Finland: Electrical Transformer Market 2022

Electrical Transformer Market Size in Finland

In 2021, the Finnish electrical transformer market was finally on the rise to reach $X after six years of decline. Overall, consumption, however, showed a perceptible slump. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Electrical Transformer Production in Finland

In value terms, electrical transformer production dropped markedly to $X in 2021 estimated in export price. In general, production showed a buoyant increase. The pace of growth was the most pronounced in 2020 when the production volume increased by 834% against the previous year. As a result, production attained the peak level of $X, and then reduced rapidly in the following year.

Electrical Transformer Exports

Exports from Finland

In 2021, overseas shipments of electrical transformers increased by 797% to X units, rising for the fifth consecutive year after two years of decline. In general, exports saw significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, electrical transformer exports surged to $X in 2021. Overall, total exports indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +2.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +63.5% against 2018 indices. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

India (X units), the United Arab Emirates (X units) and Estonia (X units) were the main destinations of electrical transformer exports from Finland, together comprising 59% of total exports. China, the Philippines, Saudi Arabia, Lithuania, Belgium, Germany, Russia and Sweden lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +191.9%), while the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Sweden ($X) and China ($X) constituted the largest markets for electrical transformer exported from Finland worldwide, together comprising 39% of total exports. These countries were followed by the Philippines, Saudi Arabia, Belgium, Estonia, the United Arab Emirates, India, Russia and Lithuania, which together accounted for a further 9.4%.

The Philippines, with a CAGR of +99.4%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average electrical transformer export price amounted to $X per unit, waning by -82.1% against the previous year. In general, the export price saw a sharp contraction. The pace of growth was the most pronounced in 2019 an increase of 30% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Sweden ($X per unit), while the average price for exports to India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+8.3%), while the prices for the other major destinations experienced a decline.

Electrical Transformer Imports

Imports into Finland

For the fourth year in a row, Finland recorded growth in purchases abroad of electrical transformers, which increased by 561% to X units in 2021. Over the period under review, imports saw a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, electrical transformer imports surged to $X in 2021. Overall, total imports indicated a noticeable expansion from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Germany (X units) constituted the largest supplier of electrical transformer to Finland, with a 52% share of total imports. Moreover, electrical transformer imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X units), fourfold. Estonia (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany stood at +55.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+48.2% per year) and Estonia (+21.9% per year).

In value terms, the largest electrical transformer suppliers to Finland were Germany ($X), Italy ($X) and Sweden ($X), together comprising 41% of total imports.

In terms of the main suppliers, Sweden, with a CAGR of +13.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average electrical transformer import price stood at $X per unit in 2021, falling by -56.2% against the previous year. Overall, the import price saw a drastic downturn. The pace of growth appeared the most rapid in 2015 an increase of 116% against the previous year. As a result, import price reached the peak level of $X per unit. From 2016 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Sweden ($X per unit), while the price for France ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-3.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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