Belgium: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in Belgium

The Belgian refrigerator compressor market plummeted to $X in 2022, shrinking by -49.3% against the previous year. Over the period under review, consumption saw a abrupt downturn. Refrigerator compressor consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Refrigerator Compressor Production in Belgium

In value terms, refrigerator compressor production declined sharply to $X in 2022 estimated in export price. Overall, production faced a deep contraction. The most prominent rate of growth was recorded in 2018 when the production volume increased by 21% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Refrigerator Compressor Exports

Exports from Belgium

In 2022, overseas shipments of compressors for refrigeration equipment increased by 6.8% to X units, rising for the second consecutive year after two years of decline. In general, total exports indicated perceptible growth from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +109.1% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 96% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to continue growth in the near future.

In value terms, refrigerator compressor exports expanded notably to $X in 2022. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 65% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Germany (X units) was the main destination for refrigerator compressor exports from Belgium, with a 78% share of total exports. Moreover, refrigerator compressor exports to Germany exceeded the volume sent to the second major destination, France (X units), more than tenfold. The third position in this ranking was held by Spain (X units), with a 2.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Germany amounted to +22.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-3.5% per year) and Spain (-3.4% per year).

In value terms, Germany ($X) remains the key foreign market for compressors for refrigeration equipment exports from Belgium, comprising 76% of total exports. The second position in the ranking was taken by France ($X), with a 5.3% share of total exports. It was followed by Spain, with a 2.6% share.

From 2012 to 2022, the average annual growth rate of value to Germany totaled +20.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (-5.5% per year) and Spain (-6.7% per year).

Export Prices by Country

The average refrigerator compressor export price stood at $X per unit in 2022, standing approx. at the previous year. In general, the export price, however, recorded a noticeable contraction. The most prominent rate of growth was recorded in 2013 an increase of 15% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sweden ($X per unit), while the average price for exports to the United States ($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 Sweden (+9.8%), while the prices for the other major destinations experienced mixed trend patterns.

Refrigerator Compressor Imports

Imports into Belgium

Refrigerator compressor imports into Belgium dropped significantly to X units in 2022, falling by -29.2% compared with the year before. In general, imports showed a pronounced reduction. The pace of growth appeared the most rapid in 2021 when imports increased by 86%. Over the period under review, imports attained the peak figure at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, refrigerator compressor imports shrank to $X in 2022. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 43% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Germany (X units), China (X units) and the United States (X units) were the main suppliers of refrigerator compressor imports to Belgium, with a combined 50% share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +22.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest refrigerator compressor suppliers to Belgium were China ($X), Thailand ($X) and the United States ($X), with a combined 53% share of total imports.

Among the main suppliers, Thailand, with a CAGR of +23.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average refrigerator compressor import price amounted to $X per unit, growing by 40% against the previous year. In general, import price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 an increase of 44%. Over the period under review, average import prices attained the maximum in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Netherlands ($X per unit), while the price for Hungary ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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