Scandinavia: Thermostat Market 2024

Thermostat Market Size in Scandinavia

In 2021, after three years of decline, there was significant growth in the Scandinavia thermostat market, when its value increased by 23% to $X. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Thermostat Production in Scandinavia

In value terms, thermostat production expanded slightly to $X in 2021 estimated in export price. Overall, production posted a moderate expansion. The most prominent rate of growth was recorded in 2017 when the production volume increased by 179%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Thermostat Exports

Exports in Scandinavia

In 2021, exports of thermostats in Scandinavia shrank to X units, with a decrease of -10.9% against 2020. Over the period under review, exports showed a perceptible reduction. The most prominent rate of growth was recorded in 2014 with an increase of 12% against the previous year. As a result, the exports attained the peak of X units. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, thermostat exports shrank to $X in 2021. Overall, exports continue to indicate a mild decline. The most prominent rate of growth was recorded in 2014 when exports increased by 13%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Sweden was the key exporting country with an export of about X units, which amounted to 82% of total exports. It was distantly followed by Norway (X units) and Finland (X units), together comprising an 18% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to thermostat exports from Sweden stood at -2.2%. At the same time, Norway (+17.9%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +17.9% from 2012-2021. By contrast, Finland (-19.3%) illustrated a downward trend over the same period. While the share of Sweden (+18 p.p.) and Norway (+8.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Finland (-27.2 p.p.) displayed negative dynamics.

In value terms, Sweden ($X) remains the largest thermostat supplier in Scandinavia, comprising 81% of total exports. The second position in the ranking was taken by Finland ($X), with a 9.9% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Sweden amounted to +2.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Finland (-16.2% per year) and Norway (+9.8% per year).

Export Prices by Country

The export price in Scandinavia stood at $X per unit in 2021, increasing by 12% against the previous year. Over the last nine years, it increased at an average annual rate of +3.3%. The most prominent rate of growth was recorded in 2017 when the export price increased by 14%. The level of export peaked in 2021 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Sweden (+4.8%), while the other leaders experienced mixed trends in the export price figures.

Thermostat Imports

Imports in Scandinavia

Thermostat imports reduced modestly to X units in 2021, stabilizing at the previous year. Overall, imports recorded a pronounced decline. The most prominent rate of growth was recorded in 2020 with an increase of 5.6% against the previous year. The volume of import peaked at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, thermostat imports soared to $X in 2021. In general, imports recorded a relatively flat trend pattern. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Sweden was the main importing country with an import of around X units, which resulted at 56% of total imports. Finland (X units) held a 25% share (based on physical terms) of total imports, which put it in second place, followed by Norway (19%).

Imports into Sweden decreased at an average annual rate of -4.6% from 2012 to 2021. Norway experienced a relatively flat trend pattern. Finland (-4.0%) illustrated a downward trend over the same period. While the share of Norway (+5.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Sweden (-5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest thermostat importing markets in Scandinavia were Sweden ($X), Norway ($X) and Finland ($X).

Sweden, with a CAGR of +0.7%, recorded the highest rates of growth with regard to the value of imports, in terms of 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

In 2021, the import price in Scandinavia amounted to $X per unit, with an increase of 22% against the previous year. Over the last nine years, it increased at an average annual rate of +3.7%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Norway ($X per unit), while Finland ($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 (+5.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform