Western Africa: Electrical Transformer Market 2024

Electrical Transformer Market Size in Western Africa

The West African electrical transformer market rose remarkably to $X in 2023, increasing by X% against the previous year. The total consumption indicated noticeable growth from 2012 to 2023: its value 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, consumption decreased by X% against 2021 indices. As a result, consumption attained the peak level of $X. From 2022 to 2023, the growth of the market remained at a lower figure.

Electrical Transformer Production in Western Africa

In value terms, electrical transformer production rose markedly to $X in 2023 estimated in export price. The total production indicated a measured increase from 2012 to 2023: its value 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, production decreased by X% against 2021 indices. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Electrical Transformer Exports

Exports in Western Africa

In 2023, overseas shipments of electrical transformers decreased by X% to X units for the first time since 2020, thus ending a two-year rising trend. Overall, exports continue to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2021 when exports increased by X%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, electrical transformer exports contracted remarkably to $X in 2023. Over the period under review, exports recorded a abrupt decline. The most prominent rate of growth was recorded in 2017 when exports increased by X%. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Sierra Leone dominates exports structure, resulting at X units, which was near X% of total exports in 2023. Senegal (X units) ranks second in terms of the total exports with a X% share, followed by Togo (X%). Nigeria (X units), Benin (X units), Ghana (X units) and Cote d'Ivoire (X units) held a little share of total exports.

From 2012 to 2023, average annual rates of growth with regard to electrical transformer exports from Sierra Leone stood at X%. At the same time, Togo (X%), Benin (X%), Senegal (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Nigeria (X%) and Ghana (X%) illustrated a downward trend over the same period. Senegal (X p.p.), Togo (X p.p.), Benin (X p.p.), Sierra Leone (X p.p.) and Cote d'Ivoire (X p.p.) significantly strengthened its position in terms of the total exports, while Nigeria and Ghana saw its share reduced by X% and X% from 2012 to 2023, respectively.

In value terms, the largest electrical transformer supplying countries in Western Africa were Nigeria ($X), Cote d'Ivoire ($X) and Ghana ($X), with a combined X% share of total exports. Senegal, Togo, Sierra Leone and Benin lagged somewhat behind, together accounting for a further X%.

Among the main exporting countries, Benin, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2023, shrinking by X% against the previous year. In general, the export price, however, saw a mild increase. The most prominent rate of growth was recorded in 2017 when the export price increased by X% against the previous year. The level of export peaked at $X per unit in 2020; however, from 2021 to 2023, the export prices stood at a somewhat lower figure.

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 Cote d'Ivoire ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

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

Electrical Transformer Imports

Imports in Western Africa

In 2023, after two years of growth, there was significant decline in supplies from abroad of electrical transformers, when their volume decreased by X% to X units. Over the period under review, imports continue to indicate a perceptible descent. The pace of growth was the most pronounced in 2014 when imports increased by X%. As a result, imports attained the peak of X units. From 2015 to 2023, the growth of imports failed to regain momentum.

In value terms, electrical transformer imports surged to $X in 2023. Overall, imports, however, showed a noticeable increase. The pace of growth was the most pronounced in 2014 with an increase of X%. As a result, imports attained the peak of $X. From 2015 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Nigeria dominates imports structure, recording X units, which was near X% of total imports in 2023. Cote d'Ivoire (X units) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (X%), Benin (X%) and Sierra Leone (X%). Senegal (X units) and Guinea (X units) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%), Benin (X%), Senegal (X%) and Guinea (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 2012-2023. By contrast, Sierra Leone (X%) and Ghana (X%) illustrated a downward trend over the same period. Cote d'Ivoire (X p.p.), Benin (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria and Ghana saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported electrical transformers in Western Africa, comprising X% of total imports. The second position in the ranking was held by Benin ($X), with an X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

In Nigeria, electrical transformer 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: Benin (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per unit in 2023, with an increase of X% against the previous year. Over the period under review, the import price recorded a pronounced increase. As a result, import price attained the peak level and is likely to continue 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 Benin ($X per unit), while Sierra Leone ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform