Greece: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Greece

The Greek commercial refrigeration equipment market skyrocketed to $X in 2021, picking up by 16% against the previous year. Overall, the total consumption indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +8.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the near future.

Commercial Refrigeration Equipment Production in Greece

In value terms, commercial refrigeration equipment production surged to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2015 when the production volume increased by 69% against the previous year. Commercial refrigeration equipment production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Commercial Refrigeration Equipment Exports

Exports from Greece

After two years of decline, shipments abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 30% to X units in 2021. The total export volume increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, commercial refrigeration equipment exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Cyprus (X units), Italy (X units) and France (X units) were the main destinations of commercial refrigeration equipment exports from Greece, together comprising 39% of total exports. Israel, Romania, Germany, the Netherlands, the UK, Albania, Belgium, Bulgaria, Australia and Kosovo lagged somewhat behind, together comprising a further 44%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kosovo (with a CAGR of +110.3%), while the other leaders experienced more modest paces of growth.

In value terms, Cyprus ($X), Italy ($X) and France ($X) were the largest markets for commercial refrigeration equipment exported from Greece worldwide, together comprising 39% of total exports. These countries were followed by Israel, Germany, Romania, the UK, the Netherlands, Albania, Bulgaria, Australia, Belgium and Kosovo, which together accounted for a further 44%.

Kosovo, with a CAGR of +134.3%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average commercial refrigeration equipment export price amounted to $X per unit, growing by 12% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 18%. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Bulgaria ($X per unit), while the average price for exports to Belgium ($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 Kosovo (+11.4%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Greece

In 2021, the amount of refrigerating and freezing equipment and heat pumps (except household type equipment) imported into Greece expanded markedly to X units, picking up by 8.9% compared with the year before. Over the period under review, total imports indicated a resilient increase from 2012 to 2021: its volume increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2015 with an increase of 53% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, commercial refrigeration equipment imports surged to $X in 2021. Overall, total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 with an increase of 33%. Imports peaked in 2021 and are likely to see gradual 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 Greece, together accounting for 51% of total imports. The Czech Republic, Turkey, Belgium, Spain, Hungary, Romania, Germany, the Netherlands, Poland and the UK lagged somewhat behind, together comprising a further 40%.

From 2012 to 2021, the biggest increases were recorded for Hungary (with a CAGR of +27.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of refrigerating and freezing equipment and heat pumps (except household type equipment) to Greece, comprising 32% of total imports. The second position in the ranking was held by China ($X), with a 12% share of total imports. It was followed by the Czech Republic, with an 8.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy stood at +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+19.4% per year) and the Czech Republic (+13.9% per year).

Import Prices by Country

The average commercial refrigeration equipment import price stood at $X per unit in 2021, increasing by 22% against the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 22% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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