Ghana: Hvac Equipment Market 2024

Hvac Equipment Market Size in Ghana

In 2022, the Ghanian HVAC equipment market decreased by X% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2018 indices. Over the period under review, the market reached the peak level at $X in 2021, and then dropped modestly in the following year.

Hvac Equipment Production in Ghana

In value terms, HVAC equipment production fell slightly to $X in 2022 estimated in export price. Overall, the total production indicated measured growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the production volume increased by X%. Production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Hvac Equipment Exports

Exports from Ghana

HVAC equipment exports from Ghana fell to X units in 2022, therefore, remained relatively stable against 2021 figures. In general, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, HVAC equipment exports rose to $X in 2022. Overall, exports, however, recorded notable growth. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Togo (X units) was the main destination for HVAC equipment exports from Ghana, with a X% share of total exports. Moreover, HVAC equipment exports to Togo exceeded the volume sent to the second major destination, the United States (X units), more than tenfold. Nigeria (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Togo amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Nigeria (X% per year).

In value terms, Togo ($X) remains the key foreign market for HVAC equipment exports from Ghana, comprising X% of total exports. The second position in the ranking was taken by Burkina Faso ($X), with a X% share of total exports. It was followed by Belgium, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Togo stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Burkina Faso (X% per year) and Belgium (X% per year).

Export Prices by Country

The average HVAC equipment export price stood at $X per unit in 2022, picking up by X% against the previous year. Overall, the export price, however, showed a deep contraction. The growth pace was the most rapid in 2017 an increase of X%. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Burkina Faso ($X per unit), while the average price for exports to Togo ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Burkina Faso (X%), while the prices for the other major destinations experienced more modest paces of growth.

Hvac Equipment Imports

Imports into Ghana

In 2022, supplies from abroad of HVAC equipment increased by X% to X units, rising for the third year in a row after two years of decline. Overall, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2019 indices. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, HVAC equipment imports declined modestly to $X in 2022. Over the period under review, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2017 indices. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of HVAC equipment to Ghana, accounting for a X% share of total imports. Moreover, HVAC equipment imports from China exceeded the figures recorded by the second-largest supplier, Australia (X units), more than tenfold. France (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Australia (X% per year) and France (X% per year).

In value terms, China ($X) constituted the largest supplier of HVAC equipment to Ghana, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United Arab Emirates (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2022, the average HVAC equipment import price amounted to $X per unit, declining by X% against the previous year. Over the period under review, the import price saw a mild slump. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Africa ($X per unit), while the price for Japan ($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 UK (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform