GCC: Market for Industrial, Laboratory or Bakery Ovens 2024

Market Size for Industrial, Laboratory or Bakery Ovens in GCC

The GCC market for industrial, laboratory or bakery ovens stood at $X in 2022, picking up by 3.3% against the previous year. In general, consumption, however, saw strong growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Industrial, Laboratory or Bakery Ovens in GCC

In value terms, industrial, laboratory or bakery oven production rose notably to $X in 2022 estimated in export price. Overall, production continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 116% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Industrial, Laboratory or Bakery Ovens

Exports in GCC

In 2022, overseas shipments of industrial, laboratory or bakery ovens decreased by -1.4% to X units, falling for the fourth year in a row after two years of growth. Over the period under review, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when exports increased by 245%. The volume of export peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, industrial, laboratory or bakery oven exports surged to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when exports increased by 430% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates was the largest exporting country with an export of about X units, which accounted for 75% of total exports. It was distantly followed by Kuwait (X units), comprising a 22% share of total exports. Bahrain (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to industrial, laboratory or bakery oven exports from the United Arab Emirates stood at +2.7%. At the same time, Kuwait (+4.1%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +4.1% from 2012-2022. By contrast, Bahrain (-16.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates and Kuwait increased by +14 and +6.4 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest industrial, laboratory or bakery oven supplier in GCC, comprising 95% of total exports. The second position in the ranking was taken by Bahrain ($X), with a 2% share of total exports.

In the United Arab Emirates, industrial, laboratory or bakery oven exports expanded at an average annual rate of +2.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Bahrain (-18.5% per year) and Kuwait (-2.3% per year).

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, rising by 23% against the previous year. Over the period under review, the export price, however, recorded a mild contraction. The pace of growth was the most pronounced in 2020 when the export price increased by 225% against the previous year. Over the period under review, the export prices attained the maximum at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, 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 (+0.1%), while the other leaders experienced a decline in the export price figures.

Imports of Industrial, Laboratory or Bakery Ovens

Imports in GCC

In 2022, purchases abroad of industrial, laboratory or bakery ovens decreased by -21.9% to X units for the first time since 2017, thus ending a four-year rising trend. In general, imports, however, recorded a strong increase. The growth pace was the most rapid in 2019 when imports increased by 112% against the previous year. The volume of import peaked at X units in 2021, and then fell remarkably in the following year.

In value terms, industrial, laboratory or bakery oven imports fell to $X in 2022. Over the period under review, imports, however, posted resilient growth. The pace of growth appeared the most rapid in 2019 when imports increased by 58%. The level of import peaked at $X in 2021, and then shrank in the following year.

Imports by Country

The United Arab Emirates dominates imports structure, resulting at X units, which was approx. 83% of total imports in 2022. Kuwait (X units) ranks second in terms of the total imports with a 7.9% share, followed by Qatar (6.1%). Bahrain (X units) took a relatively small share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the industrial, laboratory or bakery ovens imports, with a CAGR of +18.5% from 2012 to 2022. At the same time, Bahrain (+13.7%), Kuwait (+11.0%) and Qatar (+10.2%) displayed positive paces of growth. From 2012 to 2022, the share of the United Arab Emirates increased by +12 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported industrial, laboratory or bakery ovens in GCC, comprising 53% of total imports. The second position in the ranking was held by Kuwait ($X), with an 11% share of total imports. It was followed by Qatar, with a 5.9% share.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at +12.6%. In the other countries, the average annual rates were as follows: Kuwait (+11.8% per year) and Qatar (+11.0% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, rising by 11% against the previous year. Overall, the import price, however, saw a pronounced downturn. The most prominent rate of growth was recorded in 2013 an increase of 29%. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+0.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform