Norway: Static Converter Market 2024

Static Converter Market Size in Norway

In 2021, the Norwegian static converter market increased by 13% to $X, rising for the fifth consecutive year after two years of decline. Overall, the total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +8.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +61.6% against 2016 indices. Over the period under review, the market attained the peak level in 2021 and is likely to see gradual growth in years to come.

Static Converter Exports

Exports from Norway

In 2021, overseas shipments of static converters increased by 194% to X units for the first time since 2014, thus ending a six-year declining trend. In general, exports, however, saw a abrupt slump. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, static converter exports skyrocketed to $X in 2021. Over the period under review, exports posted a buoyant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Sweden (X units), Germany (X units) and the UK (X units) were the main destinations of static converter exports from Norway.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Switzerland (with a CAGR of +38.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for static converter exported from Norway were Sweden ($X), Germany ($X) and Switzerland ($X), together accounting for 50% of total exports.

Among the main countries of destination, Switzerland, with a CAGR of +57.4%, 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

In 2021, the average static converter export price amounted to $X per unit, dropping by -18% against the previous year. Over the period under review, the export price, however, saw resilient growth. The most prominent rate of growth was recorded in 2019 an increase of 313%. The export price peaked at $X per unit in 2020, and then contracted sharply in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the United States ($X per unit), while the average price for exports to the United Arab Emirates ($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 United States (+14.0%), while the prices for the other major destinations experienced more modest paces of growth.

Static Converter Imports

Imports into Norway

In 2021, supplies from abroad of static converters increased by 35% to X units, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +6.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, static converter imports amounted to $X in 2021. Over the period under review, total imports indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +74.6% against 2016 indices. The pace of growth was the most pronounced in 2018 when imports increased by 30% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, China (X units) constituted the largest static converter supplier to Norway, with a 67% share of total imports. Moreover, static converter imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), more than tenfold. Poland (X units) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-7.8% per year) and Poland (+16.7% per year).

In value terms, China ($X) constituted the largest supplier of static converters to Norway, comprising 30% of total imports. The second position in the ranking was held by Germany ($X), with a 9.5% share of total imports. It was followed by Poland, with a 3.3% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+5.2% per year) and Poland (+19.3% per year).

Import Prices by Country

The average static converter import price stood at $X per unit in 2021, declining by -23.8% against the previous year. Overall, the import price continues to indicate a perceptible decline. The pace of growth appeared the most rapid in 2018 when the average import price increased by 38% against the previous year. The import price peaked at $X per unit in 2020, and then reduced rapidly in the following year.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Estonia (+35.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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