Belgium: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Belgium

The Belgian commercial refrigeration equipment market contracted dramatically to $X in 2021, waning by -51.4% against the previous year. In general, consumption saw a perceptible slump. As a result, consumption reached the peak level of $X, and then reduced sharply in the following year.

Commercial Refrigeration Equipment Production in Belgium

In value terms, commercial refrigeration equipment production soared to $X in 2021 estimated in export price. Overall, production, however, saw a buoyant increase. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Commercial Refrigeration Equipment Exports

Exports from Belgium

In 2021, shipments abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 21% to X units, rising for the fifth year in a row after three years of decline. Over the period under review, total exports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +7.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +114.4% against 2016 indices. The growth pace was the most rapid in 2017 with an increase of 24% against the previous year. The exports peaked in 2021 and are likely to continue growth in years to come.

In value terms, commercial refrigeration equipment exports soared to $X in 2021. Overall, exports recorded a prominent increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

France (X units) was the main destination for commercial refrigeration equipment exports from Belgium, with a 31% share of total exports. Moreover, commercial refrigeration equipment exports to France exceeded the volume sent to the second major destination, Germany (X units), threefold. The third position in this ranking was held by Italy (X units), with a 9.6% share.

From 2012 to 2021, the average annual growth rate of volume to France totaled +12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+9.6% per year) and Italy (+3.1% per year).

In value terms, France ($X) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from Belgium, comprising 44% of total exports. The second position in the ranking was held by Germany ($X), with a 12% share of total exports. It was followed by the Netherlands, with a 6.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to France totaled +21.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+15.4% per year) and the Netherlands (+16.3% per year).

Export Prices by Country

The average commercial refrigeration equipment export price stood at $X per unit in 2021, surging by 51% against the previous year. Overall, export price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +6.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, commercial refrigeration equipment export price increased by +94.5% against 2015 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Egypt ($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 UK (+11.1%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Belgium

For the fourth year in a row, Belgium recorded growth in purchases abroad of refrigerating and freezing equipment and heat pumps (except household type equipment), which increased by 60% to X units in 2021. Overall, imports recorded buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, commercial refrigeration equipment imports surged to $X in 2021. In general, imports continue to indicate a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Italy (X units), China (X units) and France (X units) were the main suppliers of commercial refrigeration equipment imports to Belgium, with a combined 61% share of total imports. These countries were followed by Spain, the Netherlands, Germany, Turkey, the United States, Thailand, Hungary, Mexico, Austria and Denmark, which together accounted for a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +112.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Italy ($X) and Germany ($X) constituted the largest commercial refrigeration equipment suppliers to Belgium, with a combined 55% share of total imports. France, Thailand, the Netherlands, the United States, Spain, Turkey, Austria, Hungary, Denmark and Mexico lagged somewhat behind, together comprising a further 37%.

Among the main suppliers, Thailand, with a CAGR of +119.4%, recorded the highest growth rate of 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

The average commercial refrigeration equipment import price stood at $X per unit in 2021, growing by 11% against the previous year. Over the period under review, the import price, however, continues to indicate a slight decline. Over the period under review, average import prices attained the maximum at $X per unit in 2013; however, from 2014 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 Thailand ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mexico (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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