Sri Lanka: Hvac Equipment Market 2024

Hvac Equipment Market Size in Sri Lanka

The Sri Lankan HVAC equipment market dropped markedly to $X in 2022, waning by X% against the previous year. In general, consumption showed a mild contraction. Consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Hvac Equipment Production in Sri Lanka

In value terms, HVAC equipment production fell to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Hvac Equipment Exports

Exports from Sri Lanka

In 2022, shipments abroad of HVAC equipment decreased by X% to X units, falling for the fourth consecutive year after five years of growth. Over the period under review, exports, however, recorded a slight increase. The growth pace was the most rapid in 2018 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, HVAC equipment exports declined remarkably to $X in 2022. Overall, exports saw a noticeable shrinkage. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India (X units) was the main destination for HVAC equipment exports from Sri Lanka, with a X% share of total exports. Moreover, HVAC equipment exports to India exceeded the volume sent to the second major destination, Maldives (X units), eightfold. The third position in this ranking was taken by Seychelles (X units), with an X% share.

From 2012 to 2022, the average annual growth rate of volume to India amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (X% per year) and Seychelles (X% per year).

In value terms, India ($X) remains the key foreign market for HVAC equipment exports from Sri Lanka, comprising X% of total exports. The second position in the ranking was taken by Maldives ($X), with a X% share of total exports. It was followed by Seychelles, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to India was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (X% per year) and Seychelles (X% per year).

Export Prices by Country

In 2022, the average HVAC equipment export price amounted to $X per unit, reducing by X% against the previous year. Overall, the export price saw a perceptible contraction. The growth pace was the most rapid in 2019 when the average export price increased by X% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

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

Hvac Equipment Imports

Imports into Sri Lanka

HVAC equipment imports into Sri Lanka shrank dramatically to X units in 2022, reducing by X% against 2021. Overall, imports continue to indicate a perceptible curtailment. The pace of growth was the most pronounced in 2019 with an increase of X%. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, HVAC equipment imports reduced notably to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, imports reached the peak figure at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of HVAC equipment to Sri Lanka, with a X% share of total imports. Moreover, HVAC equipment imports from China exceeded the figures recorded by the second-largest supplier, India (X units), fivefold. Malaysia (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Malaysia (X% per year).

In value terms, China ($X), India ($X) and the United States ($X) constituted the largest HVAC equipment suppliers to Sri Lanka, with a combined X% share of total imports.

The United States, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average HVAC equipment import price stood at $X per unit in 2022, dropping by X% against the previous year. Over the period under review, the import price, however, continues to indicate a slight increase. The growth pace was the most rapid in 2014 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform