Scandinavia: Refrigerator Compressor Market 2024

Refrigerator Compressor Exports

Exports in Scandinavia

In 2022, approx. X units of compressors for refrigeration equipment were exported in Scandinavia; waning by -7.6% against 2021. Over the period under review, exports continue to indicate a slight contraction. The most prominent rate of growth was recorded in 2013 with an increase of 49%. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, refrigerator compressor exports amounted to $X in 2022. In general, exports saw a perceptible decline. The most prominent rate of growth was recorded in 2013 with an increase of 46%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Sweden dominates exports structure, resulting at X units, which was near 90% of total exports in 2022. It was distantly followed by Finland (X units), achieving a 6.3% share of total exports. Norway (X units) took a minor share of total exports.

Exports from Sweden decreased at an average annual rate of -1.3% from 2012 to 2022. At the same time, Finland (+3.6%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +3.6% from 2012-2022. Norway experienced a relatively flat trend pattern. Finland (+2.3 p.p.) significantly strengthened its position in terms of the total exports, while Sweden saw its share reduced by -2.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) remains the largest refrigerator compressor supplier in Scandinavia, comprising 66% of total exports. The second position in the ranking was held by Norway ($X), with a 25% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sweden totaled -3.6%. The remaining exporting countries recorded the following average annual rates of exports growth: Norway (-7.3% per year) and Finland (-5.9% per year).

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per unit, growing by 8.8% against the previous year. Over the period under review, the export price, however, showed a pronounced decline. The most prominent rate of growth was recorded in 2014 an increase of 18% against the previous year. The level of export peaked at $X per unit in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (-2.3%), while the other leaders experienced a decline in the export price figures.

Refrigerator Compressor Imports

Imports in Scandinavia

In 2022, after two years of growth, there was significant decline in overseas purchases of compressors for refrigeration equipment, when their volume decreased by -8.6% to X units. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 50% against the previous year. As a result, imports reached the peak of X units, and then declined in the following year.

In value terms, refrigerator compressor imports shrank to $X in 2022. The total import value increased at an average annual rate of +2.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 19%. Over the period under review, imports hit record highs at $X in 2021, and then shrank in the following year.

Imports by Country

Sweden was the main importing country with an import of around X units, which reached 77% of total imports. It was distantly followed by Finland (X units), achieving a 20% share of total imports. Norway (X units) held a little share of total imports.

Imports into Sweden decreased at an average annual rate of -2.0% from 2012 to 2022. At the same time, Finland (+9.5%) and Norway (+7.5%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +9.5% from 2012-2022. While the share of Finland (+12 p.p.) and Norway (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Sweden (-13.8 p.p.) displayed negative dynamics.

In value terms, Sweden ($X) constitutes the largest market for imported compressors for refrigeration equipment in Scandinavia, comprising 62% of total imports. The second position in the ranking was held by Finland ($X), with a 21% share of total imports.

In Sweden, refrigerator compressor imports increased at an average annual rate of +1.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Finland (+6.4% per year) and Norway (+4.5% per year).

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per unit, rising by 4.4% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. The most prominent rate of growth was recorded in 2013 when the import price increased by 18% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

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 Norway ($X per unit), while Sweden ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+3.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform