GCC: Heat Exchange Unit Market 2024

Heat Exchange Unit Market Size in GCC

In 2022, the GCC heat exchange unit market increased by 25% to $X, rising for the third consecutive year after two years of decline. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the immediate term.

Heat Exchange Unit Production in GCC

In value terms, heat exchange unit production stood at $X in 2022 estimated in export price. The total production indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.1% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 75%. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Heat Exchange Unit Exports

Exports in GCC

Heat exchange unit exports shrank to X units in 2022, falling by -6.7% against the previous year's figure. Overall, exports, however, recorded a tangible increase. The pace of growth appeared the most rapid in 2015 when exports increased by 165%. The volume of export peaked at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, heat exchange unit exports reduced markedly to $X in 2022. Over the period under review, exports, however, posted a measured increase. The most prominent rate of growth was recorded in 2015 when exports increased by 123% against the previous year. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, recording X units, which was near 95% of total exports in 2022. Saudi Arabia (X units) took a relatively small share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the heat exchange units exports, with a CAGR of +5.4% from 2012 to 2022. Saudi Arabia (-12.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates increased by +19 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest heat exchange unit supplier in GCC, comprising 95% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 3.9% share of total exports.

In the United Arab Emirates, heat exchange unit exports expanded at an average annual rate of +5.4% over the period from 2012-2022.

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, dropping by -13.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2021 an increase of 36%. As a result, the export price attained the peak level of $X per unit, and then shrank in the following year.

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 amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+6.0%).

Heat Exchange Unit Imports

Imports in GCC

Heat exchange unit imports surged to X units in 2022, picking up by 52% compared with the previous year. Over the period under review, imports, however, saw a noticeable decrease. The most prominent rate of growth was recorded in 2014 when imports increased by 82%. Over the period under review, imports reached the maximum at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, heat exchange unit imports soared to $X in 2022. Overall, imports, however, saw a perceptible descent. The growth pace was the most rapid in 2015 when imports increased by 31%. The level of import peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, the United Arab Emirates (X units) was the main importer of heat exchange units, comprising 57% of total imports. It was distantly followed by Oman (X units) and Qatar (X units), together creating a 39% share of total imports. The following importers - Bahrain (X units) and Kuwait (X units) - each reached a 4% share of total imports.

Imports into the United Arab Emirates decreased at an average annual rate of -8.1% from 2012 to 2022. At the same time, Qatar (+28.5%) and Oman (+21.3%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +28.5% from 2012-2022. By contrast, Bahrain (-1.2%) and Kuwait (-13.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Oman and Qatar increased by +24 and +12 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest heat exchange unit importing markets in GCC were the United Arab Emirates ($X), Qatar ($X) and Oman ($X), with a combined 70% share of total imports.

Oman, with a CAGR of +19.2%, recorded the highest growth rate of the value of imports, among the main importing countries 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, falling by -15.1% against the previous year. Over the period under review, the import price, however, saw a slight expansion. The pace of growth appeared the most rapid in 2013 when the import price increased by 331%. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Qatar ($X per unit), while Oman ($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 (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform