ECOWAS: Static Converter Market 2025

Static Converter Market Size in ECOWAS

After six years of growth, the ECOWAS static converter market decreased by -41.5% to $X in 2021. Overall, consumption, however, continues to indicate a measured increase. Over the period under review, the market reached the peak level at $X in 2020, and then declined remarkably in the following year.

Static Converter Production in ECOWAS

In value terms, static converter production dropped slightly to $X in 2021 estimated in export price. The total production indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +2.4% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 40% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Static Converter Exports

Exports in ECOWAS

Static converter exports declined to X units in 2021, with a decrease of -9.9% on 2020. Overall, exports saw a noticeable curtailment. The pace of growth was the most pronounced in 2017 with an increase of 95% against the previous year. The volume of export peaked at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, static converter exports soared to $X in 2021. Over the period under review, exports saw a slight contraction. The most prominent rate of growth was recorded in 2018 with an increase of 81% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Sierra Leone was the key exporter of static converters in ECOWAS, with the volume of exports finishing at X units, which was near 42% of total exports in 2021. It was distantly followed by Nigeria (X units), Togo (X units), Senegal (X units), Liberia (X units) and Cote d'Ivoire (X units), together achieving a 48% share of total exports. Guinea (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to static converter exports from Sierra Leone stood at +9.3%. At the same time, Liberia (+56.7%) and Guinea (+25.9%) displayed positive paces of growth. Moreover, Liberia emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +56.7% from 2012-2021. Cote d'Ivoire and Togo experienced a relatively flat trend pattern. By contrast, Nigeria (-10.4%) and Senegal (-15.9%) illustrated a downward trend over the same period. Sierra Leone (+28 p.p.), Liberia (+5.2 p.p.), Guinea (+3.4 p.p.), Togo (+3.2 p.p.) and Cote d'Ivoire (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Senegal and Nigeria saw its share reduced by -15.9% and -18.3% from 2012 to 2021, respectively.

In value terms, Sierra Leone ($X) remains the largest static converter supplier in ECOWAS, comprising 54% of total exports. The second position in the ranking was held by Nigeria ($X), with a 14% share of total exports. It was followed by Cote d'Ivoire, with a 6.6% share.

In Sierra Leone, static converter exports increased at an average annual rate of +10.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Nigeria (-15.7% per year) and Cote d'Ivoire (+7.5% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per unit, with an increase of 81% against the previous year. In general, the export price enjoyed tangible growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Cote d'Ivoire ($X per unit), while Liberia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+6.9%), while the other leaders experienced more modest paces of growth.

Static Converter Imports

Imports in ECOWAS

After five years of growth, purchases abroad of static converters decreased by -48.1% to X units in 2021. Over the period under review, imports, however, continue to indicate a resilient increase. The pace of growth was the most pronounced in 2018 with an increase of 315%. The volume of import peaked at X units in 2020, and then dropped markedly in the following year.

In value terms, static converter imports contracted significantly to $X in 2021. Total imports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when imports increased by 51% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then declined significantly in the following year.

Imports by Country

Nigeria dominates imports structure, resulting at X units, which was approx. 89% of total imports in 2021. Burkina Faso (X units), Ghana (X units) and Senegal (X units) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to static converter imports into Nigeria stood at +5.7%. At the same time, Burkina Faso (+16.8%) and Senegal (+14.3%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +16.8% from 2012-2021. By contrast, Ghana (-7.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria and Burkina Faso increased by +3.4 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported static converters in ECOWAS, comprising 51% of total imports. The second position in the ranking was held by Ghana ($X), with a 15% share of total imports. It was followed by Senegal, with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to +2.2%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+6.9% per year) and Senegal (+12.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, growing by 58% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 438%. Over the period under review, import prices attained the peak figure at $X per unit in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Ghana ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+15.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform