Kuwait: Market for Electrical Boards, Panels, Consoles, Desks and Cabinets 2024

Market Size for Electrical Boards, Panels, Consoles, Desks and Cabinets in Kuwait

In 2021, the Kuwaiti market for electrical boards, panels, consoles, desks and cabinets increased by 20% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +21.4% against 2019 indices. Electric board, desk and panel consumption peaked in 2021 and is expected to retain growth in the immediate term.

Production of Electrical Boards, Panels, Consoles, Desks and Cabinets in Kuwait

In value terms, electric board, desk and panel production contracted modestly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a measured expansion from 2012 to 2021: its value increased at an average annual rate of +3.1% 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 -3.2% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 48% against the previous year. Electric board, desk and panel production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Exports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Exports from Kuwait

In 2021, after two years of decline, there was significant growth in overseas shipments of electrical boards, panels, consoles, desks and cabinets, when their volume increased by 936% to X units. In general, exports posted a significant expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 12,631% against the previous year. As a result, the exports reached the peak of X units. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, electric board, desk and panel exports surged to $X in 2021. Over the period under review, exports recorded significant growth. The most prominent rate of growth was recorded in 2018 with an increase of 11,789% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Saudi Arabia (X units), the United Arab Emirates (X units) and South Korea (X units) were the main destinations of electric board, desk and panel exports from Kuwait, with a combined 79% share of total exports. Iraq, Qatar, Bahrain and Germany lagged somewhat behind, together comprising a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Germany (with a CAGR of +152.2%), while the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X) emerged as the key foreign market for electrical boards, panels, consoles, desks and cabinets exports from Kuwait, comprising 65% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 17% share of total exports. It was followed by South Korea, with a 3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Saudi Arabia amounted to +77.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+53.5% per year) and South Korea (+48.1% per year).

Export Prices by Country

In 2021, the average export price for electrical boards, panels, consoles, desks and cabinets amounted to $X per unit, surging by 114% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to Iraq ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Imports into Kuwait

In 2021, overseas purchases of electrical boards, panels, consoles, desks and cabinets were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports continue to indicate a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, electric board, desk and panel imports skyrocketed to $X in 2021. In general, imports showed a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 119% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, India (X units) constituted the largest supplier of electric board, desk and panel to Kuwait, with a 42% share of total imports. Moreover, electric board, desk and panel imports from India exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The United Arab Emirates (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from India totaled +20.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+23.9% per year) and the United Arab Emirates (+16.5% per year).

In value terms, the largest electric board, desk and panel suppliers to Kuwait were India ($X), the United Arab Emirates ($X) and Germany ($X), with a combined 54% share of total imports. These countries were followed by China, Italy, Turkey, Hungary, Saudi Arabia and South Korea, which together accounted for a further 19%.

Hungary, with a CAGR of +78.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average import price for electrical boards, panels, consoles, desks and cabinets amounted to $X per unit, declining by -29% against the previous year. Over the period under review, the import price, however, enjoyed tangible growth. The pace of growth appeared the most rapid in 2018 an increase of 40%. Over the period under review, average import prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+15.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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