Western Africa: Measuring Instrument Market 2022

Measuring Instrument Market Size in Western Africa

In 2021, the West African measuring instrument market increased by 33% to $X, rising for the third year in a row after two years of decline. The total consumption indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +132.2% against 2018 indices. Over the period under review, the market attained the maximum level in 2021 and is likely to continue growth in years to come.

Measuring Instrument Production in Western Africa

In value terms, measuring instrument production reduced markedly to $X in 2021 estimated in export price. Over the period under review, production recorded a perceptible slump. The growth pace was the most rapid in 2020 when the production volume increased by 59%. The level of production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Measuring Instrument Exports

Exports in Western Africa

In 2021, the amount of instruments and apparatus for measuring or checking the flow or level of liquids exported in Western Africa reduced dramatically to X units, dropping by -32.2% against 2020 figures. In general, exports saw a deep slump. The most prominent rate of growth was recorded in 2014 with an increase of 218% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, measuring instrument exports shrank to $X in 2021. Total exports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -4.2% against 2019 indices. The growth pace was the most rapid in 2019 when exports increased by 50% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the largest exporter of instruments and apparatus for measuring or checking the flow or level of liquids in Western Africa, with the volume of exports amounting to X units, which was near 53% of total exports in 2021. It was distantly followed by Nigeria (X units), Sierra Leone (X units) and Niger (X units), together constituting a 32% share of total exports. Ghana (X units), Senegal (X units) and Mali (X units) held a minor share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of +16.3% from 2012 to 2021. At the same time, Niger (+48.2%), Senegal (+27.7%), Ghana (+12.4%) and Sierra Leone (+12.1%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +48.2% from 2012-2021. By contrast, Mali (-2.8%) and Nigeria (-19.0%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+46 p.p.), Sierra Leone (+7.6 p.p.), Niger (+5.5 p.p.), Senegal (+3.1 p.p.) and Ghana (+2.8 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Nigeria (-47.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest measuring instrument supplier in Western Africa, comprising 61% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 19% share of total exports. It was followed by Senegal, with a 7.9% share.

In Nigeria, measuring instrument exports increased at an average annual rate of +4.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Cote d'Ivoire (+19.0% per year) and Senegal (+32.4% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per unit, increasing by 42% against the previous year. Over the period under review, the export price recorded a resilient expansion. The most prominent rate of growth was recorded in 2019 when the export price increased by 291%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2021, the the export prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Nigeria ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+28.4%), while the other leaders experienced more modest paces of growth.

Measuring Instrument Imports

Imports in Western Africa

Measuring instrument imports skyrocketed to X units in 2021, increasing by 151% against the year before. In general, imports continue to indicate a buoyant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, measuring instrument imports expanded significantly to $X in 2021. Overall, imports showed a strong increase. The growth pace was the most rapid in 2015 with an increase of 80%. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

Nigeria prevails in imports structure, amounting to X units, which was near 77% of total imports in 2021. Ghana (X units) held the second position in the ranking, followed by Senegal (X units). All these countries together held near 12% share of total imports. Burkina Faso (X units), Cote d'Ivoire (X units) and Niger (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to measuring instrument imports into Nigeria stood at +15.3%. At the same time, Senegal (+19.1%), Cote d'Ivoire (+14.6%), Burkina Faso (+6.5%) and Niger (+2.9%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +19.1% from 2012-2021. By contrast, Ghana (-9.5%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Nigeria and Senegal increased by +28 and +3.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported instruments and apparatus for measuring or checking the flow or level of liquids in Western Africa, comprising 67% of total imports. The second position in the ranking was held by Ghana ($X), with a 9.5% share of total imports. It was followed by Cote d'Ivoire, with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria totaled +9.2%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (-6.9% per year) and Cote d'Ivoire (+1.8% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per unit, with a decrease of -54.4% against the previous year. Overall, the import price saw a perceptible slump. The pace of growth was the most pronounced in 2015 an increase of 27% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2020, and then shrank rapidly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Cote d'Ivoire ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+3.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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