GCC: Mounted Objective Lens Market 2024

Mounted Objective Lens Market Size in GCC

In 2022, the GCC mounted objective lens market decreased by -25.6% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2022, the growth of the market failed to regain momentum.

Mounted Objective Lens Production in GCC

In value terms, mounted objective lens production rose rapidly to $X in 2022 estimated in export price. In general, production, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2016 when the production volume increased by 47%. The level of production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Mounted Objective Lens Exports

Exports in GCC

In 2022, overseas shipments of mounted objective lenses decreased by -0.6% to X units, falling for the third consecutive year after two years of growth. Overall, exports, however, posted a modest expansion. The pace of growth was the most pronounced in 2013 with an increase of 145%. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, mounted objective lens exports expanded slightly to $X in 2022. In general, exports, however, showed a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of 182%. The level of export peaked at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates prevails in exports structure, accounting for X units, which was near 98% of total exports in 2022. Saudi Arabia (X units) followed a long way behind the leaders.

Exports from the United Arab Emirates increased at an average annual rate of +1.8% from 2012 to 2022. At the same time, Saudi Arabia (+12.4%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in GCC, with a CAGR of +12.4% from 2012-2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest mounted objective lens supplier in GCC, comprising 99% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with a 0.7% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to +15.5%.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, picking up by 2.5% against the previous year. Over the period under review, the export price continues to indicate prominent growth. The growth pace was the most rapid in 2014 when the export price increased by 117% against the previous year. 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.

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 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 (+13.4%).

Mounted Objective Lens Imports

Imports in GCC

Mounted objective lens imports declined rapidly to X units in 2022, falling by -39.8% against the previous year. Over the period under review, imports, however, enjoyed strong growth. The growth pace was the most rapid in 2013 when imports increased by 64%. The volume of import peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, mounted objective lens imports contracted to $X in 2022. Total imports indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +58.0% against 2016 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 25%. The level of import peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, the United Arab Emirates (X units) was the largest importer of mounted objective lenses, committing 80% of total imports. Bahrain (X units) held the second position in the ranking, distantly followed by Oman (X units). All these countries together held near 18% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to mounted objective lens imports into the United Arab Emirates stood at +6.9%. At the same time, Bahrain (+33.4%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of +33.4% from 2012-2022. By contrast, Oman (-2.4%) illustrated a downward trend over the same period. Bahrain (+12 p.p.) significantly strengthened its position in terms of the total imports, while Oman saw its share reduced by -7.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported mounted objective lenses in GCC, comprising 79% of total imports. The second position in the ranking was taken by Oman ($X), with a 1.8% share of total imports.

In the United Arab Emirates, mounted objective lens imports increased at an average annual rate of +3.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Oman (+2.1% per year) and Bahrain (+13.8% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, picking up by 43% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced setback. The pace of growth appeared the most rapid in 2019 an increase of 63%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+4.7%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform