GCC: Heat Pump Market 2024

Heat Pump Market Size in GCC

For the fourth consecutive year, the GCC heat pump market recorded decline in sales value, which decreased by -26% to $X in 2021. Overall, consumption continues to indicate a abrupt slump. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Heat Pump Production in GCC

In value terms, heat pump production expanded markedly to $X in 2021 estimated in export price. The total production indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -19.3% against 2018 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 37% against the previous year. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Heat Pump Exports

Exports in GCC

In 2021, after five years of decline, there was significant growth in overseas shipments of heat pumps (other than air conditioning machines), when their volume increased by 624% to X units. Over the period under review, exports posted significant growth. Over the period under review, the exports attained the maximum at X units in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, heat pump exports surged to $X in 2021. In general, exports recorded a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the one major exporters of heat pumps (other than air conditioning machines), namely the United Arab Emirates, represented more than two-thirds of total export.

The United Arab Emirates was also the fastest-growing in terms of the heat pumps (other than air conditioning machines) exports, with a CAGR of +29.5% from 2012 to 2021. From 2012 to 2021, the share of the United Arab Emirates increased by +27 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest heat pump supplier in GCC.

In the United Arab Emirates, heat pump exports increased at an average annual rate of +32.1% over the period from 2012-2021.

Export Prices by Country

The export price in GCC stood at $X per unit in 2021, increasing by 6% against the previous year. Overall, the export price continues to indicate a moderate increase. The most prominent rate of growth was recorded in 2017 an increase of 80%. Over the period under review, the export prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2021, the rate of growth in terms of prices for the United Arab Emirates amounted to +2.0% per year.

Heat Pump Imports

Imports in GCC

After six years of decline, overseas purchases of heat pumps (other than air conditioning machines) increased by 113% to X units in 2021. Overall, imports, however, showed a pronounced slump. Over the period under review, imports attained the maximum at X units in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, heat pump imports surged to $X in 2021. Over the period under review, imports, however, showed a deep setback. Over the period under review, imports reached the maximum at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United Arab Emirates (X units) was the key importer of heat pumps (other than air conditioning machines), achieving 60% of total imports. Oman (X units) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Saudi Arabia (10%), Qatar (7.2%) and Kuwait (4.8%). Bahrain (X units) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the heat pumps (other than air conditioning machines) imports, with a CAGR of +10.3% from 2012 to 2021. At the same time, Oman (+9.1%) and Bahrain (+6.4%) displayed positive paces of growth. Qatar experienced a relatively flat trend pattern. By contrast, Kuwait (-3.2%) and Saudi Arabia (-22.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates, Oman and Qatar increased by +43, +11 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest heat pump importing markets in GCC were the United Arab Emirates ($X), Saudi Arabia ($X) and Qatar ($X), with a combined 85% share of total imports.

The United Arab Emirates, with a CAGR of +7.7%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in GCC amounted to $X per unit, dropping by -3.3% against the previous year. In general, the import price showed a slight descent. The most prominent rate of growth was recorded in 2015 when the import price increased by 46%. As a result, import price attained the peak level of $X per unit. From 2016 to 2021, the import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Saudi Arabia ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+8.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform