EU: Refrigerated Vessel Market 2024

Refrigerated Vessel Market Size in the EU

For the fourth year in a row, the EU refrigerated vessel market recorded growth in sales value, which increased by 51% to $X in 2022. Overall, consumption enjoyed a buoyant expansion. The level of consumption peaked in 2022 and is expected to retain growth in the immediate term.

Refrigerated Vessel Production in the EU

In value terms, refrigerated vessel production rose rapidly to $X in 2022 estimated in export price. In general, production enjoyed a significant increase. The growth pace was the most rapid in 2015 when the production volume increased by 221% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Refrigerated Vessel Exports

Exports in the EU

Refrigerated vessel exports shrank to X units in 2022, which is down by -5.6% on 2021. Overall, exports, however, posted a pronounced increase. The pace of growth was the most pronounced in 2017 with an increase of 450%. Over the period under review, the exports hit record highs at X units in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, refrigerated vessel exports shrank significantly to $X in 2022. In general, exports recorded a abrupt contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 535% against the previous year. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Spain was the largest exporter of refrigerated vessels (ships) in the European Union, with the volume of exports finishing at X units, which was approx. 62% of total exports in 2022. Germany (X units) took the second position in the ranking, followed by Lithuania (X units) and Poland (X units). All these countries together took approx. 38% share of total exports.

Spain was also the fastest-growing in terms of the refrigerated vessels (ships) exports, with a CAGR of +175.9% from 2012 to 2022. At the same time, Germany (+4.1%) displayed positive paces of growth. Lithuania experienced a relatively flat trend pattern. By contrast, Poland (-15.9%) illustrated a downward trend over the same period. Spain (+62 p.p.) and Lithuania (+12 p.p.) significantly strengthened its position in terms of the total exports, while Poland saw its share reduced by -72.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Poland ($X) remains the largest refrigerated vessel supplier in the European Union, comprising 74% of total exports. The second position in the ranking was taken by Germany ($X), with a 20% share of total exports. It was followed by Lithuania, with a 5.6% share.

From 2012 to 2022, the average annual growth rate of value in Poland totaled -10.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (-1.5% per year) and Lithuania (0.0% per year).

Export Prices by Country

The export price in the European Union stood at $X per unit in 2022, waning by -26.2% against the previous year. In general, the export price showed a abrupt setback. The most prominent rate of growth was recorded in 2015 an increase of 192% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Poland ($X per unit), while Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+5.6%), while the other leaders experienced a decline in the export price figures.

Refrigerated Vessel Imports

Imports in the EU

In 2022, supplies from abroad of refrigerated vessels (ships) increased by 400% to X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, saw a abrupt decrease. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, refrigerated vessel imports skyrocketed to $X in 2022. Overall, imports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2019 when imports increased by 540% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Lithuania (X units) and Spain (X units) represented roughly 80% of total imports in 2022. It was distantly followed by Poland (X units), mixing up a 20% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Lithuania (with a CAGR of 0.0%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Poland ($X) constitutes the largest market for imported refrigerated vessels (ships) in the European Union, comprising 53% of total imports. The second position in the ranking was taken by Lithuania ($X), with a 17% share of total imports.

In Poland, refrigerated vessel imports declined by an average annual rate of -18.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Lithuania (0.0% per year) and Spain (+1.9% per year).

Import Prices by Country

The import price in the European Union stood at $X per unit in 2022, with a decrease of -53.8% against the previous year. In general, the import price continues to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2015 when the import price increased by 166%. The level of import peaked at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Poland ($X per unit), while Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+4.6%).

Source: IndexBox Platform

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