Scandinavia: Electric Heating Equipment Market 2024

Electric Heating Equipment Market Size in Scandinavia

The Scandinavia electric heating equipment market contracted to $X in 2022, with a decrease of -11.6% against the previous year. The market value increased at an average annual rate of +1.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Electric Heating Equipment Production in Scandinavia

In value terms, electric heating equipment production expanded remarkably to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when the production volume increased by 18%. The level of production peaked in 2022 and is likely to see gradual growth in the immediate term.

Electric Heating Equipment Exports

Exports in Scandinavia

In 2022, the amount of electric space heating apparatus and soil heating apparatus exported in Scandinavia contracted markedly to X units, falling by -20.4% compared with the previous year. In general, exports saw a perceptible decrease. The pace of growth was the most pronounced in 2021 with an increase of 35%. The volume of export peaked at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, electric heating equipment exports dropped sharply to $X in 2022. Overall, exports saw a mild setback. The most prominent rate of growth was recorded in 2021 when exports increased by 29%. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Sweden represented the key exporting country with an export of around X units, which finished at 74% of total exports. Finland (X units) held the second position in the ranking, followed by Norway (X units). All these countries together took near 26% share of total exports.

Sweden was also the fastest-growing in terms of the electric space heating apparatus and soil heating apparatus exports, with a CAGR of +4.8% from 2012 to 2022. Finland (-4.1%) and Norway (-16.1%) illustrated a downward trend over the same period. While the share of Sweden (+38 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Finland (-2.6 p.p.) and Norway (-35.8 p.p.) displayed negative dynamics.

In value terms, Sweden ($X) remains the largest electric heating equipment supplier in Scandinavia, comprising 66% of total exports. The second position in the ranking was taken by Finland ($X), with a 28% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sweden totaled +2.3%. In the other countries, the average annual rates were as follows: Finland (+1.1% per year) and Norway (-15.7% per year).

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per unit, rising by 5.3% against the previous year. Over the last decade, it increased at an average annual rate of +1.6%. The most prominent rate of growth was recorded in 2017 an increase of 26% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Finland ($X per unit), while Norway ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+5.3%), while the other leaders experienced mixed trends in the export price figures.

Electric Heating Equipment Imports

Imports in Scandinavia

In 2022, electric heating equipment imports in Scandinavia shrank markedly to X units, with a decrease of -18.5% compared with the year before. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 46%. As a result, imports reached the peak of X units, and then declined markedly in the following year.

In value terms, electric heating equipment imports reduced to $X in 2022. The total import value increased at an average annual rate of +1.6% 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 2021 with an increase of 54%. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

Sweden (X units) and Norway (X units) represented roughly 83% of total imports in 2022. It was distantly followed by Finland (X units), making up a 17% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Norway (with a CAGR of +1.8%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Sweden ($X), Norway ($X) and Finland ($X) were the countries with the highest levels of imports in 2022.

Norway, with a CAGR of +2.7%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Scandinavia stood at $X per unit in 2022, rising by 9.1% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 12%. Over the period under review, import prices reached the maximum in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Finland ($X per unit), while Sweden ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+1.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform