Panama: Market for Turbo, Rotary and Reciporating Displacement Compressors 2024

Market Size for Turbo, Rotary and Reciporating Displacement Compressors in Panama

The Panamanian market for turbo, rotary and reciporating displacement compressors skyrocketed to $X in 2022, surging by 17% against the previous year. Overall, consumption recorded resilient growth. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in the near future.

Production of Turbo, Rotary and Reciporating Displacement Compressors in Panama

In value terms, production of turbo, rotary and reciporating displacement compressors stood at $X in 2022 estimated in export price. Over the period under review, production recorded strong growth. The growth pace was the most rapid in 2013 when the production volume increased by 71%. Production of peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Turbo, Rotary and Reciporating Displacement Compressors

Exports from Panama

Exports of turbo, rotary and reciporating displacement compressors from Panama reduced dramatically to X units in 2022, with a decrease of -30.5% against the previous year. In general, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when exports increased by 51%. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, exports of turbo, rotary and reciporating displacement compressors shrank slightly to $X in 2022. The total export value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2019 when exports increased by 45% against the previous year. Over the period under review, the exports of hit record highs at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X units) was the main destination for exports of turbo, rotary and reciporating displacement compressors from Panama, accounting for a 43% share of total exports. Moreover, exports of turbo, rotary and reciporating displacement compressors to Colombia exceeded the volume sent to the second major destination, Ecuador (X units), twofold. The third position in this ranking was taken by Guyana (X units), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Colombia amounted to +15.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ecuador (-10.6% per year) and Guyana (+88.0% per year).

In value terms, the largest markets for turbo, rotary and reciporating displacement compressor exported from Panama were Colombia ($X), Venezuela ($X) and Costa Rica ($X), together comprising 28% of total exports. Ecuador, Guyana, Paraguay, Belize, Free Zones and El Salvador lagged somewhat behind, together accounting for a further 20%.

In terms of the main countries of destination, Guyana, with a CAGR of +97.6%, saw 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 2022, the average export price for turbo, rotary and reciporating displacement compressors amounted to $X per unit, with an increase of 37% against the previous year. Over the period under review, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 when the average export price increased by 70%. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per unit), while the average price for exports to Colombia ($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 Colombia (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Turbo, Rotary and Reciporating Displacement Compressors

Imports into Panama

In 2022, purchases abroad of turbo, rotary and reciporating displacement compressors increased by 137% to X units, rising for the second consecutive year after three years of decline. Over the period under review, imports continue to indicate a significant expansion. The growth pace was the most rapid in 2017 when imports increased by 1,070% against the previous year. Over the period under review, imports of attained the maximum in 2022 and are likely to continue growth in the immediate term.

In value terms, imports of turbo, rotary and reciporating displacement compressors soared to $X in 2022. Overall, imports saw a significant expansion. The growth pace was the most rapid in 2017 when imports increased by 709%. As a result, imports attained the peak of $X. From 2018 to 2022, the growth of imports of remained at a somewhat lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest turbo, rotary and reciporating displacement compressor supplier to Panama, with a 55% share of total imports. Moreover, imports of turbo, rotary and reciporating displacement compressors from the United States exceeded the figures recorded by the second-largest supplier, Free Zones (X units), threefold. Mexico (X units) ranked third in terms of total imports with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +98.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+97.4% per year) and Mexico (+8.6% per year).

In value terms, the United States ($X), Free Zones ($X) and China ($X) constituted the largest turbo, rotary and reciporating displacement compressor suppliers to Panama, together comprising 74% of total imports.

Among the main suppliers, the United States, with a CAGR of +82.3%, recorded the highest growth rate of 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 turbo, rotary and reciporating displacement compressors stood at $X per unit in 2022, shrinking by -50.1% against the previous year. Over the period under review, the import price recorded a abrupt descent. The most prominent rate of growth was recorded in 2013 an increase of 37% against the previous year. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+2.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform