ECOWAS: Thermostat Market 2024

Thermostat Market Size in ECOWAS

The ECOWAS thermostat market stood at $X in 2022, leveling off at the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Thermostat Production in ECOWAS

In value terms, thermostat production contracted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Thermostat Exports

Exports in ECOWAS

For the third consecutive year, ECOWAS recorded decline in overseas shipments of thermostats, which decreased by X% to X units in 2022. In general, exports, however, posted a prominent increase. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, thermostat exports reached $X in 2022. Over the period under review, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Sierra Leone (X units) was the largest exporter of thermostats, generating X% of total exports. Cote d'Ivoire (X units) took an X% share (based on physical terms) of total exports, which put it in second place, followed by Nigeria (X%).

From 2012 to 2022, average annual rates of growth with regard to thermostat exports from Sierra Leone stood at X%. At the same time, Nigeria (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Sierra Leone and Nigeria increased by X and X percentage points, respectively.

In value terms, Nigeria ($X), Sierra Leone ($X) and Cote d'Ivoire ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

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

Export Prices by Country

The export price in ECOWAS stood at $X per unit in 2022, with an increase of X% against the previous year. Overall, the export price, however, showed a abrupt curtailment. The growth pace was the most rapid in 2018 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a 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 Nigeria ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the export price figures.

Thermostat Imports

Imports in ECOWAS

In 2022, overseas purchases of thermostats decreased by X% to X units, falling for the second consecutive year after three years of growth. Over the period under review, imports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X units in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

In value terms, thermostat imports shrank sharply to $X in 2022. In general, imports continue to indicate a abrupt descent. The growth pace was the most rapid in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Nigeria (X units) represented the main importer of thermostats, making up X% of total imports. Ghana (X units) held the second position in the ranking, distantly followed by Senegal (X units), Burkina Faso (X units) and Cote d'Ivoire (X units). All these countries together took near X% share of total imports. The following importers - Guinea (X units) and Gambia (X units) - together made up X% of total imports.

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

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

From 2012 to 2022, the average annual rate of growth in terms 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 Senegal (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, surging by X% against the previous year. In general, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of X%. Over the period under review, import prices hit record highs at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per unit), while Gambia ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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