GCC: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in GCC

After three years of growth, the GCC refrigerator compressor market decreased by -11.9% to $X in 2022. The total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked at $X in 2021, and then declined in the following year.

Refrigerator Compressor Production in GCC

In value terms, refrigerator compressor production surged to $X in 2022 estimated in export price. Over the period under review, production saw a significant expansion. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Refrigerator Compressor Exports

Exports in GCC

For the third year in a row, GCC recorded growth in overseas shipments of compressors for refrigeration equipment, which increased by 8.5% to X units in 2022. In general, exports, however, continue to indicate a abrupt setback. The most prominent rate of growth was recorded in 2015 with an increase of 297% against the previous year. As a result, the exports attained the peak of X units. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, refrigerator compressor exports reduced rapidly to $X in 2022. Overall, exports posted a resilient increase. The growth pace was the most rapid in 2015 with an increase of 353%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Bahrain represented the key exporting country with an export of about X units, which resulted at 58% of total exports. It was distantly followed by the United Arab Emirates (X units) and Oman (X units), together constituting a 39% share of total exports. Kuwait (X units) followed a long way behind the leaders.

Exports from Bahrain increased at an average annual rate of +20.8% from 2012 to 2022. At the same time, Oman (+82.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +82.2% from 2012-2022. Kuwait experienced a relatively flat trend pattern. By contrast, the United Arab Emirates (-20.0%) illustrated a downward trend over the same period. Bahrain (+54 p.p.) and Oman (+19 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -74.1% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Oman ($X), the United Arab Emirates ($X) and Bahrain ($X) constituted the countries with the highest levels of exports in 2022, with a combined 97% share of total exports.

Among the main exporting countries, Oman, with a CAGR of +112.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, shrinking by -33.8% against the previous year. Over the period under review, the export price, however, enjoyed a buoyant expansion. The pace of growth was the most pronounced in 2021 an increase of 116%. As a result, the export price attained the peak level of $X per unit, and then reduced dramatically in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Oman ($X per unit), while Bahrain ($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 United Arab Emirates (+17.9%), while the other leaders experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports in GCC

In 2022, after three years of growth, there was significant decline in overseas purchases of compressors for refrigeration equipment, when their volume decreased by -20.3% to X units. Over the period under review, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 68%. Over the period under review, imports hit record highs at X units in 2021, and then declined notably in the following year.

In value terms, refrigerator compressor imports fell sharply to $X in 2022. In general, imports showed a pronounced shrinkage. The most prominent rate of growth was recorded in 2019 when imports increased by 34% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates dominates imports structure, amounting to X units, which was near 92% of total imports in 2022. Kuwait (X units), Bahrain (X units) and Qatar (X units) took a minor share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the compressors for refrigeration equipment imports, with a CAGR of +14.9% from 2012 to 2022. At the same time, Qatar (+9.8%) and Kuwait (+7.6%) displayed positive paces of growth. By contrast, Bahrain (-13.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates and Kuwait increased by +69 and +1.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported compressors for refrigeration equipment in GCC, comprising 76% of total imports. The second position in the ranking was held by Kuwait ($X), with a 10% share of total imports. It was followed by Qatar, with a 7.7% share.

In the United Arab Emirates, refrigerator compressor imports increased at an average annual rate of +8.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Kuwait (+5.7% per year) and Qatar (-0.8% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, declining by -9.3% against the previous year. In general, the import price recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2014 when the import price increased by 15%. Over the period under review, import prices reached the peak figure at $X per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat 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 Qatar ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+5.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform