Western Africa: Heat Exchange Unit Market 2024

Heat Exchange Unit Market Size in Western Africa

In 2022, the West African heat exchange unit market decreased by -5.3% to $X, falling for the third year in a row after three years of growth. In general, consumption, however, recorded a buoyant increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Heat Exchange Unit Production in Western Africa

In value terms, heat exchange unit production reached $X in 2022 estimated in export price. The total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +8.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +8.6% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 72% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Heat Exchange Unit Exports

Exports in Western Africa

In 2022, heat exchange unit exports in Western Africa soared to X units, rising by 169% on 2021. In general, exports, however, continue to indicate a abrupt contraction. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, heat exchange unit exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a deep reduction. The most prominent rate of growth was recorded in 2017 when exports increased by 102% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Nigeria (X units) was the largest exporter of heat exchange units, constituting 44% of total exports. Ghana (X units) held a 21% share (based on physical terms) of total exports, which put it in second place, followed by Sierra Leone (11%) and Mali (4.7%). The following exporters - Cote d'Ivoire (X units), Senegal (X units) and Togo (X units) - together made up 11% of total exports.

From 2012 to 2022, average annual rates of growth with regard to heat exchange unit exports from Nigeria stood at -6.6%. At the same time, Ghana (+28.2%), Senegal (+26.5%), Sierra Leone (+4.3%) and Mali (+1.7%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +28.2% from 2012-2022. By contrast, Cote d'Ivoire (-11.8%) and Togo (-29.6%) illustrated a downward trend over the same period. Ghana (+21 p.p.), Sierra Leone (+8.4 p.p.), Nigeria (+8.3 p.p.), Senegal (+3.6 p.p.) and Mali (+3 p.p.) significantly strengthened its position in terms of the total exports, while Cote d'Ivoire and Togo saw its share reduced by -1.8% and -36.1% from 2012 to 2022, respectively.

In value terms, Nigeria ($X) emerged as the largest heat exchange unit supplier in Western Africa, comprising 40% of total exports. The second position in the ranking was taken by Ghana ($X), with a 17% share of total exports. It was followed by Sierra Leone, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at -9.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+35.0% per year) and Sierra Leone (+6.5% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per unit, declining by -25% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the export price increased by 61% against the previous year. The level of export peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

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 Sierra Leone ($X per unit), while Togo ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+5.7%), while the other leaders experienced more modest paces of growth.

Heat Exchange Unit Imports

Imports in Western Africa

In 2022, overseas purchases of heat exchange units decreased by -20.2% to X units, falling for the third year in a row after two years of growth. Overall, imports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2019 with an increase of 488%. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, heat exchange unit imports fell dramatically to $X in 2022. In general, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2019 with an increase of 245% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria prevails in imports structure, amounting to X units, which was approx. 76% of total imports in 2022. Senegal (X units) took the second position in the ranking, followed by Cote d'Ivoire (X units) and Ghana (X units). All these countries together held approx. 16% share of total imports. The following importers - Mali (X units), Niger (X units) and Guinea (X units) - each resulted at a 5.1% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to heat exchange unit imports into Nigeria stood at +15.9%. At the same time, Mali (+42.1%), Senegal (+37.5%), Cote d'Ivoire (+21.5%), Niger (+11.1%), Ghana (+4.6%) and Guinea (+1.7%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +42.1% from 2012-2022. From 2012 to 2022, the share of Nigeria, Senegal, Cote d'Ivoire and Mali increased by +6.4, +4.8, +2.2 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported heat exchange units in Western Africa, comprising 49% of total imports. The second position in the ranking was held by Senegal ($X), with a 14% share of total imports. It was followed by Ghana, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria stood at +3.8%. The remaining importing countries recorded the following average annual rates of imports growth: Senegal (+39.0% per year) and Ghana (+6.6% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, surging by 4.7% against the previous year. In general, the import price, however, recorded a deep contraction. The pace of growth was the most pronounced in 2018 an increase of 17%. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Senegal ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (+2.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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