Western Africa: Static Converter Market 2024

Static Converter Market Size in Western Africa

In 2022, the West African 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 pronounced growth 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. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Static Converter Production in Western Africa

In value terms, static converter production fell modestly to $X in 2022 estimated in export price. The total production indicated temperate growth 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 pace of growth was the most pronounced in 2019 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Static Converter Exports

Exports in Western Africa

In 2022, approx. X units of static converters were exported in Western Africa; reducing by X% on the previous year. In general, exports showed a noticeable decline. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, the exports reached the peak of X units, and then shrank rapidly in the following year.

In value terms, static converter exports shrank remarkably to $X in 2022. Overall, exports saw a deep contraction. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then dropped rapidly in the following year.

Exports by Country

Burkina Faso (X units) and Senegal (X units) were the key exporters of static converters in 2022, recording near X% and X% of total exports, respectively. It was distantly followed by Cote d'Ivoire (X units), Mauritania (X units) and Ghana (X units), together comprising a X% share of total exports. Nigeria (X units) and Liberia (X units) followed a long way behind the leaders.

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

In value terms, the largest static converter supplying countries in Western Africa were Senegal ($X), Ghana ($X) and Cote d'Ivoire ($X), together comprising X% of total exports. Burkina Faso, Mauritania, Liberia and Nigeria lagged somewhat behind, together comprising a further X%.

In terms of the main exporting countries, Liberia, with a CAGR of X%, recorded the highest growth rate of 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 Western Africa amounted to $X per unit, with an increase of X% against the previous year. Over the period under review, the export price, however, showed a noticeable downturn. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the export prices failed to regain momentum.

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 Mauritania (X%), while the other leaders experienced more modest paces of growth.

Static Converter Imports

Imports in Western Africa

In 2022, purchases abroad of static converters decreased by X% to X units, falling for the second year in a row after three years of growth. Overall, imports, however, enjoyed a measured expansion. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. The volume of import peaked at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, static converter imports rose slightly to $X in 2022. Over the period under review, imports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. The level of import peaked at $X in 2020; however, from 2021 to 2022, imports remained at a lower figure.

Imports by Country

Nigeria represented the main importing country with an import of around X units, which resulted at X% of total imports. Ghana (X units) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (X%). The following importers - Burkina Faso (X units), Guinea (X units) and Senegal (X units) - together made up X% 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 Western Africa, 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 ($X) constitutes the largest market for imported static converters in Western Africa, comprising X% of total imports. The second position in the ranking was held by Ghana ($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 growth rate of value in Nigeria stood at X%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, rising by X% against the previous year. Over the period under review, 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%. The level of import peaked at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat 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 ($X per unit), while Burkina Faso ($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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