Nigeria: Optical Radiation Instruments Market 2024

Optical Radiation Instruments Market Size in Nigeria

The Nigerien optical radiation instruments market surged to $X in 2022, growing by 65% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a significant expansion. Over the period under review, the market attained the peak level in 2022 and is likely to see steady growth in the near future.

Optical Radiation Instruments Exports

Exports from Nigeria

In 2022, shipments abroad of instruments using optical radiations increased by 135% to X units for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, recorded a noticeable descent. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, optical radiation instruments exports declined to $X in 2022. Over the period under review, exports continue to indicate a moderate expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 136%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

The UK (X units) was the main destination for optical radiation instruments exports from Nigeria, with a 78% share of total exports. Moreover, optical radiation instruments exports to the UK exceeded the volume sent to the second major destination, the Netherlands (X units), more than tenfold. Italy (X units) ranked third in terms of total exports with a 4.4% share.

From 2012 to 2022, the average annual growth rate of volume to the UK amounted to +22.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+35.6% per year) and Italy (-23.8% per year).

In value terms, the UK ($X), Italy ($X) and the Netherlands ($X) appeared to be the largest markets for optical radiation instruments exported from Nigeria worldwide, together accounting for 81% of total exports.

The Netherlands, with a CAGR of +60.7%, saw the highest growth rate of the value of exports, in terms of 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 optical radiation instruments export price stood at $X per unit in 2022, reducing by -62.6% against the previous year. Over the period under review, the export price, however, saw a resilient increase. The growth pace was the most rapid in 2019 when the average export price increased by 96% against the previous year. The export price peaked at $X per unit in 2021, and then reduced dramatically in the following year.

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 Italy ($X per unit), while the average price for exports to the UK ($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 Italy (+39.6%), while the prices for the other major destinations experienced more modest paces of growth.

Optical Radiation Instruments Imports

Imports into Nigeria

In 2022, approx. X units of instruments using optical radiations were imported into Nigeria; rising by 63% compared with the previous year. In general, imports showed a significant expansion. The growth pace was the most rapid in 2019 with an increase of 430%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in years to come.

In value terms, optical radiation instruments imports skyrocketed to $X in 2022. Overall, imports enjoyed a significant increase. The most prominent rate of growth was recorded in 2018 with an increase of 299%. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, Germany (X units) constituted the largest optical radiation instruments supplier to Nigeria, with a 30% share of total imports. Moreover, optical radiation instruments imports from Germany exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The third position in this ranking was held by the Netherlands (X units), with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany stood at +71.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+91.6% per year) and the Netherlands (+21.2% per year).

In value terms, Germany ($X) constituted the largest supplier of instruments using optical radiations to Nigeria, comprising 22% of total imports. The second position in the ranking was taken by China ($X), with a 9.2% share of total imports. It was followed by the UK, with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +20.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+33.6% per year) and the UK (+58.7% per year).

Import Prices by Country

In 2022, the average optical radiation instruments import price amounted to $X per unit, with an increase of 20% against the previous year. In general, the import price, however, faced a abrupt decrease. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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