Middle East: Static Converter Market 2024

Static Converter Market Size in the Middle East

The Middle Eastern static converter market rose significantly to $X in 2021, with an increase of 5.2% against the previous year. The market value increased at an average annual rate of +3.1% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked in 2021 and is likely to see gradual growth in years to come.

Static Converter Production in the Middle East

In value terms, static converter production contracted to $X in 2021 estimated in export price. In general, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 26%. As a result, production attained the peak level of $X, and then contracted in the following year.

Static Converter Exports

Exports in the Middle East

Static converter exports skyrocketed to X units in 2021, jumping by 16% compared with the previous year. Total exports indicated a mild increase from 2012 to 2021: its volume increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +36.3% against 2019 indices. The most prominent rate of growth was recorded in 2018 with an increase of 47% against the previous year. As a result, the exports attained the peak of X units. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, static converter exports skyrocketed to $X in 2021. In general, exports showed prominent growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Israel (X units) and Turkey (X units) were the key exporters of static converters in 2021, accounting for approx. 38% and 35% of total exports, respectively. It was distantly followed by the United Arab Emirates (X units), generating a 22% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Israel (with a CAGR of +10.2%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Israel ($X), Turkey ($X) and the United Arab Emirates ($X) were the countries with the highest levels of exports in 2021, together accounting for 97% of total exports.

Turkey, with a CAGR of +13.0%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in the Middle East stood at $X per unit in 2021, with an increase of 50% against the previous year. Over the period under review, the export price saw a resilient increase. The growth pace was the most rapid in 2015 an increase of 51%. Over the period under review, the export prices hit record highs in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Israel ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+17.3%), while the other leaders experienced more modest paces of growth.

Static Converter Imports

Imports in the Middle East

In 2021, static converter imports in the Middle East amounted to X units, picking up by 11% on 2020. The total import volume increased at an average annual rate of +3.1% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 19% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to continue growth in the near future.

In value terms, static converter imports soared to $X in 2021. Total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +7.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +39.6% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey was the major importer of static converters in the Middle East, with the volume of imports amounting to X units, which was near 46% of total imports in 2021. The United Arab Emirates (X units) held a 19% share (based on physical terms) of total imports, which put it in second place, followed by Israel (10%), Iran (8.3%) and Iraq (6.1%). The following importers - Oman (X units) and Lebanon (X units) - together made up 6.7% of total imports.

Imports into Turkey increased at an average annual rate of +4.1% from 2012 to 2021. At the same time, Oman (+9.2%), Iran (+7.8%), Iraq (+6.2%) and Israel (+5.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +9.2% from 2012-2021. By contrast, the United Arab Emirates (-2.2%) and Lebanon (-3.1%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Turkey, Iran, Israel and Oman increased by +4, +2.8, +2.3 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X), the United Arab Emirates ($X) and Israel ($X) constituted the countries with the highest levels of imports in 2021, with a combined 71% share of total imports.

In terms of the main importing countries, Turkey, with a CAGR of +10.4%, saw the highest rates of growth with regard to 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

In 2021, the import price in the Middle East amounted to $X per unit, growing by 24% against the previous year. Over the last nine years, it increased at an average annual rate of +4.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was the United Arab Emirates ($X per unit), while Iran ($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 (+8.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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