ECOWAS: Thermostat Market 2024

Thermostat Market Size in ECOWAS

The ECOWAS thermostat market dropped modestly to $X in 2021, remaining constant against the previous year. The market value increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2017 to 2021, the growth of the market remained at a lower figure.

Thermostat Production in ECOWAS

In value terms, thermostat production expanded modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when the production volume increased by 24%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth failed to regain momentum.

Thermostat Exports

Exports in ECOWAS

In 2021, approx. X units of thermostats were exported in ECOWAS; with a decrease of -3.7% against the previous year. Overall, exports, however, enjoyed resilient growth. The most prominent rate of growth was recorded in 2017 when exports increased by 2,236% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, thermostat exports amounted to $X in 2021. In general, exports, however, saw a resilient increase. The pace of growth appeared the most rapid in 2015 when exports increased by 237%. The level of export peaked at $X in 2016; however, from 2017 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Sierra Leone (X units) was the major exporter of thermostats, making up 66% of total exports. Cote d'Ivoire (X units) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (16%).

From 2012 to 2021, average annual rates of growth with regard to thermostat exports from Sierra Leone stood at +19.0%. At the same time, Nigeria (+49.0%) and Cote d'Ivoire (+14.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +49.0% from 2012-2021. While the share of Nigeria (+14 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Cote d'Ivoire (-8.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest thermostat supplying countries in ECOWAS were Nigeria ($X), Sierra Leone ($X) and Cote d'Ivoire ($X), together comprising 94% of total exports.

Nigeria, with a CAGR of +39.5%, saw 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 2021, the export price in ECOWAS amounted to $X per unit, picking up by 7.4% against the previous year. In general, the export price, however, showed a abrupt downturn. The growth pace was the most rapid in 2018 an increase of 5,004%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Nigeria ($X per unit), while Sierra Leone ($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 (-3.6%), while the other leaders experienced a decline in the export price figures.

Thermostat Imports

Imports in ECOWAS

In 2021, purchases abroad of thermostats decreased by -3.4% to X units for the first time since 2017, thus ending a three-year rising trend. Overall, imports, however, enjoyed a temperate expansion. The most prominent rate of growth was recorded in 2020 with an increase of 215%. Over the period under review, imports hit record highs at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, thermostat imports stood at $X in 2021. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 94%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Nigeria (X units) was the key importer of thermostats, creating 68% of total imports. It was distantly followed by Ghana (X units) and Burkina Faso (X units), together committing a 23% share of total imports. Senegal (X units) followed a long way behind the leaders.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of thermostats. At the same time, Burkina Faso (+30.6%), Senegal (+30.5%) and Ghana (+9.0%) displayed positive paces of growth. Moreover, Burkina Faso emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +30.6% from 2012-2021. From 2012 to 2021, the share of Burkina Faso, Ghana and Senegal increased by +9.7, +5.5 and +3.5 percentage points, respectively.

In value terms, Nigeria ($X) constitutes the largest market for imported thermostats in ECOWAS, comprising 62% of total imports. The second position in the ranking was taken by Ghana ($X), with a 13% share of total imports. It was followed by Burkina Faso, with a 7.2% share.

In Nigeria, thermostat imports decreased by an average annual rate of -3.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+4.6% per year) and Burkina Faso (+31.4% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2021, growing by 19% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible reduction. The growth pace was the most rapid in 2016 an increase of 87%. The level of import peaked at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform