ECOWAS: Heat Exchange Unit Market 2024

Heat Exchange Unit Market Size in ECOWAS

In 2022, the ECOWAS heat exchange unit market decreased by -5% to $X, falling for the third consecutive year after three years of growth. Over the period under review, consumption, however, recorded a strong increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Heat Exchange Unit Production in ECOWAS

In value terms, heat exchange unit production expanded slightly to $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +8.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +8.6% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 72%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Heat Exchange Unit Exports

Exports in ECOWAS

In 2022, the amount of heat exchange units exported in ECOWAS skyrocketed to X units, with an increase of 169% compared with the previous year. In general, exports, however, showed a deep slump. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, heat exchange unit exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a deep downturn. The pace of growth appeared the most rapid in 2017 when exports increased by 103% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria represented the main exporter of heat exchange units in ECOWAS, with the volume of exports recording X units, which was near 44% of total exports in 2022. Ghana (X units) held a 21% share (based on physical terms) of total exports, which put it in second place, followed by Sierra Leone (11%) and Mali (4.7%). Cote d'Ivoire (X units), Senegal (X units) and Togo (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to heat exchange unit exports from Nigeria stood at -6.6%. At the same time, Ghana (+28.2%), Senegal (+26.5%), Sierra Leone (+4.3%) and Mali (+1.7%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +28.2% from 2012-2022. By contrast, Cote d'Ivoire (-11.8%) and Togo (-29.6%) illustrated a downward trend over the same period. Ghana (+21 p.p.), Sierra Leone (+8.4 p.p.), Nigeria (+8.3 p.p.), Senegal (+3.6 p.p.) and Mali (+3 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire and Togo saw its share reduced by -1.8% and -36.1% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) emerged as the largest heat exchange unit supplier in ECOWAS, comprising 40% of total exports. The second position in the ranking was held by Ghana ($X), with a 17% share of total exports. It was followed by Sierra Leone, with a 16% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria stood at -9.3%. In the other countries, the average annual rates were as follows: Ghana (+35.0% per year) and Sierra Leone (+6.5% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, with a decrease of -24.9% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the export price increased by 60%. Over the period under review, the export prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

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 Sierra Leone ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+5.7%), while the other leaders experienced more modest paces of growth.

Heat Exchange Unit Imports

Imports in ECOWAS

In 2022, purchases abroad of heat exchange units decreased by -20.1% to X units, falling for the third consecutive year after two years of growth. Overall, imports, however, recorded a buoyant increase. The growth pace was the most rapid in 2019 when imports increased by 501% against the previous year. As a result, imports reached the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, heat exchange unit imports contracted notably to $X in 2022. Over the period under review, imports, however, posted strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 252%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Nigeria dominates imports structure, recording X units, which was approx. 76% of total imports in 2022. Senegal (X units) held the second position in the ranking, followed by Cote d'Ivoire (X units) and Ghana (X units). All these countries together held approx. 16% share of total imports. The following importers - Mali (X units), Niger (X units) and Guinea (X units) - each amounted to a 5.1% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to heat exchange unit imports into Nigeria stood at +15.9%. At the same time, Mali (+42.1%), Senegal (+37.5%), Cote d'Ivoire (+21.5%), Niger (+11.1%), Ghana (+4.6%) and Guinea (+1.7%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +42.1% from 2012-2022. Nigeria (+6.5 p.p.), Senegal (+4.8 p.p.), Cote d'Ivoire (+2.2 p.p.) and Mali (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Guinea and Ghana saw its share reduced by -3.8% and -8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported heat exchange units in ECOWAS, comprising 51% of total imports. The second position in the ranking was taken by Senegal ($X), with a 14% share of total imports. It was followed by Ghana, with an 11% share.

In Nigeria, heat exchange unit imports increased at an average annual rate of +3.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Senegal (+39.0% per year) and Ghana (+6.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, growing by 5% against the previous year. In general, the import price, however, showed a deep contraction. The most prominent rate of growth was recorded in 2018 when the import price increased by 15%. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Senegal ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+2.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform