GCC: Boring Machinery Market 2024

Boring Machinery Market Size in GCC

In 2022, the GCC boring machinery market was finally on the rise to reach $X after two years of decline. Over the period under review, consumption showed a notable increase. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Boring Machinery Production in GCC

In value terms, boring machinery production rose to $X in 2022 estimated in export price. Overall, production enjoyed a buoyant increase. The pace of growth appeared the most rapid in 2018 with an increase of 111% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Boring Machinery Exports

Exports in GCC

In 2022, overseas shipments of boring or sinking machinery decreased by -10.1% to X units, falling for the second consecutive year after three years of growth. Overall, exports, however, posted a tangible increase. The most prominent rate of growth was recorded in 2016 with an increase of 217%. The volume of export peaked at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, boring machinery exports surged to $X in 2022. Over the period under review, exports, however, continue to indicate measured growth. The most prominent rate of growth was recorded in 2019 when exports increased by 177%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the major exporting country with an export of around X units, which reached 81% of total exports. It was distantly followed by Saudi Arabia (X units), comprising a 19% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the boring or sinking machinery exports, with a CAGR of +8.5% from 2012 to 2022. Saudi Arabia (-6.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates increased by +35 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest boring machinery supplier in GCC, comprising 83% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled +13.7%.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, surging by 37% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the export price increased by 109%. The level of export peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Saudi Arabia totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+4.8%).

Boring Machinery Imports

Imports in GCC

Boring machinery imports declined notably to X units in 2022, falling by -19% on the year before. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 135% against the previous year. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, boring machinery imports dropped remarkably to $X in 2022. In general, imports, however, saw a resilient increase. The growth pace was the most rapid in 2019 when imports increased by 440% against the previous year. Over the period under review, imports reached the peak figure at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Kuwait (X units) represented the largest importer of boring or sinking machinery, mixing up 65% of total imports. The United Arab Emirates (X units) ranks second in terms of the total imports with a 26% share, followed by Oman (9.3%).

Kuwait was also the fastest-growing in terms of the boring or sinking machinery imports, with a CAGR of +37.1% from 2012 to 2022. At the same time, Oman (+7.2%) displayed positive paces of growth. By contrast, the United Arab Emirates (-11.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Kuwait and Oman increased by +62 and +5 percentage points, respectively.

In value terms, the United Arab Emirates ($X), Kuwait ($X) and Oman ($X) constituted the countries with the highest levels of imports in 2022, with a combined 18% share of total imports.

Among the main importing countries, Kuwait, with a CAGR of +26.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, dropping by -18% against the previous year. Over the period under review, the import price, however, recorded a strong increase. The growth pace was the most rapid in 2021 when the import price increased by 211% against the previous year. As a result, import price reached the peak level of $X per unit, and then declined rapidly in the following year.

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 the United Arab Emirates ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.8%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform