ECOWAS: Static Converter Market 2024

Static Converter Market Size in ECOWAS

In 2022, the ECOWAS static converter market decreased by X% to $X, falling for the second year in a row after three years of growth. The total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Static Converter Production in ECOWAS

In value terms, static converter production contracted to $X in 2022 estimated in export price. The total production indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of X%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Static Converter Exports

Exports in ECOWAS

In 2022, exports of static converters in ECOWAS shrank dramatically to X units, with a decrease of X% against the previous year. Over the period under review, exports saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports reached the peak of X units, and then shrank notably in the following year.

In value terms, static converter exports fell markedly to $X in 2022. In general, exports showed a abrupt slump. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports attained the peak of $X, and then contracted sharply in the following year.

Exports by Country

In 2022, Burkina Faso (X units) and Senegal (X units) represented the main exporters of static converters in ECOWAS, together amounting to approx. X% of total exports. Cote d'Ivoire (X units) ranks next in terms of the total exports with a X% share, followed by Ghana (X%). Nigeria (X units), Liberia (X units) and Togo (X units) held a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Liberia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Senegal ($X), Ghana ($X) and Cote d'Ivoire ($X) were the countries with the highest levels of exports in 2022, together accounting for X% of total exports. Burkina Faso, Liberia, Togo and Nigeria lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, Liberia, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, surging by X% against the previous year. Over the period under review, the export price, however, continues to indicate a pronounced curtailment. The most prominent rate of growth was recorded in 2018 an increase of X%. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per unit), while Burkina Faso ($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 (X%), while the other leaders experienced more modest paces of growth.

Static Converter Imports

Imports in ECOWAS

In 2022, overseas purchases of static converters decreased by X% to X units, falling for the second consecutive year after three years of growth. Over the period under review, imports, however, enjoyed a tangible increase. The growth pace was the most rapid in 2019 when imports increased by X%. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, static converter imports expanded slightly to $X in 2022. Overall, imports, however, enjoyed a strong increase. The growth pace was the most rapid in 2019 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria was the largest importing country with an import of about X units, which amounted to X% of total imports. Ghana (X units) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (X%). Burkina Faso (X units), Guinea (X units) and Senegal (X units) held a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to static converter imports into Nigeria stood at X%. At the same time, Cote d'Ivoire (X%), Burkina Faso (X%), Senegal (X%) and Ghana (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Guinea experienced a relatively flat trend pattern. From 2012 to 2022, the share of Cote d'Ivoire, Ghana and Burkina Faso increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported static converters in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per unit, rising by X% against the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the import price increased by X%. Over the period under review, import prices reached the maximum at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per unit), while Burkina Faso ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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