Morocco: Heat Pump Market 2024

Heat Pump Market Size in Morocco

In 2021, the Moroccan heat pump market decreased by -37.9% to $X, falling for the fifth year in a row after two years of growth. Overall, consumption continues to indicate a mild decrease. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Heat Pump Exports

Exports from Morocco

In 2021, the amount of heat pumps (other than air conditioning machines) exported from Morocco skyrocketed to X units, with an increase of 426% on the year before. Overall, exports continue to indicate strong growth. The pace of growth was the most pronounced in 2014 with an increase of 1,092% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, heat pump exports skyrocketed to $X in 2021. In general, exports recorded buoyant growth. The pace of growth was the most pronounced in 2014 when exports increased by 771%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

Madagascar (X units) was the main destination for heat pump exports from Morocco, accounting for a 11% share of total exports. Moreover, heat pump exports to Madagascar exceeded the volume sent to the second major destination, Senegal (X units), twofold. Mauritania (X units) ranked third in terms of total exports with a 4% share.

From 2012 to 2021, the average annual growth rate of volume to Madagascar stood at +13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Senegal (+15.5% per year) and Mauritania (+4.0% per year).

In value terms, the largest markets for heat pump exported from Morocco were Madagascar ($X), Mauritania ($X) and Spain ($X), with a combined 27% share of total exports.

Mauritania, with a CAGR of +29.0%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average heat pump export price stood at $X per unit in 2021, jumping by 44% against the previous year. Overall, the export price continues to indicate a tangible increase. The most prominent rate of growth was recorded in 2017 when the average export price increased by 178%. Over the period under review, the average export prices hit record highs 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 destination: amid the top suppliers, the country with the highest price was Spain ($X per unit), while the average price for exports to France ($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 Cote d'Ivoire (+40.4%), while the prices for the other major destinations experienced more modest paces of growth.

Heat Pump Imports

Imports into Morocco

In 2021, purchases abroad of heat pumps (other than air conditioning machines) decreased by -30% to X units, falling for the fifth year in a row after two years of growth. Over the period under review, imports, however, continue to indicate a slight expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 96%. As a result, imports attained the peak of X units. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, heat pump imports fell sharply to $X in 2021. In general, imports, however, showed a temperate expansion. The most prominent rate of growth was recorded in 2016 with an increase of 95%. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X units), Italy (X units) and France (X units) were the main suppliers of heat pump imports to Morocco, together comprising 47% of total imports. Spain, Brazil, Germany and India lagged somewhat behind, together comprising a further 15%.

From 2012 to 2021, the biggest increases were recorded for Brazil (with a CAGR of +38.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), China ($X) and France ($X) constituted the largest heat pump suppliers to Morocco, with a combined 32% share of total imports. Spain, Germany, Brazil and India lagged somewhat behind, together comprising a further 8.1%.

In terms of the main suppliers, Brazil, with a CAGR of +23.2%, 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 average heat pump import price amounted to $X per unit, which is down by -11.1% against the previous year. In general, import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, heat pump import price increased by +59.4% against 2017 indices. The pace of growth appeared the most rapid in 2018 when the average import price increased by 28%. Over the period under review, average import prices attained the maximum at $X per unit in 2020, and then declined in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Brazil ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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