CIS: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in CIS

In 2022, the CIS refrigerator compressor market increased by 0.6% to $X, rising for the sixth consecutive year after four years of decline. The total consumption indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +59.6% against 2016 indices. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Refrigerator Compressor Production in CIS

In value terms, refrigerator compressor production expanded to $X in 2022 estimated in export price. The total production indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.8% against 2020 indices. The pace of growth appeared the most rapid in 2018 with an increase of 48% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refrigerator Compressor Exports

Exports in CIS

After two years of growth, overseas shipments of compressors for refrigeration equipment decreased by -27.6% to X units in 2022. Overall, exports recorded a deep reduction. The growth pace was the most rapid in 2018 when exports increased by 39%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, refrigerator compressor exports declined to $X in 2022. Over the period under review, exports, however, recorded a modest expansion. The most prominent rate of growth was recorded in 2021 with an increase of 150% against the previous year. As a result, the exports attained the peak of $X, and then dropped in the following year.

Exports by Country

The biggest shipments were from Belarus (X units) and Russia (X units), together resulting at 98% of total export.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Russia (with a CAGR of +12.8%).

In value terms, Belarus ($X) remains the largest refrigerator compressor supplier in the CIS, comprising 69% of total exports. The second position in the ranking was taken by Russia ($X), with a 28% share of total exports.

In Belarus, refrigerator compressor exports plunged by an average annual rate of -1.1% over the period from 2012-2022.

Export Prices by Country

The export price in the CIS stood at $X per unit in 2022, growing by 29% against the previous year. Over the period under review, the export price showed a buoyant expansion. The pace of growth was the most pronounced in 2021 an increase of 141%. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Belarus ($X per unit), while Russia stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belarus (+17.1%).

Refrigerator Compressor Imports

Imports in CIS

In 2022, refrigerator compressor imports in the CIS contracted slightly to X units, falling by -4.1% against 2021 figures. Total imports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +76.4% against 2016 indices. The pace of growth appeared the most rapid in 2018 with an increase of 26%. Over the period under review, imports reached the peak figure at X units in 2021, and then declined slightly in the following year.

In value terms, refrigerator compressor imports contracted to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when imports increased by 19%. Over the period under review, imports attained the peak figure at $X in 2021, and then dropped in the following year.

Imports by Country

Russia represented the main importing country with an import of around X units, which accounted for 81% of total imports. It was distantly followed by Uzbekistan (X units), constituting a 15% share of total imports. Kazakhstan (X units) followed a long way behind the leaders.

Imports into Russia increased at an average annual rate of +1.4% from 2012 to 2022. At the same time, Uzbekistan (+29.1%) and Kazakhstan (+12.2%) displayed positive paces of growth. Moreover, Uzbekistan emerged as the fastest-growing importer imported in the CIS, with a CAGR of +29.1% from 2012-2022. Uzbekistan (+15 p.p.) significantly strengthened its position in terms of the total imports, while Russia saw its share reduced by -16.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) constitutes the largest market for imported compressors for refrigeration equipment in the CIS, comprising 79% of total imports. The second position in the ranking was held by Uzbekistan ($X), with a 14% share of total imports.

In Russia, refrigerator compressor imports plunged by an average annual rate of -1.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Uzbekistan (+32.4% per year) and Kazakhstan (+4.3% per year).

Import Prices by Country

In 2022, the import price in the CIS amounted to $X per unit, remaining constant against the previous year. In general, the import price, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2020 an increase of 5.9% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Kazakhstan ($X per unit), while Uzbekistan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Uzbekistan (+2.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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