Portugal: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Portugal

After two years of decline, the Portuguese commercial refrigeration equipment market increased by 8.6% to $X in 2021. In general, consumption continues to indicate a significant increase. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Commercial Refrigeration Equipment Production in Portugal

In value terms, commercial refrigeration equipment production surged to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +5.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Commercial Refrigeration Equipment Exports

Exports from Portugal

In 2021, overseas shipments of refrigerating and freezing equipment and heat pumps (except household type equipment) increased by 13% to X units, rising for the fifth year in a row after two years of decline. The total export volume increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 with an increase of 18% against the previous year. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, commercial refrigeration equipment exports expanded rapidly to $X in 2021. The total export value increased at an average annual rate of +1.2% from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 17%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

France (X units), Germany (X units) and Belgium (X units) were the main destinations of commercial refrigeration equipment exports from Portugal, with a combined 52% share of total exports. The UK, Spain, the Netherlands, Angola and Venezuela lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +25.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), the UK ($X) and Germany ($X) constituted the largest markets for commercial refrigeration equipment exported from Portugal worldwide, together accounting for 44% of total exports. The Netherlands, Spain, Belgium, Angola and Venezuela lagged somewhat behind, together comprising a further 30%.

The Netherlands, with a CAGR of +24.5%, recorded the highest growth rate of the value of exports, in terms of 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

The average commercial refrigeration equipment export price stood at $X per unit in 2021, stabilizing at the previous year. In general, the export price, however, showed a slight shrinkage. The pace of growth was the most pronounced in 2016 when the average export price increased by 31% against the previous year. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Germany ($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 Venezuela (+13.6%), while the prices for the other major destinations experienced mixed trend patterns.

Commercial Refrigeration Equipment Imports

Imports into Portugal

Commercial refrigeration equipment imports into Portugal surged to X units in 2021, growing by 23% against the previous year's figure. Overall, total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -13.8% against 2019 indices. The growth pace was the most rapid in 2013 with an increase of 48% against the previous year. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, commercial refrigeration equipment imports surged to $X in 2021. In general, total imports indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -3.4% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by 31%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Spain (X units), Italy (X units) and France (X units) were the main suppliers of commercial refrigeration equipment imports to Portugal, with a combined 69% share of total imports. These countries were followed by China, Belgium, Poland, Germany and Austria, which together accounted for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Poland (with a CAGR of +58.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Spain ($X) constituted the largest supplier of refrigerating and freezing equipment and heat pumps (except household type equipment) to Portugal, comprising 41% of total imports. The second position in the ranking was held by Italy ($X), with a 17% share of total imports. It was followed by China, with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Spain amounted to +6.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+2.5% per year) and China (+31.6% per year).

Import Prices by Country

The average commercial refrigeration equipment import price stood at $X per unit in 2021, with a decrease of -2.9% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 18% against the previous year. The import price peaked at $X per unit in 2020, and then dropped slightly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Austria ($X per unit), while the price for France ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+21.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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