Middle East: Heat Pump Market 2024

Heat Pump Market Size in the Middle East

The Middle Eastern heat pump market declined remarkably to $X in 2023, dropping by X% against the previous year. Over the period under review, consumption showed a deep slump. As a result, consumption attained the peak level of $X. From 2014 to 2023, the growth of the market remained at a somewhat lower figure.

Heat Pump Production in the Middle East

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

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Heat Pump Exports

Exports in the Middle East

In 2023, exports of heat pumps other than air conditioning machines in the Middle East skyrocketed to X units, with an increase of X% on 2022. Overall, exports enjoyed significant growth. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The volume of export peaked in 2023 and is likely to see gradual growth in years to come.

In value terms, heat pump exports soared to $X in 2023. Over the period under review, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2023, Turkey (X units) represented the main exporter of heat pumps other than air conditioning machines, creating X% of total exports. The United Arab Emirates (X units) held the second position in the ranking, distantly followed by Israel (X units). All these countries together held near X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to heat pump exports from Turkey stood at X%. 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 the Middle East, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Turkey and Israel increased by X and X percentage points, respectively.

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

In Turkey, heat pump exports expanded at an average annual rate of X% over the period from 2012-2023. 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 the Middle East stood at $X per unit in 2023, surging by X% against the previous year. Export price indicated pronounced growth 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 growth pace was the most rapid 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 the Middle East

Heat pump imports skyrocketed to X units in 2023, surging by X% on the previous year's figure. In general, imports, however, showed a noticeable descent. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, heat pump imports skyrocketed to $X in 2023. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X%. The level of import peaked 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) held the next position in the ranking, followed by Oman (X units) and Saudi Arabia (X units). All these countries together held approx. X% share of total imports. Iraq (X units) and Kuwait (X units) followed a long way behind the leaders.

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 ($X) constitutes the largest market for imported heat pumps other than air conditioning machines in the Middle East, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Israel, with a X% share.

In Turkey, heat pump imports increased at an average annual rate of X% over the period from 2012-2023. 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

In 2023, the import price in the Middle East amounted to $X per unit, remaining stable against the previous year. Import price indicated a temperate increase 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. Based on 2023 figures, heat pump import price increased by X% against 2020 indices. The pace of growth was the most pronounced in 2022 when the import price increased by X% against the previous year. The level of import peaked in 2023 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Saudi Arabia ($X per unit), while Iraq ($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