Global Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size

The global commercial refrigeration equipment market rose significantly to $X in 2021, increasing by 11% against the previous year. The market value increased at an average annual rate of +2.4% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Commercial Refrigeration Equipment Production

In value terms, commercial refrigeration equipment production amounted to $X in 2021 estimated in export price. Over the period under review, the total production indicated a noticeable increase from 2012 to 2021: its value increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -31.8% against 2019 indices. The pace of growth was the most pronounced in 2019 when the production volume increased by 29% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, global production growth failed to regain momentum.

Commercial Refrigeration Equipment Exports

Exports

In 2021, global exports of refrigerating and freezing equipment and heat pumps (except household type equipment) surged to X units, increasing by 29% against the previous year's figure. The total export volume increased at an average annual rate of +3.6% 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.

In value terms, commercial refrigeration equipment exports soared to $X in 2021. Overall, total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, 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

In 2021, China (X units) represented the major exporter of refrigerating and freezing equipment and heat pumps (except household type equipment), generating 33% of total exports. Italy (X units) ranks second in terms of the total exports with a 9.2% share, followed by France (5.6%), Singapore (5.3%), Turkey (5%) and Mexico (4.9%). The following exporters - Germany (X units), the United States (X units), South Korea (X units), Ireland (X units), the Netherlands (X units), Belgium (X units) and Spain (X units) - together made up 19% of total exports.

From 2012 to 2021, average annual rates of growth with regard to commercial refrigeration equipment exports from China stood at +8.1%. At the same time, Ireland (+23.7%), the Netherlands (+15.2%), Turkey (+13.2%), Spain (+11.4%), Belgium (+7.3%), Italy (+6.0%), Singapore (+4.8%) and Germany (+2.8%) displayed positive paces of growth. Moreover, Ireland emerged as the fastest-growing exporter exported in the world, with a CAGR of +23.7% from 2012-2021. France and South Korea experienced a relatively flat trend pattern. By contrast, Mexico (-1.0%) and the United States (-9.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China, Turkey, Ireland and Italy increased by +10, +2.7, +2.2 and +1.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest commercial refrigeration equipment supplying countries worldwide were China ($X), Italy ($X) and the United States ($X), together comprising 37% of global exports. Germany, France, Mexico, Turkey, Singapore, Belgium, Ireland, Spain, the Netherlands and South Korea lagged somewhat behind, together comprising a further 35%.

Among the main exporting countries, the Netherlands, with a CAGR of +15.7%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average commercial refrigeration equipment export price stood at $X per unit in 2021, rising by 4% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.8%. The pace of growth was the most pronounced in 2020 when the average export price increased by 10% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see steady growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+11.5%), while the other global leaders experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports

In 2021, global commercial refrigeration equipment imports skyrocketed to X units, increasing by 28% compared with the year before. The total import volume increased at an average annual rate of +5.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. 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 buoyant increase from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, the United States (X units), distantly followed by Germany (X units) and Canada (X units) represented the main importers of refrigerating and freezing equipment and heat pumps (except household type equipment), together achieving 33% of total imports. France (X units), the Netherlands (X units), the UK (X units), Russia (X units), China (X units), Australia (X units), the United Arab Emirates (X units), Belgium (X units), Spain (X units) and Indonesia (X units) took a little share of total imports.

Imports into the United States increased at an average annual rate of +11.9% from 2012 to 2021. At the same time, the Netherlands (+18.0%), Belgium (+13.6%), Canada (+10.0%), France (+9.0%), Germany (+8.3%), the UK (+6.6%), Spain (+6.0%), Indonesia (+5.0%), the United Arab Emirates (+3.7%) and Australia (+2.3%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +18.0% from 2012-2021. Russia experienced a relatively flat trend pattern. By contrast, China (-4.3%) illustrated a downward trend over the same period. While the share of the United States (+8.3 p.p.), Canada (+2 p.p.) and the Netherlands (+1.9 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of Russia (-1.7 p.p.) and China (-3.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), Germany ($X) and France ($X) were the countries with the highest levels of imports in 2021, together comprising 31% of global imports. These countries were followed by Canada, China, the UK, the Netherlands, Australia, Belgium, Spain, the United Arab Emirates, Russia and Indonesia, which together accounted for a further 27%.

The Netherlands, with a CAGR of +15.6%, 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 global leaders experienced more modest paces of growth.

Import Prices by Country

The average commercial refrigeration equipment import price stood at $X per unit in 2021, growing by 5.9% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 9.9%. Global import price peaked in 2021 and is likely to see steady growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+7.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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