MENA: Heat Pump Market 2024

Heat Pump Market Size in MENA

The MENA's heat pump market declined to $X in 2021, waning by -7.7% against the previous year. Over the period under review, consumption saw a perceptible reduction. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Heat Pump Production in MENA

In value terms, heat pump production declined to $X in 2021 estimated in export price. Overall, production saw a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 49%. The level of production peaked at $X in 2020, and then reduced slightly in the following year.

Heat Pump Exports

Exports in MENA

Heat pump exports surged to X units in 2021, jumping by 392% compared with 2020 figures. Over the period under review, exports showed strong 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 skyrocketed to $X in 2021. Overall, exports recorded a prominent expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates dominates exports structure, amounting to X units, which was approx. 91% of total exports in 2021. Turkey (X units) and Jordan (X units) took a relatively small share of total exports.

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. At the same time, Jordan (+9.5%) displayed positive paces of growth. By contrast, Turkey (-8.3%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates increased by +54 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest heat pump supplier in MENA, comprising 80% of total exports. The second position in the ranking was taken by Jordan ($X), with a 10% share of total exports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates amounted to +32.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Jordan (+8.8% per year) and Turkey (-7.5% per year).

Export Prices by Country

The export price in MENA stood at $X per unit in 2021, falling by -1.5% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 64%. Over the period under review, the export prices reached the maximum at $X per unit in 2018; however, from 2019 to 2021, 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 Jordan ($X per unit), while the United Arab Emirates ($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 (+2.0%), while the other leaders experienced mixed trends in the export price figures.

Heat Pump Imports

Imports in MENA

In 2021, overseas purchases of heat pumps (other than air conditioning machines) increased by 28% to X units, rising for the second year in a row after six years of decline. Overall, imports, however, recorded a pronounced descent. The growth pace was the most rapid in 2013 with an increase of 34%. As a result, imports reached the peak of X units. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, heat pump imports surged to $X in 2021. Over the period under review, imports, however, recorded a noticeable setback. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

Turkey (X units) and the United Arab Emirates (X units) were the key importers of heat pumps (other than air conditioning machines) in 2021, recording approx. 31% and 25% of total imports, respectively. Israel (X units) held the next position in the ranking, distantly followed by Oman (X units). All these countries together took near 20% share of total imports. The following importers - Saudi Arabia (X units), Morocco (X units), Qatar (X units), Algeria (X units), Tunisia (X units), Kuwait (X units) and Iraq (X units) - together made up 20% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the United Arab Emirates (with a CAGR of +10.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X), Turkey ($X) and Saudi Arabia ($X) were the countries with the highest levels of imports in 2021, with a combined 62% share of total imports. These countries were followed by Israel, Qatar, Oman, Morocco, Kuwait, Algeria, Tunisia and Iraq, which together accounted for a further 33%.

Among the main importing countries, Israel, with a CAGR of +9.1%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in MENA stood at $X per unit in 2021, with an increase of 14% against the previous year. Over the period under review, the import price, however, showed a slight slump. The most prominent rate of growth was recorded in 2015 an increase of 29%. As a result, import price reached the peak level of $X per unit. From 2016 to 2021, the import prices remained at a 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 ($X per unit), while Iraq ($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 more modest paces of growth.

Source: IndexBox Platform