Bahrain: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Bahrain

For the fifth year in a row, the Bahraini refrigerator compressor market recorded decline in sales value, which decreased by -13.3% to $X in 2022. Over the period under review, consumption showed a abrupt downturn. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Refrigerator Compressor Exports

Exports from Bahrain

In 2022, shipments abroad of compressors for refrigeration equipment increased by 172% to X units, rising for the fourth consecutive year after three years of decline. Overall, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 with an increase of 594%. Over the period under review, the exports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, refrigerator compressor exports soared to $X in 2022. Over the period under review, exports showed a prominent expansion. The growth pace was the most rapid in 2020 when exports increased by 524%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X units) was the main destination for refrigerator compressor exports from Bahrain, accounting for a 92% share of total exports. Moreover, refrigerator compressor exports to Saudi Arabia exceeded the volume sent to the second major destination, Singapore (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to Saudi Arabia stood at +32.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+61.8% per year) and Kuwait (-39.0% per year).

In value terms, Saudi Arabia ($X) remains the key foreign market for compressors for refrigeration equipment exports from Bahrain, comprising 94% of total exports. The second position in the ranking was taken by Singapore ($X), with a 1.9% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Saudi Arabia amounted to +26.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Singapore (+60.1% per year) and Kuwait (-40.1% per year).

Export Prices by Country

The average refrigerator compressor export price stood at $X per unit in 2022, with a decrease of -20% against the previous year. In general, the export price saw a pronounced setback. The most prominent rate of growth was recorded in 2017 an increase of 69% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+8.6%), while the prices for the other major destinations experienced a decline.

Refrigerator Compressor Imports

Imports into Bahrain

In 2022, approx. X units of compressors for refrigeration equipment were imported into Bahrain; dropping by -6.2% compared with 2021. Over the period under review, imports continue to indicate a abrupt setback. The growth pace was the most rapid in 2015 when imports increased by 59% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, refrigerator compressor imports expanded sharply to $X in 2022. In general, imports continue to indicate a deep setback. The pace of growth was the most pronounced in 2015 when imports increased by 68%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of refrigerator compressor to Bahrain, with a 44% share of total imports. Moreover, refrigerator compressor imports from China exceeded the figures recorded by the second-largest supplier, India (X units), threefold. The third position in this ranking was taken by Japan (X units), with a 15% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at -8.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-21.9% per year) and Japan (+20.2% per year).

In value terms, the largest refrigerator compressor suppliers to Bahrain were Thailand ($X), China ($X) and Japan ($X), with a combined 73% share of total imports.

Japan, with a CAGR of +17.5%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average refrigerator compressor import price stood at $X per unit in 2022, with an increase of 15% against the previous year. In general, import price indicated strong growth from 2012 to 2022: its price increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refrigerator compressor import price increased by +30.4% against 2020 indices. The pace of growth was the most pronounced in 2019 when the average import price increased by 18%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+12.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform