Latvia: Market for Electrical Transformers with Non-Liquid Dielectric, of Power Handling Capacity from 1 kVA to 16 kVA 2024

Market Size for Electrical Transformers with Non-Liquid Dielectric, of Power Handling Capacity from 1 kVA to 16 kVA in Latvia

After four years of decline, the Latvian market for electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA increased by 176% to $X in 2022. Over the period under review, consumption showed a pronounced expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Electrical Transformers with Non-Liquid Dielectric, of Power Handling Capacity from X kVA to X kVA in Latvia

In value terms, production of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA rose notably to $X in 2022 estimated in export price. Over the period under review, production recorded a notable increase. The pace of growth appeared the most rapid in 2020 when the production volume increased by 135%. As a result, production reached the peak level of $X. From 2021 to 2022, production of growth failed to regain momentum.

Exports of Electrical Transformers with Non-Liquid Dielectric, of Power Handling Capacity from 1 kVA to 16 kVA

Exports from Latvia

In 2022, the amount of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA exported from Latvia contracted dramatically to X units, waning by -97.9% compared with 2021. In general, exports showed a drastic downturn. The pace of growth was the most pronounced in 2020 when exports increased by 2,539%. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA reached $X in 2022. Over the period under review, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2013 when exports increased by 93% against the previous year. Over the period under review, the exports of attained the maximum at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Lithuania (X units), Russia (X units) and Kazakhstan (X units) were the main destinations of exports of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA from Latvia, with a combined 94% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kazakhstan (with a CAGR of +175.9%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X) remains the key foreign market for electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA exports from Latvia, comprising 83% of total exports. The second position in the ranking was taken by Lithuania ($X), with an 11% share of total exports. It was followed by Kazakhstan, with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Russia stood at -3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+9.2% per year) and Kazakhstan (+366.3% per year).

Export Prices by Country

The average export price for electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA stood at $X per unit in 2022, rising by 5,017% against the previous year. In general, the export price enjoyed a mild increase. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Lithuania ($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 Kazakhstan (+92.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Electrical Transformers with Non-Liquid Dielectric, of Power Handling Capacity from 1 kVA to 16 kVA

Imports into Latvia

In 2022, overseas purchases of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA decreased by -72.1% to X units, falling for the second year in a row after three years of growth. In general, imports, however, showed a resilient increase. The growth pace was the most rapid in 2014 when imports increased by 272% against the previous year. Imports peaked at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, imports of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA skyrocketed to $X in 2022. Overall, imports, however, continue to indicate a prominent expansion. Over the period under review, imports of hit record highs at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Denmark (X units), China (X units) and Lithuania (X units) were the main suppliers of imports of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA to Latvia, with a combined 80% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +134.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Denmark ($X) constituted the largest supplier of electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA to Latvia, comprising 39% of total imports. The second position in the ranking was taken by the United States ($X), with a 16% share of total imports. It was followed by Italy, with a 6% share.

From 2012 to 2022, the average annual growth rate of value from Denmark stood at +148.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+72.6% per year) and Italy (+48.2% per year).

Import Prices by Country

The average import price for electrical transformers with non-liquid dielectric, of power handling capacity from X kVA to X kVA stood at $X per unit in 2022, rising by 558% against the previous year. Overall, the import price, however, recorded a mild decrease. The import price 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 origin: amid the top importers, the country with the highest price was Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+21.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform