Middle East: Thermostat Market 2024

Thermostat Market Size in the Middle East

In 2021, the Middle Eastern thermostat market decreased by -3.6% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +2.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2020, and then dropped modestly in the following year.

Thermostat Production in the Middle East

In value terms, thermostat production shrank to $X in 2021 estimated in export price. The total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +54.3% against 2017 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 23%. Over the period under review, production hit record highs at $X in 2020, and then dropped in the following year.

Thermostat Exports

Exports in the Middle East

In 2021, overseas shipments of thermostats increased by 9.9% to X units, rising for the second year in a row after two years of decline. Total exports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +11.8% 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 +10.8% against 2019 indices. The most prominent rate of growth was recorded in 2013 with an increase of 53%. The volume of export peaked at X units in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, thermostat exports skyrocketed to $X in 2021. Total exports indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey represented the largest exporter of thermostats in the Middle East, with the volume of exports amounting to X units, which was near 80% of total exports in 2021. It was distantly followed by Israel (X units), making up a 19% share of total exports.

Turkey was also the fastest-growing in terms of the thermostats exports, with a CAGR of +13.3% from 2012 to 2021. At the same time, Israel (+7.3%) displayed positive paces of growth. From 2012 to 2021, the share of Turkey increased by +9.3 percentage points.

In value terms, the largest thermostat supplying countries in the Middle East were Israel ($X) and Turkey ($X).

Turkey, with a CAGR of +9.8%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per unit, growing by 29% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt decrease. Over the period under review, the export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Israel ($X per unit), while Turkey amounted to $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (-3.0%).

Thermostat Imports

Imports in the Middle East

Thermostat imports surged to X units in 2021, growing by 17% on 2020. Total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.6% 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 +32.2% against 2017 indices. The pace of growth was the most pronounced in 2017 with an increase of 47% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, thermostat imports soared to $X in 2021. The total import value increased at an average annual rate of +2.3% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Turkey prevails in imports structure, resulting at X units, which was approx. 82% of total imports in 2021. It was distantly followed by the United Arab Emirates (X units), mixing up a 9.3% share of total imports. The following importers - Iraq (X units) and Iran (X units) - each recorded a 5.5% share of total imports.

Imports into Turkey increased at an average annual rate of +6.2% from 2012 to 2021. At the same time, the United Arab Emirates (+11.2%) and Iraq (+4.9%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +11.2% from 2012-2021. By contrast, Iran (-5.1%) illustrated a downward trend over the same period. While the share of Turkey (+4.5 p.p.) and the United Arab Emirates (+3.5 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Iran (-4.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Turkey ($X) constitutes the largest market for imported thermostats in the Middle East, comprising 46% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a 20% share of total imports. It was followed by Iraq, with a 3.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Turkey amounted to +2.4%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+7.7% per year) and Iraq (+3.5% per year).

Import Prices by Country

The import price in the Middle East stood at $X per unit in 2021, picking up by 3.8% against the previous year. Over the period under review, the import price, however, continues to indicate a pronounced setback. The most prominent rate of growth was recorded in 2015 an increase of 15%. As a result, import price attained the peak level of $X per unit. From 2016 to 2021, the import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while Turkey ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Iraq (-1.4%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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