U.S.: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in the U.S.

The U.S. commercial refrigeration equipment market soared to $X in 2021, picking up by 116% against the previous year. In general, consumption posted a strong increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Commercial Refrigeration Equipment Production in the U.S.

In value terms, commercial refrigeration equipment production amounted to $X in 2021. Over the period under review, production saw a drastic downturn. The pace of growth was the most pronounced in 2019 when the production volume increased by 22%. As a result, production reached the peak level of $X. From 2020 to 2021, production growth remained at a lower figure.

Commercial Refrigeration Equipment Exports

Exports from the U.S.

In 2021, commercial refrigeration equipment exports from the United States declined to X units, dropping by -5.4% compared with 2020 figures. Overall, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2019 when exports increased by 13% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, commercial refrigeration equipment exports soared to $X in 2021. Over the period under review, exports, however, showed a relatively flat trend pattern. The exports peaked at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Mexico (X units), the UK (X units) and Canada (X units) were the main destinations of commercial refrigeration equipment exports from the United States, together comprising 59% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +17.6%), while the other leaders experienced a decline.

In value terms, Canada ($X) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from the United States, comprising 39% of total exports. The second position in the ranking was held by Mexico ($X), with a 16% share of total exports. It was followed by the UK, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Canada stood at +3.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+3.8% per year) and the UK (+18.1% per year).

Export Prices by Country

The average commercial refrigeration equipment export price stood at $X per unit in 2021, surging by 24% against the previous year. Overall, the export price enjoyed a buoyant expansion. The growth pace was the most rapid in 2020 when the average export price increased by 97% against the previous year. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+27.8%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into the U.S.

In 2021, imports of refrigerating and freezing equipment and heat pumps (except household type equipment) into the United States surged to X units, with an increase of 44% compared with 2020 figures. Over the period under review, imports continue to indicate a buoyant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, commercial refrigeration equipment imports surged to $X in 2021. Overall, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +9.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +133.3% against 2012 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest commercial refrigeration equipment supplier to the United States, with a 66% share of total imports. Moreover, commercial refrigeration equipment imports from China exceeded the figures recorded by the second-largest supplier, Mexico (X units), fivefold. The third position in this ranking was taken by Canada (X units), with a 4.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +23.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (-2.3% per year) and Canada (+9.7% per year).

In value terms, Mexico ($X), China ($X) and Italy ($X) constituted the largest commercial refrigeration equipment suppliers to the United States, together comprising 77% of total imports.

Italy, with a CAGR of +30.3%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average commercial refrigeration equipment import price amounted to $X per unit, falling by -4.4% against the previous year. Overall, the import price recorded a slight contraction. The pace of growth was the most pronounced in 2018 when the average import price increased by 17% against the previous year. As a result, import price attained the peak level of $X per unit. From 2019 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+17.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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