Scandinavia: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Scandinavia

In 2021, the Scandinavia commercial refrigeration equipment market decreased by -1.8% to $X, falling for the third consecutive year after three years of growth. The total consumption indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -8.7% against 2018 indices. 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 Scandinavia

In value terms, commercial refrigeration equipment production soared to $X in 2021 estimated in export price. Over the period under review, production, however, enjoyed a strong increase. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Commercial Refrigeration Equipment Exports

Exports in Scandinavia

In 2021, after two years of decline, there was significant growth in shipments abroad of refrigerating and freezing equipment and heat pumps (except household type equipment), when their volume increased by 16% to X units. The total export volume increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the exports attained the maximum at X units in 2018; afterwards, it flattened through to 2021.

In value terms, commercial refrigeration equipment exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +4.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Denmark (X units) and Sweden (X units) dominates exports structure, together mixing up 91% of total exports. It was distantly followed by Finland (X units), achieving a 4.7% share of total exports. Norway (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Norway (with a CAGR of +15.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X), Denmark ($X) and Finland ($X) were the countries with the highest levels of exports in 2021, together comprising 97% of total exports. These countries were followed by Norway, which accounted for a further 2.9%.

Among the main exporting countries, Norway, with a CAGR of +15.1%, 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

In 2021, the export price in Scandinavia amounted to $X per unit, increasing by 6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2020 an increase of 13%. Over the period under review, the export prices reached the maximum in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+2.0%), while the other leaders experienced mixed trends in the export price figures.

Commercial Refrigeration Equipment Imports

Imports in Scandinavia

In 2021, approx. X units of refrigerating and freezing equipment and heat pumps (except household type equipment) were imported in Scandinavia; with an increase of 10% against the previous year's figure. The total import volume increased at an average annual rate of +4.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, commercial refrigeration equipment imports surged to $X in 2021. The total import value increased at an average annual rate of +4.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the four major importers of refrigerating and freezing equipment and heat pumps (except household type equipment), namely Denmark, Norway, Sweden and Finland, represented more than two-thirds of total import.

From 2012 to 2021, the biggest increases were recorded for Finland (with a CAGR of +7.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest commercial refrigeration equipment importing markets in Scandinavia were Denmark ($X), Sweden ($X) and Norway ($X), with a combined 78% share of total imports.

Denmark, with a CAGR of +5.6%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Scandinavia stood at $X per unit in 2021, growing by 13% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The level of import peaked at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Finland ($X per unit) and Sweden ($X per unit), while Norway ($X per unit) and Denmark ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+2.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform