Singapore: Market for Air conditioning Machines without Refrigeration Unit 2024

Market Size for Air conditioning Machines without Refrigeration Unit in Singapore

For the third consecutive year, the Singaporean market for air conditioning machines without refrigeration unit recorded growth in sales value, which increased by 45% to $X in 2022. Over the period under review, consumption, however, enjoyed a strong increase. Consumption of peaked in 2022 and is likely to see gradual growth in years to come.

Production of Air conditioning Machines without Refrigeration Unit in Singapore

In value terms, production of air conditioning machines without refrigeration unit fell dramatically to $X in 2022 estimated in export price. Overall, production, however, showed a remarkable increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 322%. Production of peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Exports of Air conditioning Machines without Refrigeration Unit

Exports from Singapore

In 2022, shipments abroad of air conditioning machines without refrigeration unit was finally on the rise to reach X units after two years of decline. Over the period under review, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 68% against the previous year. Over the period under review, the exports of attained the peak figure at X units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, exports of air conditioning machines without refrigeration unit surged to $X in 2022. In general, exports continue to indicate noticeable growth. The pace of growth appeared the most rapid in 2014 when exports increased by 64%. Over the period under review, the exports of hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia (X units), Japan (X units) and Malaysia (X units) were the main destinations of exports of air conditioning machines without refrigeration unit from Singapore, with a combined 70% share of total exports. Qatar, India, the United States, Thailand, China, Maldives, Brunei Darussalam, Vietnam and Nigeria lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Qatar (with a CAGR of +72.5%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for air conditioning machins without refrigeration unit exported from Singapore were Indonesia ($X), Japan ($X) and Malaysia ($X), with a combined 70% share of total exports. Qatar, India, the United States, Thailand, China, Maldives, Brunei Darussalam, Vietnam and Nigeria lagged somewhat behind, together accounting for a further 23%.

Qatar, with a CAGR of +83.5%, recorded the highest growth rate of 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 2022, the average export price for air conditioning machines without refrigeration unit amounted to $X per unit, picking up by 39% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.5%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Brunei Darussalam ($X per unit) and Indonesia ($X per unit), while the average price for exports to Vietnam ($X per unit) and India ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Air conditioning Machines without Refrigeration Unit

Imports into Singapore

For the third consecutive year, Singapore recorded growth in supplies from abroad of air conditioning machines without refrigeration unit, which increased by 2.3% to X units in 2022. In general, imports posted buoyant growth. The most prominent rate of growth was recorded in 2018 when imports increased by 50%. Over the period under review, imports of reached the peak figure in 2022 and are likely to see gradual growth in the immediate term.

In value terms, imports of air conditioning machines without refrigeration unit surged to $X in 2022. Over the period under review, imports showed buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United States (X units) constituted the largest air conditioning machins without refrigeration unit supplier to Singapore, accounting for a 53% share of total imports. Moreover, imports of air conditioning machines without refrigeration unit from the United States exceeded the figures recorded by the second-largest supplier, China (X units), fourfold. The third position in this ranking was held by Thailand (X units), with an 8.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States totaled +35.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+7.5% per year) and Thailand (+3.7% per year).

In value terms, the United States ($X) constituted the largest supplier of air conditioning machines without refrigeration unit to Singapore, comprising 54% of total imports. The second position in the ranking was taken by China ($X), with a 14% share of total imports. It was followed by Thailand, with an 8.2% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +43.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+14.6% per year) and Thailand (+10.5% per year).

Import Prices by Country

The average import price for air conditioning machines without refrigeration unit stood at $X per unit in 2022, with an increase of 76% against the previous year. Overall, import price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for air conditioning machines without refrigeration unit increased by +75.5% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the United States ($X per unit) and Thailand ($X per unit), while the price for Spain ($X per unit) and Malaysia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+7.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform