) and Nigeria ($X) constituted the countries with the highest levels of imports in 2022, together accounting for 62% of total imports.

Burkina Faso, with a CAGR of +6.3%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, with a decrease of -27.3% against the previous year. In general, the import price showed a abrupt decrease. The most prominent rate of growth was recorded in 2021 when the import price increased by 25% against the previous year. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($X per unit), while Nigeria ($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 (+2.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform