Puerto Rico: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Puerto Rico

In 2021, the Puerto Rican commercial refrigeration equipment market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption posted a buoyant expansion. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Commercial Refrigeration Equipment Production in Puerto Rico

In value terms, commercial refrigeration equipment production reached $X in 2021 estimated in export price. In general, production saw a prominent expansion. The pace of growth was the most pronounced in 2018 with an increase of 66%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Commercial Refrigeration Equipment Exports

Exports from Puerto Rico

In 2021, the amount of refrigerating and freezing equipment and heat pumps (except household type equipment) exported from Puerto Rico was estimated at less than X units, flattening at 2020 figures. Overall, exports recorded a relatively flat trend pattern.

In value terms, commercial refrigeration equipment exports stood at less than $X in 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern.

Exports by Country

In 2021, China (X units) represented the key exporter of refrigerating and freezing equipment and heat pumps (except household type equipment), mixing up 33% of total exports. Italy (X units) held a 9.2% share (based on physical terms) of total exports, which put it in second place, followed by France (5.6%), Singapore (5.3%), Turkey (5%) and Mexico (4.9%). The following exporters - Germany (X units), the United States (X units), South Korea (X units), Ireland (X units), the Netherlands (X units), Belgium (X units) and Spain (X units) - together made up 19% of total exports.

From 2012 to 2021, average annual rates of growth with regard to commercial refrigeration equipment exports from China stood at +8.1%. At the same time, Ireland (+23.7%), the Netherlands (+15.2%), Turkey (+13.2%), Spain (+11.4%), Belgium (+7.3%), Italy (+6.0%), Singapore (+4.8%) and Germany (+2.8%) displayed positive paces of growth. Moreover, Ireland emerged as the fastest-growing exporter exported in the world, with a CAGR of +23.7% from 2012-2021. France and South Korea experienced a relatively flat trend pattern. By contrast, Mexico (-1.0%) and the United States (-9.9%) illustrated a downward trend over the same period. China (+10 p.p.), Turkey (+2.7 p.p.), Ireland (+2.2 p.p.) and Italy (+1.7 p.p.) significantly strengthened its position in terms of the global exports, while France, Mexico and the United States saw its share reduced by -1.9%, -2.5% and -10% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest commercial refrigeration equipment supplying countries from Puerto Rico were China ($X), Italy ($X) and the United States ($X), together comprising 37% of total exports. These countries were followed by Germany, France, Mexico, Turkey, Singapore, Belgium, Ireland, Spain, the Netherlands and South Korea, which together accounted for a further 35%.

The Netherlands, with a CAGR of +15.7%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries 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 Puerto Rico stood at less than $X per thousand units in 2021, approximately mirroring the previous year. In general, the export price continues to indicate a relatively flat trend pattern.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was the United States ($X per thousand units), while South Korea ($X per thousand units) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+11.5%), while the other leaders experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Puerto Rico

In 2021, approx. less than X units of refrigerating and freezing equipment and heat pumps (except household type equipment) were imported into Puerto Rico; remaining stable against 2020. Overall, imports continue to indicate a relatively flat trend pattern.

In value terms, commercial refrigeration equipment imports totaled less than $X in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern.

Imports by Country

In 2021, the United States (X units), distantly followed by Germany (X units) and Canada (X units) represented the main importers of refrigerating and freezing equipment and heat pumps (except household type equipment), together generating 33% of total imports. France (X units), the Netherlands (X units), the UK (X units), Russia (X units), China (X units), Australia (X units), the United Arab Emirates (X units), Belgium (X units), Spain (X units) and Indonesia (X units) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to commercial refrigeration equipment imports into the United States stood at +11.9%. At the same time, the Netherlands (+18.0%), Belgium (+13.6%), Canada (+10.0%), France (+9.0%), Germany (+8.3%), the UK (+6.6%), Spain (+6.0%), Indonesia (+5.0%), the United Arab Emirates (+3.7%) and Australia (+2.3%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +18.0% from 2012-2021. Russia experienced a relatively flat trend pattern. By contrast, China (-4.3%) illustrated a downward trend over the same period. The United States (+8.3 p.p.), Canada (+2 p.p.) and the Netherlands (+1.9 p.p.) significantly strengthened its position in terms of the global imports, while Russia and China saw its share reduced by -1.7% and -3.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), Germany ($X) and France ($X) constituted the countries with the highest levels of imports in 2021, together comprising 31% of total imports. Canada, China, the UK, the Netherlands, Australia, Belgium, Spain, the United Arab Emirates, Russia and Indonesia lagged somewhat behind, together comprising a further 27%.

Among the main importing countries, the Netherlands, with a CAGR of +15.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Puerto Rico amounted to less than $X per thousand units, approximately mirroring the previous year. Over the period under review, the import price showed a relatively flat trend pattern.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per thousand units), while Indonesia ($X per thousand units) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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