Norway: Boring Machinery Market 2024

Boring Machinery Market Size in Norway

The Norwegian boring machinery market dropped to $X in 2022, declining by -5.6% against the previous year. In general, consumption, however, enjoyed a buoyant increase. Boring machinery consumption peaked at $X in 2021, and then fell in the following year.

Boring Machinery Production in Norway

In value terms, boring machinery production declined to $X in 2022 estimated in export price. Over the period under review, production, however, posted noticeable growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 395% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Boring Machinery Exports

Exports from Norway

In 2022, exports of boring or sinking machinery from Norway contracted sharply to X units, waning by -45.1% compared with the previous year. Overall, exports recorded a abrupt curtailment. The pace of growth was the most pronounced in 2018 with an increase of 831%. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports remained at a lower figure.

In value terms, boring machinery exports shrank dramatically to $X in 2022. Over the period under review, exports recorded a deep slump. The growth pace was the most rapid in 2018 with an increase of 873% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Sweden (X units), Finland (X units) and Saudi Arabia (X units) were the main destinations of boring machinery exports from Norway, with a combined 69% share of total exports. Angola, the UK, Estonia, Nigeria, Congo and Hungary lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the biggest increases were recorded for Estonia (with a CAGR of +18.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Angola ($X) and Finland ($X) were the largest markets for boring machinery exported from Norway worldwide, with a combined 61% share of total exports.

Among the main countries of destination, Angola, with a CAGR of +34.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average boring machinery export price amounted to $X per unit, with a decrease of -5.1% against the previous year. In general, the export price continues to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2013 an increase of 69%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Congo ($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 Denmark (+17.4%), while the prices for the other major destinations experienced more modest paces of growth.

Boring Machinery Imports

Imports into Norway

Boring machinery imports into Norway shrank dramatically to X units in 2022, falling by -17.1% on the previous year's figure. Overall, total imports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +27.6% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of 78%. Over the period under review, imports reached the maximum at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, boring machinery imports shrank sharply to $X in 2022. Over the period under review, imports recorded a mild contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 65%. As a result, imports reached the peak of $X. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Finland (X units), Sweden (X units) and the UK (X units) were the main suppliers of boring machinery imports to Norway, together accounting for 64% of total imports. China, the Netherlands, Germany, the United States, France and Denmark lagged somewhat behind, together accounting for a further 28%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +23.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Sweden ($X) and Germany ($X) constituted the largest boring machinery suppliers to Norway, together accounting for 58% of total imports. Finland, the Netherlands, the United States, China, France and Denmark lagged somewhat behind, together comprising a further 37%.

China, with a CAGR of +26.5%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average boring machinery import price stood at $X per unit in 2022, which is down by -2% against the previous year. In general, the import price saw a noticeable descent. The most prominent rate of growth was recorded in 2017 an increase of 54% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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