Electrical static converters market in Croatia

Earlier Report Observations

In the initial years from 2018 to 2020, the Croatian market for electrical static converters was shaped by regulatory alignment with EU directives. The introduction of rules for privileged electricity producers and technical safety standards against static electricity established a framework for the sector. Market size dipped to 39.8 million US dollars in 2019 but recovered to 44.3 million US dollars in 2020.

A significant expansion began in 2021, propelled by amendments to the Law on Renewable Energy Sources and High-Efficiency Cogeneration. This legislation, aimed at incentivizing green energy production, directly boosted demand for converters used in renewable systems, lifting the market to 50.2 million US dollars. The surge accelerated in 2022 to 72.3 million US dollars, further supported by the adoption of new grid access and supply rules that streamlined market conditions for electricity.

Market growth continued, reaching 82.9 million US dollars in 2023 and 91.6 million US dollars in 2024. This was reinforced by a government call for subsidies to help businesses transition to an energy-efficient economy, specifically including support for photovoltaic inverters. Additionally, rising demand for electric vehicle charging infrastructure in Croatia contributed to the increased need for static converters.

Production electrical static converters in Croatia

In value, 2017-2020, K $ US

Croatia's production of electrical static converters has grown for the third year in a row. In 2020, output reached 7 780 thousand US dollars, marking a significant 14.6% increase from the previous year. From 2017 to 2020, production rose by 20.3%, which translates to an average annual growth rate of 6.4%.

Annual dynamics of production in Croatia in value, 2017-2020, K $ US

In kind, 2017-2020, unit

Following two years of decline, Croatia's production of electrical static converters rebounded in 2020. Output totaled 23 339 units, up 21.1% from the previous year. However, over the period from 2017 to 2020, production fell by 55.6%, averaging an annual decrease of 23.7%. The lowest point was in 2019, with 19 276 units, while the sharpest drop occurred in 2018, at 60.2%.

Annual dynamics of production in Croatia in kind, 2017-2020, unit

Exports electrical static converters from Croatia

Exports in kind, K unit

The data shows irregular fluctuations, pointing to a volatile market. Exports hit their lowest point in 2017 and peaked in 2019, with a 1.9-fold difference between these years. In 2020, Croatia exported 143 thousand units of electrical static converters, down 46.1% from the previous year. The highest volume was recorded in 2019 at 265 thousand units, which also saw the largest increase of 86.1%.

Annual dynamics of product's exports from Croatia in kind, 2017-2020, K unit

From 2017 to 2020, Italy, Bosnia and Herzegovina, and Serbia remained the top buyers of electrical static converters from Croatia in terms of quantity. Italy accounted for 27.2% of exports, Bosnia and Herzegovina for 25.8%, and Serbia for 12.3%, together making up 65.3% of total exports.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Croatia in kind, 2017-2020

Exports in value, K $ US

Croatia's exports of electrical static converters have increased for the second consecutive year. In 2020, exports totaled 19 659 thousand US dollars, up 15.3% from the previous year. Between 2017 and 2020, exports grew by 23.3%, with an average annual rate of 7.2%. The lowest value was in 2018 at 14 912 thousand US dollars, which also experienced the largest decline of 6.5%.

Annual dynamics of product's exports from Croatia in value, 2017-2020, K $ US

Throughout 2017 to 2020, Italy, Bosnia and Herzegovina, and Serbia were the leading destinations for Croatia's electrical static converter exports by value. Italy held 38.8% of exports, Bosnia and Herzegovina 21.8%, and Serbia 9.0%, collectively accounting for 69.6% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Croatia in value, 2017-2020

Imports electrical static converters to Croatia

Imports in kind, K unit

After two years of growth, Croatia's imports of electrical static converters declined in 2020. Imports stood at 929 thousand units, down 12.2% from 2019. Over the 2017-2020 period, imports increased by 12.3%, with a compound annual growth rate of 3.9%. The highest volume was in 2019 at 1 058 thousand units, while the largest increase occurred in 2018 at 18.1%.

Annual dynamics of product's imports to Croatia in kind, 2017-2020, K unit

From 2017 to 2020, China, Germany, and Italy were the main sources of electrical static converter imports to Croatia by quantity. China contributed 24.7% of imports, Germany 16.9%, and Italy 11.6%, together representing 53.1% of total imports.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Croatia in kind, 2017-2020

Imports in value, K $ US

In 2020, Croatia's imports of electrical static converters reached 56 170 thousand US dollars, showing a solid 12.1% increase from the previous year. Over the 2017-2020 period, imports rose by 35.3%, with a compound annual growth rate of 10.6%. The largest decline was in 2019 at 0.7%, while the largest increase was in 2018 at 21.5%.

Annual dynamics of product's imports to Croatia in value, 2017-2020, K $ US

From 2017 to 2020, Germany, Italy, and the Netherlands were the primary sources of electrical static converter imports to Croatia by value. Germany accounted for 18.4% of imports, Italy for 17.4%, and the Netherlands for 14.2%, together making up 50.0% of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Croatia in value, 2017-2020