Singapore: Self-Propelled Boring Machinery Market 2024

Self-Propelled Boring Machinery Market Size in Singapore

The Singaporean self-propelled boring machinery market declined significantly to $X in 2022, waning by -65.7% against the previous year. Overall, consumption showed a drastic downturn. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Self-Propelled Boring Machinery Production in Singapore

In value terms, self-propelled boring machinery production declined slightly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the production volume increased by 35%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Self-Propelled Boring Machinery Exports

Exports from Singapore

In 2022, shipments abroad of self-propelled boring or sinking machinery increased by 236% to X units, rising for the third consecutive year after five years of decline. Over the period under review, exports posted a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, self-propelled boring machinery exports surged to $X in 2022. Overall, exports enjoyed a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Saudi Arabia (X units) was the main destination for self-propelled boring machinery exports from Singapore, with a 61% share of total exports. Moreover, self-propelled boring machinery exports to Saudi Arabia exceeded the volume sent to the second major destination, Indonesia (X units), fourfold. Ghana (X units) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Saudi Arabia amounted to +148.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+12.1% per year) and Ghana (+5.3% per year).

In value terms, Saudi Arabia ($X) emerged as the key foreign market for self-propelled boring or sinking machinery exports from Singapore, comprising 74% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 5.6% share of total exports. It was followed by Malaysia, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Saudi Arabia stood at +125.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (+6.5% per year) and Malaysia (-15.0% per year).

Export Prices by Country

In 2022, the average self-propelled boring machinery export price amounted to $X per unit, increasing by 11% against the previous year. Overall, the export price, however, saw a pronounced reduction. The growth pace was the most rapid in 2014 an increase of 14%. As a result, the export price attained the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Ghana ($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 Germany (+156.6%), while the prices for the other major destinations experienced more modest paces of growth.

Self-Propelled Boring Machinery Imports

Imports into Singapore

In 2022, approx. X units of self-propelled boring or sinking machinery were imported into Singapore; shrinking by -14.6% against 2021 figures. Over the period under review, imports, however, enjoyed a mild expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 183%. Over the period under review, imports attained the maximum at X units in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, self-propelled boring machinery imports declined sharply to $X in 2022. In general, imports saw a noticeable descent. The most prominent rate of growth was recorded in 2018 when imports increased by 182%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

The United States (X units), Canada (X units) and China (X units) were the main suppliers of self-propelled boring machinery imports to Singapore, with a combined 68% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Canada (with a CAGR of +125.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of self-propelled boring or sinking machinery to Singapore, comprising 41% of total imports. The second position in the ranking was held by Germany ($X), with a 12% share of total imports. It was followed by Canada, with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-8.0% per year) and Canada (+123.3% per year).

Import Prices by Country

The average self-propelled boring machinery import price stood at $X per unit in 2022, which is down by -4.2% against the previous year. Over the period under review, the import price showed a noticeable descent. The most prominent rate of growth was recorded in 2020 an increase of 41%. The import price peaked at $X per unit in 2016; however, from 2017 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 China ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+3.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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