ECOWAS: Market for Turbo, Rotary and Reciporating Displacement Compressors 2024

Market Size for Turbo, Rotary and Reciporating Displacement Compressors in ECOWAS

The ECOWAS market for turbo, rotary and reciporating displacement compressors skyrocketed to $X in 2022, rising by 25% against the previous year. In general, consumption continues to indicate a prominent increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Turbo, Rotary and Reciporating Displacement Compressors in ECOWAS

In value terms, production of turbo, rotary and reciporating displacement compressors expanded remarkably to $X in 2022 estimated in export price. In general, production enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 51%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Turbo, Rotary and Reciporating Displacement Compressors

Exports in ECOWAS

In 2022, after two years of decline, there was significant growth in overseas shipments of turbo, rotary and reciporating displacement compressors, when their volume increased by 8.7% to X units. Overall, exports, however, continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2016 with an increase of 108% against the previous year. Over the period under review, the exports of reached the maximum at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, exports of turbo, rotary and reciporating displacement compressors stood at $X in 2022. Over the period under review, exports, however, saw a noticeable shrinkage. The pace of growth was the most pronounced in 2019 when exports increased by 105%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

In 2022, Ghana (X units) was the largest exporter of turbo, rotary and reciporating displacement compressors, achieving 35% of total exports. Cote d'Ivoire (X units) held the second position in the ranking, followed by Senegal (X units), Nigeria (X units), Sierra Leone (X units), Benin (X units) and Togo (X units). All these countries together took approx. 58% share of total exports.

Exports from Ghana decreased at an average annual rate of -10.2% from 2012 to 2022. At the same time, Benin (+28.9%), Senegal (+20.9%), Sierra Leone (+16.8%) and Togo (+9.9%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +28.9% from 2012-2022. By contrast, Cote d'Ivoire (-10.7%) and Nigeria (-11.0%) illustrated a downward trend over the same period. Senegal (+12 p.p.), Sierra Leone (+7.2 p.p.), Benin (+6 p.p.) and Togo (+4.3 p.p.) significantly strengthened its position in terms of the total exports, while Nigeria, Cote d'Ivoire and Ghana saw its share reduced by -5.3%, -10.3% and -17.7% from 2012 to 2022, respectively.

In value terms, the largest turbo, rotary and reciporating displacement compressor supplying countries in ECOWAS were Nigeria ($X), Senegal ($X) and Ghana ($X), together accounting for 63% of total exports. Cote d'Ivoire, Sierra Leone, Togo and Benin lagged somewhat behind, together accounting for a further 21%.

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

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, falling by -5.4% against the previous year. Overall, the export price, however, showed a temperate increase. The most prominent rate of growth was recorded in 2015 when the export price increased by 202%. As a result, the export price attained the peak level of $X per unit. From 2016 to 2022, the export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+6.9%), while the other leaders experienced more modest paces of growth.

Imports of Turbo, Rotary and Reciporating Displacement Compressors

Imports in ECOWAS

In 2022, approx. X units of turbo, rotary and reciporating displacement compressors were imported in ECOWAS; rising by 25% on the previous year's figure. In general, imports continue to indicate a resilient expansion. The growth pace was the most rapid in 2019 with an increase of 196%. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of turbo, rotary and reciporating displacement compressors surged to $X in 2022. Over the period under review, imports recorded a buoyant increase. The pace of growth appeared the most rapid in 2014 when imports increased by 76%. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria (X units) and Ghana (X units) prevails in compressors structure, together comprising 77% of total imports. Burkina Faso (X units) held a 5.5% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (5.3%). Cote d'Ivoire (X units), Niger (X units) and Guinea (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Niger (with a CAGR of +36.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported turbo, rotary and reciporating displacement compressors in ECOWAS, comprising 44% of total imports. The second position in the ranking was held by Ghana ($X), with a 13% share of total imports. It was followed by Niger, with a 12% share.

In Nigeria, imports of turbo, rotary and reciporating displacement compressors increased at an average annual rate of +8.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+5.0% per year) and Niger (+30.8% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, leveling off at the previous year. Overall, the import price showed a deep setback. The pace of growth was the most pronounced in 2016 when the import price increased by 96% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2013; however, from 2014 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 Niger ($X per unit), while Ghana ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (-4.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform