Updated Jan 13, 2023 09:21

Electrical Insulating Fittings Market in Western Africa

Market Overview
The West African electrical insulating fittings market soared to $ in , with an increase of % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a resilient increase. The level of consumption peaked in and is likely to see gradual growth in the immediate term.

In value terms, electrical insulating fittings production fell modestly to $ in estimated in export price. In general, production, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2011 when the production volume increased by % against the previous year. The level of production peaked at $ in 2019; however, from to , production remained at a lower figure.

The countries with the highest volumes of production in were Niger ( units), Cote d'Ivoire ( units) and Benin ( units), with a combined % share of total production.

From 2007 to , the biggest increases were recorded for Niger (with a CAGR of +%), while production for the other leaders experienced more modest paces of growth.


Consumption
In , consumption of electrical insulating fittings of plastics increased by % to units, rising for the sixth year in a row after two years of decline. In general, consumption showed a remarkable increase. Over the period under review, consumption attained the maximum volume in and is likely to see gradual growth in the near future.

The value of the electrical insulating fittings market in Western Africa soared to $ in , surging by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption enjoyed prominent growth. Over the period under review, the market hit record highs in and is likely to see steady growth in years to come.


Consumption by Country
The country with the largest volume of electrical insulating fittings consumption was Nigeria ( units), comprising approx. % of total volume. Moreover, electrical insulating fittings consumption in Nigeria exceeded the figures recorded by the second-largest consumer, Niger ( units), tenfold. The third position in this ranking was taken by Cote d'Ivoire ( units), with a % share.

In Nigeria, electrical insulating fittings consumption increased at an average annual rate of +% over the period from 2007-. The remaining consuming countries recorded the following average annual rates of consumption growth: Niger (+% per year) and Cote d'Ivoire (+% per year).

In value terms, the largest electrical insulating fittings markets in Western Africa were Niger ($), Nigeria ($) and Cote d'Ivoire ($), together accounting for % of the total market.

In terms of the main consuming countries, Nigeria, with a CAGR of +%, saw the highest rates of growth with regard to market size over the period under review, while market for the other leaders experienced more modest paces of growth.

The countries with the highest levels of electrical insulating fittings per capita consumption in were Nigeria ( units per persons), Sierra Leone ( units per persons) and Niger ( units per persons).

From 2007 to , the biggest increases were recorded for Nigeria (with a CAGR of +%), while consumption for the other leaders experienced more modest paces of growth.


Market Forecast
The electrical insulating fittings market is expected to start a downward consumption trend over the next eight years. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -% for the eight-year period from to , which is projected to depress the market volume to units by the end of .

In value terms, the market is forecast to contract with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .