MENA: Heat Pump Market 2024

Heat Pump Market Size in MENA

The MENA's heat pump market dropped to $X in 2023, waning by X% against the previous year. Overall, consumption continues to indicate a deep setback. As a result, consumption attained the peak level of $X. From 2014 to 2023, the growth of the market failed to regain momentum.

Heat Pump Production in MENA

In value terms, heat pump production soared to $X in 2023 estimated in export price. In general, production enjoyed a strong expansion. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Heat Pump Exports

Exports in MENA

In 2023, the amount of heat pumps other than air conditioning machines exported in MENA surged to X units, jumping by X% on 2022 figures. Overall, exports recorded a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by X%. The volume of export peaked in 2023 and is likely to continue growth in the near future.

In value terms, heat pump exports surged to $X in 2023. In general, exports enjoyed a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey was the key exporter of heat pumps other than air conditioning machines in MENA, with the volume of exports resulting at X units, which was near X% of total exports in 2023. The United Arab Emirates (X units) ranks second in terms of the total exports with a X% share, followed by Israel (X%).

Exports from Turkey increased at an average annual rate of X% from 2012 to 2023. At the same time, Israel (X%) and the United Arab Emirates (X%) displayed positive paces of growth. Moreover, Israel emerged as the fastest-growing exporter exported in MENA, with a CAGR of X% from 2012-2023. Turkey (X p.p.) and Israel (X p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, Turkey ($X) emerged as the largest heat pump supplier in MENA, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Turkey totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Israel (X% per year).

Export Prices by Country

The export price in MENA stood at $X per unit in 2023, increasing by X% against the previous year. Export price indicated a temperate expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 an increase of X%. The level of export peaked in 2023 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Israel ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the other leaders experienced mixed trends in the export price figures.

Heat Pump Imports

Imports in MENA

Heat pump imports expanded remarkably to X units in 2023, growing by X% compared with 2022. In general, imports, however, recorded a noticeable downturn. The pace of growth was the most pronounced in 2013 with an increase of X%. As a result, imports attained the peak of X units. From 2014 to 2023, the growth of imports remained at a lower figure.

In value terms, heat pump imports soared to $X in 2023. Overall, imports, however, showed a mild setback. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2023, imports remained at a lower figure.

Imports by Country

Turkey (X units) and the United Arab Emirates (X units) represented roughly X% of total imports in 2023. Israel (X units) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Oman (X%) and Saudi Arabia (X%). The following importers - Iraq (X units), Algeria (X units), Morocco (X units), Tunisia (X units), Kuwait (X units), Egypt (X units) and Qatar (X units) - together made up X% of total imports.

From 2012 to 2023, the biggest increases were recorded for Iraq (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constitutes the largest market for imported heat pumps other than air conditioning machines in MENA, comprising X% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with an X% share of total imports. It was followed by Israel, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Turkey totaled X%. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Israel (X% per year).

Import Prices by Country

The import price in MENA stood at $X per unit in 2023, leveling off at the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2022 an increase of X%. Over the period under review, import prices attained the maximum in 2023 and is likely to see steady growth in the immediate term.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform