Singapore: Refrigerator Compressor Market 2025

Refrigerator Compressor Market Size in Singapore

After two years of decline, the Singaporean refrigerator compressor market increased by 12% to $X in 2022. Overall, consumption faced a drastic downturn. Refrigerator compressor consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Refrigerator Compressor Production in Singapore

In value terms, refrigerator compressor production dropped sharply to $X in 2022 estimated in export price. In general, production, however, showed a sharp setback. The pace of growth appeared the most rapid in 2017 when the production volume increased by 10% against the previous year. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Refrigerator Compressor Exports

Exports from Singapore

In 2022, approx. X units of compressors for refrigeration equipment were exported from Singapore; shrinking by -24.5% against the previous year's figure. Overall, exports saw a abrupt shrinkage. The growth pace was the most rapid in 2017 when exports increased by 15%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, refrigerator compressor exports rose notably to $X in 2022. Over the period under review, exports saw a abrupt setback. The most prominent rate of growth was recorded in 2021 when exports increased by 17%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X units) was the main destination for refrigerator compressor exports from Singapore, accounting for a 30% share of total exports. Moreover, refrigerator compressor exports to Japan exceeded the volume sent to the second major destination, Vietnam (X units), twofold. China (X units) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Japan totaled -3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-8.2% per year) and China (-6.7% per year).

In value terms, Japan ($X) remains the key foreign market for compressors for refrigeration equipment exports from Singapore, comprising 43% of total exports. The second position in the ranking was held by Qatar ($X), with a 7.6% share of total exports. It was followed by the United States, with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan amounted to +7.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Qatar (+105.0% per year) and the United States (-15.5% per year).

Export Prices by Country

In 2022, the average refrigerator compressor export price amounted to $X per unit, growing by 49% against the previous year. Over the period under review, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, refrigerator compressor export price increased by +101.0% against 2017 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (+13.1%), while the prices for the other major destinations experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports into Singapore

After four years of growth, purchases abroad of compressors for refrigeration equipment decreased by -35.9% to X units in 2022. Over the period under review, imports, however, saw a temperate expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 105% against the previous year. Imports peaked at X units in 2021, and then contracted notably in the following year.

In value terms, refrigerator compressor imports dropped to $X in 2022. In general, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +10.2% against 2018 indices. The most prominent rate of growth was recorded in 2013 with an increase of 54%. Over the period under review, imports reached the peak figure at $X in 2021, and then fell in the following year.

Imports by Country

China (X units), Malaysia (X units) and Japan (X units) were the main suppliers of refrigerator compressor imports to Singapore, together comprising 61% of total imports. The United States, Thailand, Germany and India lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +39.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of compressors for refrigeration equipment to Singapore, comprising 55% of total imports. The second position in the ranking was taken by Japan ($X), with a 10% share of total imports. It was followed by China, with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States totaled +19.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.7% per year) and China (+0.0% per year).

Import Prices by Country

In 2022, the average refrigerator compressor import price amounted to $X per unit, increasing by 40% against the previous year. Overall, the import price showed a mild expansion. The growth pace was the most rapid in 2013 an increase of 121% against the previous year. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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