Azerbaijan: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Azerbaijan

The Azerbaijani commercial refrigeration equipment market rose significantly to $X in 2021, picking up by 14% against the previous year. Over the period under review, consumption enjoyed a buoyant increase. Over the period under review, the market reached the peak level in 2021 and is likely to see steady growth in the near future.

Commercial Refrigeration Equipment Production in Azerbaijan

In value terms, commercial refrigeration equipment production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, saw a tangible increase. The pace of growth was the most pronounced in 2013 when the production volume increased by 49%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Commercial Refrigeration Equipment Exports

Exports from Azerbaijan

In 2021, shipments abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 25% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports recorded a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 7,350%. The exports peaked at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, commercial refrigeration equipment exports expanded sharply to $X in 2021. Over the period under review, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2018 with an increase of 3,540% against the previous year. The exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

The United States (X units) was the main destination for commercial refrigeration equipment exports from Azerbaijan, with a 89% share of total exports. Moreover, commercial refrigeration equipment exports to the United States exceeded the volume sent to the second major destination, Turkey (X units), more than tenfold. France (X units) ranked third in terms of total exports with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +101.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+20.4% per year) and France (+18.7% per year).

In value terms, the United States ($X) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from Azerbaijan, comprising 88% of total exports. The second position in the ranking was held by Turkey ($X), with a 4.5% share of total exports. It was followed by France, with a 1.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +263.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+31.2% per year) and France (+53.6% per year).

Export Prices by Country

The average commercial refrigeration equipment export price stood at $X per unit in 2021, which is down by -12.3% against the previous year. Over the period under review, the export price, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2019 an increase of 1,080%. Over the period under review, the average export prices attained the maximum at $X per unit in 2020, and then dropped in the following year.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Georgia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+80.5%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Azerbaijan

In 2021, the amount of refrigerating and freezing equipment and heat pumps (except household type equipment) imported into Azerbaijan surged to X units, growing by 24% against the previous year's figure. Overall, imports recorded a strong increase. The growth pace was the most rapid in 2018 with an increase of 92% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in the near future.

In value terms, commercial refrigeration equipment imports rose rapidly to $X in 2021. Over the period under review, imports saw strong growth. The growth pace was the most rapid in 2017 when imports increased by 91%. Imports peaked in 2021 and are expected to retain growth in the near future.

Imports by Country

Turkey (X units), Italy (X units) and China (X units) were the main suppliers of commercial refrigeration equipment imports to Azerbaijan, with a combined 71% share of total imports. These countries were followed by Austria, Russia, France, the United States, Ukraine and Germany, which together accounted for a further 23%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Austria (with a CAGR of +127.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constituted the largest supplier of refrigerating and freezing equipment and heat pumps (except household type equipment) to Azerbaijan, comprising 40% of total imports. The second position in the ranking was held by Italy ($X), with an 18% share of total imports. It was followed by China, with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Turkey stood at +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+4.0% per year) and China (+13.3% per year).

Import Prices by Country

The average commercial refrigeration equipment import price stood at $X per unit in 2021, shrinking by -11.6% against the previous year. Overall, the import price saw a pronounced reduction. The pace of growth was the most pronounced in 2015 when the average import price increased by 48%. Over the period under review, average import prices attained the peak figure at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Ukraine ($X per unit), while the price for Russia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ukraine (+16.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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