Norway: Market for Instruments for Measuring Electrical Quantities 2024

Market Size for Instruments for Measuring Electrical Quantities in Norway

In 2021, the Norwegian market for instruments for measuring electrical quantities increased by 70% to $X, rising for the sixth year in a row after two years of decline. Over the period under review, consumption continues to indicate a buoyant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Exports of Instruments for Measuring Electrical Quantities

Exports from Norway

For the sixth consecutive year, Norway recorded growth in overseas shipments of instruments for measuring electrical quantities, which increased by 1.1% to X units in 2021. In general, exports recorded a strong expansion. The pace of growth appeared the most rapid in 2017 with an increase of 87% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, instruments for measuring electrical quantities exports expanded notably to $X in 2021. Over the period under review, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 48% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

France (X units), Sweden (X units) and Denmark (X units) were the main destinations of instruments for measuring electrical quantities exports from Norway, together accounting for 67% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +137.0%), while the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) remains the key foreign market for instruments for measuring electrical quantities exports from Norway, comprising 25% of total exports. The second position in the ranking was held by Sweden ($X), with an 11% share of total exports. It was followed by Vietnam, with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the UK amounted to +44.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Sweden (+6.5% per year) and Vietnam (+125.3% per year).

Export Prices by Country

In 2021, the average export price for instruments for measuring electrical quantities amounted to $X per unit, with an increase of 9.9% against the previous year. In general, the export price, however, recorded a deep slump. The most prominent rate of growth was recorded in 2013 an increase of 51% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the UK ($X per unit), while the average price for exports to France ($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 the UK (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Instruments for Measuring Electrical Quantities

Imports into Norway

Instruments for measuring electrical quantities imports into Norway soared to X units in 2021, growing by 87% compared with the year before. In general, imports recorded prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, instruments for measuring electrical quantities imports surged to $X in 2021. Overall, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +115.7% against 2015 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Slovakia (X units) constituted the largest instruments for measuring electrical quantities supplier to Norway, with a 45% share of total imports. Moreover, instruments for measuring electrical quantities imports from Slovakia exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The third position in this ranking was held by Germany (X units), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Slovakia stood at +214.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.4% per year) and Germany (+15.5% per year).

In value terms, the largest instruments for measuring electrical quantities suppliers to Norway were Germany ($X), Slovakia ($X) and Denmark ($X), with a combined 41% share of total imports.

Among the main suppliers, Slovakia, with a CAGR of +132.3%, recorded 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

The average import price for instruments for measuring electrical quantities stood at $X per unit in 2021, which is down by -16.9% against the previous year. In general, the import price recorded a abrupt shrinkage. The growth pace was the most rapid in 2017 an increase of 23% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per unit), while the price for Slovakia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+6.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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