Europe: Refrigerated Vessel Market 2025

Refrigerated Vessel Market Size in Europe

For the fourth consecutive year, the Europe refrigerated vessel market recorded growth in sales value, which increased by 38% to $X in 2022. Overall, consumption continues to indicate resilient growth. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the immediate term.

Refrigerated Vessel Production in Europe

In value terms, refrigerated vessel production expanded significantly to $X in 2022 estimated in export price. In general, production recorded a strong increase. The growth pace was the most rapid in 2015 when the production volume increased by 172%. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Refrigerated Vessel Exports

Exports in Europe

Refrigerated vessel exports reduced to X units in 2022, waning by -11.4% compared with the year before. In general, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 150%. The volume of export peaked at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, refrigerated vessel exports contracted sharply to $X in 2022. Overall, exports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when exports increased by 338% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Spain represented the key exporter of refrigerated vessels (ships) in Europe, with the volume of exports finishing at X units, which was approx. 54% of total exports in 2022. It was distantly followed by Germany (X units), Lithuania (X units), Poland (X units) and Russia (X units), together comprising a 38% share of total exports. The following exporters - Norway (X units) and Ukraine (X units) - each recorded a 5.1% 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, Norway (-6.7%), Russia (-12.9%), Poland (-15.9%) and Ukraine (-19.7%) illustrated a downward trend over the same period. While the share of Spain (+54 p.p.), Lithuania (+10 p.p.) and Germany (+5.4 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Norway (-2.4 p.p.), Russia (-14.9 p.p.), Ukraine (-19.9 p.p.) and Poland (-34.8 p.p.) displayed negative dynamics.

In value terms, Poland ($X) remains the largest refrigerated vessel supplier in Europe, comprising 61% of total exports. The second position in the ranking was taken by Germany ($X), with a 17% share of total exports. It was followed by Russia, with an 11% share.

In Poland, refrigerated vessel exports decreased by an average annual rate of -10.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (-1.5% per year) and Russia (-1.8% per year).

Export Prices by Country

The export price in Europe stood at $X per unit in 2022, reducing by -22.7% against the previous year. In general, the export price saw a abrupt setback. The pace of growth was the most pronounced in 2015 an increase of 105% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2016 to 2022, the export prices remained at a lower figure.

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 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 Russia (+12.8%), while the other leaders experienced mixed trends in the export price figures.

Refrigerated Vessel Imports

Imports in Europe

In 2022, overseas purchases of refrigerated vessels (ships) increased by 71% to X units for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2019 when imports increased by 182% against the previous year. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, refrigerated vessel imports rose remarkably to $X in 2022. Over the period under review, imports, however, showed a pronounced decrease. The growth pace was the most rapid in 2019 with an increase of 326%. 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

In 2022, Russia (X units) represented the main importer of refrigerated vessels (ships), comprising 50% of total imports. Lithuania (X units) held a 17% share (based on physical terms) of total imports, which put it in second place, followed by Spain (17%), Norway (8.3%) and Poland (8.3%).

From 2012 to 2022, average annual rates of growth with regard to refrigerated vessel imports into Russia stood at -2.8%. Lithuania and Spain experienced a relatively flat trend pattern. Norway (-6.7%) and Poland (-23.2%) illustrated a downward trend over the same period. While the share of Russia (+19 p.p.), Lithuania (+17 p.p.) and Spain (+17 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Poland (-45.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) constitutes the largest market for imported refrigerated vessels (ships) in Europe, comprising 50% of total imports. The second position in the ranking was held by Norway ($X), with a 24% share of total imports. It was followed by Poland, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Russia amounted to +5.6%. The remaining importing countries recorded the following average annual rates of imports growth: Norway (+7.5% per year) and Poland (-18.1% per year).

Import Prices by Country

In 2022, the import price in Europe amounted to $X per unit, waning by -36.7% against the previous year. Overall, the import price, however, posted pronounced growth. The pace of growth appeared the most rapid in 2015 an increase of 112% against the previous year. The level of import peaked at $X per unit in 2021, and then contracted markedly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+15.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform