Central heating boilers market in Latvia

Earlier Report Observations

The Latvian central heating boiler market saw fluctuating demand between 2018 and 2021, starting at 8.8 million dollars. A state defense procurement center's market study for gas boiler maintenance in 2018 indicated public sector interest in the heating sector. The market volume rose to 9.4 million dollars in 2019, then contracted to 8.4 million dollars in 2020, before recovering to 9.5 million dollars in 2021.

A sharp energy crisis in 2022 drove the market to 13.2 million dollars. Soaring natural gas prices, which peaked at 227 EUR per MWh, and a steep rise in wood fuel costs due to panic buying and global supply constraints significantly increased heating tariffs across municipalities. This price shock, combined with ongoing housing renovation and the construction of new energy-efficient homes, boosted demand for heating systems as consumers and municipal housing projects sought efficiency.

Following the peak, the market eased to 12.9 million dollars in 2023 as wood fuel prices retreated from their 2022 highs, affecting demand dynamics. By 2024, the market further adjusted to 11.9 million dollars, influenced by broader real estate market developments and investment trends that shaped demand for homes with efficient heating installations.

Production central heating boilers in Latvia

In value, 2018-2021, K $ US

Latvia's central heating boiler production rebounded in 2021 after two consecutive years of decline. Output reached 1 186 K $ US, marking a significant 47.8% increase from the previous year. However, looking at the broader 2018-2021 period, production actually decreased by 58.9%, with an average annual decline of 25.7%. The lowest production value was recorded in 2020 at 802 K $ US, which also saw the steepest annual drop of 58.0%.

Annual dynamics of production in Latvia in value, 2018-2021, K $ US

Exports central heating boilers from Latvia

Exports in kind, t

Latvia's central heating boiler exports in physical terms reached 919 tons in 2021, representing a 33.0% increase from the previous year. The lowest export volume occurred in 2020 at 691 tons, while the peak was recorded in 2019 at 965 tons. The most substantial decline happened in 2020, when exports fell by 28.4%.

Annual dynamics of product's exports from Latvia in kind, 2018-2021, t

From 2018 to 2021, Lithuania, Belarus, and Russia consistently dominated Latvia's central heating boiler exports in physical terms, collectively accounting for 77.7% of total export flows.

Structure of product's exports in kind by countries, 2018-2021

World map of product's exports from Latvia in kind, 2018-2021

Exports in value, K $ US

Latvia's central heating boiler exports in value terms recovered in 2021 following a two-year contraction. Export value totaled 11 974 K $ US, showing a substantial 32.1% increase compared to 2020. Over the 2018-2021 period, exports grew by 3.7%, equivalent to an average annual growth rate of 1.2%. The lowest export value was recorded in 2020 at 9 062 K $ US, which also experienced the largest annual decline of 18.1%.

Annual dynamics of product's exports from Latvia in value, 2018-2021, K $ US

Between 2018 and 2021, Lithuania (45.5% of export value), Belarus (25.7%), and Estonia (9.1%) consistently held the top positions in Latvia's central heating boiler export structure by value, together representing 80.3% of total export flows.

Structure of product's exports in value by countries, 2018-2021

World map of product's exports from Latvia in value, 2018-2021

Imports central heating boilers to Latvia

Imports in kind, t

Latvia's central heating boiler imports in physical terms declined in 2021 after two years of growth. Import volume stood at 1 964 tons, reflecting a sharp 30.5% decrease from the previous year. Over the 2018-2021 period, imports decreased by 13%, equivalent to an average annual decline of 4.5%. The highest import volume was recorded in 2020 at 2 825 tons, which also saw the largest annual increase of 17.8%.

Annual dynamics of product's imports to Latvia in kind, 2018-2021, t

From 2018 to 2021, Latvia's central heating boiler imports in physical terms were distributed across multiple partner countries. Turkey (22.2% of import volume), Austria (15.0%), and Poland (12.6%) were the largest sources, though together they accounted for just 49.8% of total import flows.

Structure of product's imports in kind by countries, 2018-2021

World map of product's imports to Latvia in kind, 2018-2021

Imports in value, K $ US

Latvia's central heating boiler imports in value terms reached 20 253 K $ US in 2021, showing a strong 21.6% increase from 2020. Over the 2018-2021 period, import value grew by 15.9%, with an average annual growth rate of 5.0%. The lowest import value was recorded in 2020 at 16 651 K $ US, which also experienced the largest annual decline of 10.3%.

Annual dynamics of product's imports to Latvia in value, 2018-2021, K $ US

Between 2018 and 2021, Turkey (34.4% of import value), Germany (18.2%), and Poland (7.5%) were the primary sources in Latvia's central heating boiler import structure by value, collectively accounting for 60.2% of total import flows.

Structure of product's imports in value by countries, 2018-2021

World map of product's imports to Latvia in value, 2018-2021