Norway: Market for Hydraulic Cylinders And Systems 2024

Market Size for Hydraulic Cylinders And Systems in Norway

The Norwegian hydraulic cylinder and system market expanded slightly to $X in 2022, rising by 2.6% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. Hydraulic cylinder and system consumption peaked at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Production of Hydraulic Cylinders And Systems in Norway

In value terms, hydraulic cylinder and system production reduced rapidly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a deep contraction. The pace of growth was the most pronounced in 2020 with an increase of 84%. Over the period under review, production reached the maximum level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Exports of Hydraulic Cylinders And Systems

Exports from Norway

In 2022, approx. X units of hydraulic cylinders and systems were exported from Norway; jumping by 29% on 2021 figures. Overall, exports, however, recorded a perceptible decline. The most prominent rate of growth was recorded in 2014 with an increase of 58% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, hydraulic cylinder and system exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 when exports increased by 65% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X units), Sweden (X units) and Poland (X units) were the main destinations of hydraulic cylinder and system exports from Norway, with a combined 38% share of total exports. The UK, Turkey, Angola, the Netherlands, Denmark, Germany, the United States, Singapore, South Korea and Estonia lagged somewhat behind, together accounting for a further 45%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Turkey (with a CAGR of +34.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for hydraulic cylinder and system exported from Norway were the United States ($X), the UK ($X) and Angola ($X), with a combined 31% share of total exports.

Among the main countries of destination, Angola, with a CAGR of +34.8%, recorded the highest growth rate of 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

The average hydraulic cylinder and system export price stood at $X per unit in 2022, falling by -2.4% against the previous year. Over the last decade, it increased at an average annual rate of +4.4%. The pace of growth appeared the most rapid in 2020 an increase of 38%. The export price peaked at $X per unit in 2021, and then contracted slightly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Estonia ($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 the United States (+12.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hydraulic Cylinders And Systems

Imports into Norway

In 2022, approx. X units of hydraulic cylinders and systems were imported into Norway; increasing by 7.3% compared with 2021. Overall, imports, however, recorded a abrupt decline. The most prominent rate of growth was recorded in 2013 with an increase of 17%. Imports peaked at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, hydraulic cylinder and system imports soared to $X in 2022. Over the period under review, total imports indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.8% 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 +78.2% against 2017 indices. The most prominent rate of growth was recorded in 2013 with an increase of 25%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

Denmark (X units), Ireland (X units) and the United States (X units) were the main suppliers of hydraulic cylinder and system imports to Norway, with a combined 38% share of total imports. China, Germany, Italy, Finland, Sweden, the UK, South Korea, the Netherlands, Spain and Austria lagged somewhat behind, together comprising a further 55%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +27.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of hydraulic cylinders and systems to Norway, comprising 47% of total imports. The second position in the ranking was taken by Denmark ($X), with a 13% share of total imports. It was followed by the UK, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +30.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (-9.8% per year) and the UK (+2.2% per year).

Import Prices by Country

In 2022, the average hydraulic cylinder and system import price amounted to $X per unit, increasing by 12% against the previous year. Overall, the import price posted a resilient expansion. The pace of growth was the most pronounced in 2018 when the average import price increased by 31% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

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 United States ($X per unit), while the price for Ireland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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