Commercial Refrigeration Equipment Market

The global market for refrigerating and freezing equipment, as well as heat pumps, is projected to see continued growth in consumption volume and value over the next eight years. Market performance is forecasted to increase with anticipated CAGR rates, with key trends such as top consuming countries, production trends, import trends, and export trends highlighted. Major highlights include the decline in consumption volume in 2022, the highest consuming countries like China, the United States, and Japan, as well as growth in production and imports. Overall, the market is expected to see gradual growth in the near future.

Market Forecast

Driven by increasing demand for refrigerating and freezing equipment and heat pumps (except household type equipment) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.4% for the period from 2022 to 2030, which is projected to bring the market volume to 112M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market value to $47.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Refrigerating and Freezing Equipment and Heat Pumps (Except Household Type Equipment)

In 2022, the amount of refrigerating and freezing equipment and heat pumps (except household type equipment) consumed worldwide fell to 100M units, dropping by -6.5% against 2021. The total consumption volume increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 8.1%. As a result, consumption reached the peak volume of 107M units, and then shrank in the following year.

The global commercial refrigeration equipment market revenue dropped to $35.9B in 2022, with a decrease of -4.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $37.6B, and then reduced in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (20M units), the United States (13M units) and Japan (9M units), with a combined 42% share of global consumption. Brazil, Germany, the UK, Canada, Turkey, Mexico, France, Italy, Australia and Thailand lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Germany (with a CAGR of +24.4%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($5.7B), China ($5.1B) and the United States ($3.4B) appeared to be the countries with the highest levels of market value in 2022, with a combined 40% share of the global market. Turkey, Germany, Brazil, France, Italy, the UK, Canada, Australia, Mexico and Thailand lagged somewhat behind, together comprising a further 31%.

Germany, with a CAGR of +21.9%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of commercial refrigeration equipment per capita consumption in 2022 were Japan (72 units per 1000 persons), Australia (63 units per 1000 persons) and Canada (61 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +23.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Refrigerating and Freezing Equipment and Heat Pumps (Except Household Type Equipment)

Global commercial refrigeration equipment production fell slightly to 86M units in 2022, waning by -4% against the previous year. In general, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 11%. Global production peaked at 101M units in 2019; however, from 2020 to 2022, production remained at a lower figure.

In value terms, commercial refrigeration equipment production declined to $33.3B in 2022 estimated in export price. Over the period under review, the total production indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +5.7% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of 27% against the previous year. As a result, production attained the peak level of $50.5B. From 2020 to 2022, global production growth remained at a lower figure.

Production By Country

China (32M units) constituted the country with the largest volume of commercial refrigeration equipment production, accounting for 37% of total volume. Moreover, commercial refrigeration equipment production in China exceeded the figures recorded by the second-largest producer, Japan (8.5M units), fourfold. Italy (6.8M units) ranked third in terms of total production with a 7.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +2.3%. The remaining producing countries recorded the following average annual rates of production growth: Japan (-1.7% per year) and Italy (+5.8% per year).

Imports

World Imports of Refrigerating and Freezing Equipment and Heat Pumps (Except Household Type Equipment)

After ten years of growth, overseas purchases of refrigerating and freezing equipment and heat pumps (except household type equipment) decreased by -1.9% to 70M units in 2022. Overall, total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +4.9% 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 +61.2% against 2012 indices. The most prominent rate of growth was recorded in 2021 with an increase of 16%. As a result, imports attained the peak of 72M units, and then dropped slightly in the following year.

In value terms, commercial refrigeration equipment imports expanded markedly to $24.6B in 2022. Over the period under review, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% 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 +42.0% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 33% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports By Country

In 2022, the United States (13M units), distantly followed by Germany (5M units) and Canada (3.3M units) were the largest importers of refrigerating and freezing equipment and heat pumps (except household type equipment), together making up 31% of total imports. The following importers - the UK (3.1M units), France (2.5M units), China (2.3M units), the Netherlands (1.9M units), Australia (1.7M units), Spain (1.5M units), Mexico (1.4M units), Italy (1.3M units), Malaysia (1.3M units) and Belgium (1.2M units) - together made up 26% of total imports.

From 2012 to 2022, average annual rates of growth with regard to commercial refrigeration equipment imports into the United States stood at +8.8%. At the same time, the Netherlands (+13.5%), Belgium (+10.8%), Germany (+9.6%), the UK (+9.4%), Malaysia (+7.8%), Italy (+7.2%), France (+6.7%), Spain (+6.4%), Canada (+6.1%), Australia (+2.2%) and Mexico (+2.2%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +13.5% from 2012-2022. China experienced a relatively flat trend pattern. From 2012 to 2022, the share of the United States, Germany and the UK increased by +5.8, +2.6 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest commercial refrigeration equipment importing markets worldwide were the United States ($3.6B), Germany ($2.3B) and France ($1.4B), with a combined 30% share of global imports. Canada, the UK, Italy, the Netherlands, China, Australia, Belgium, Spain, Mexico and Malaysia lagged somewhat behind, together accounting for a further 28%.

Among the main importing countries, the Netherlands, with a CAGR of +15.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Non-furniture refrigerating or freezing equipment represented the key imported product with an import of around 54M units, which amounted to 78% of total imports. It was distantly followed by refrigerating or freezing display counters, cabinets, show-cases (13M units), achieving a 19% share of total imports. Heat pumps other than air conditioning machines (1.9M units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to non-furniture refrigerating or freezing equipment imports of stood at +4.4%. At the same time, refrigerating or freezing display counters, cabinets, show-cases (+6.9%) and heat pumps other than air conditioning machines (+3.9%) displayed positive paces of growth. Moreover, refrigerating or freezing display counters, cabinets, show-cases emerged as the fastest-growing type imported in the world, with a CAGR of +6.9% from 2012-2022. Refrigerating or freezing display counters, cabinets, show-cases (+3.5 p.p.) significantly strengthened its position in terms of the global imports, while non-furniture refrigerating or freezing equipment saw its share reduced by -3.2% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, non-furniture refrigerating or freezing equipment ($11.9B), refrigerating or freezing display counters, cabinets, show-cases ($7.5B) and heat pumps other than air conditioning machines ($5.2B) appeared to be the products with the highest levels of imports in 2022.

In terms of the main imported products, heat pumps other than air conditioning machines, with a CAGR of +11.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average commercial refrigeration equipment import price stood at $351 per unit in 2022, picking up by 8.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2021 when the average import price increased by 15%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was heat pumps other than air conditioning machines ($2,722 per unit), while the price for non-furniture refrigerating or freezing equipment ($220 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by heat pump (+7.4%), while the other products experienced mixed trends in the import price figures.

Import Prices By Country

In 2022, the average commercial refrigeration equipment import price amounted to $351 per unit, increasing by 8.6% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The pace of growth was the most pronounced in 2021 when the average import price increased by 15% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($681 per unit), while Malaysia ($118 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+6.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Refrigerating and Freezing Equipment and Heat Pumps (Except Household Type Equipment)

In 2022, the amount of refrigerating and freezing equipment and heat pumps (except household type equipment) exported worldwide amounted to 57M units, surging by 3.7% on the previous year. The total export volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 23%. Over the period under review, the global exports attained the maximum at 58M units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, commercial refrigeration equipment exports expanded rapidly to $24.9B in 2022. Over the period under review, total exports 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, exports increased by +47.4% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 32%. The global exports peaked in 2022 and are likely to see gradual growth in the near future.

Exports By Country

In 2022, China (14M units), distantly followed by Italy (6.4M units), Mexico (4M units), France (3.9M units), Singapore (2.8M units) and Germany (2.6M units) represented the key exporters of refrigerating and freezing equipment and heat pumps (except household type equipment), together making up 59% of total exports. The following exporters - South Korea (2M units), the Czech Republic (1.8M units), Turkey (1.8M units), Ireland (1.6M units), the Netherlands (1.4M units), Spain (1.1M units) and Canada (0.9M units) - together made up 19% of total exports.

Exports from China increased at an average annual rate of +2.6% from 2012 to 2022. At the same time, Ireland (+21.6%), Spain (+11.8%), the Netherlands (+11.5%), Canada (+10.0%), Italy (+7.5%), Turkey (+6.7%), Singapore (+3.1%), Germany (+2.7%), the Czech Republic (+1.7%), Mexico (+1.3%), South Korea (+1.2%) and France (+1.1%) displayed positive paces of growth. Moreover, Ireland emerged as the fastest-growing exporter exported in the world, with a CAGR of +21.6% from 2012-2022. Italy (+4.4 p.p.) and Ireland (+2.4 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($5.3B), Italy ($2.7B) and Germany ($1.8B) appeared to be the countries with the highest levels of exports in 2022, together accounting for 39% of global exports. France, Mexico, the Czech Republic, Turkey, Singapore, South Korea, the Netherlands, Spain, Ireland and Canada lagged somewhat behind, together comprising a further 29%.

In terms of the main exporting countries, the Netherlands, with a CAGR of +16.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

Non-furniture refrigerating or freezing equipment was the largest exported product with an export of around 43M units, which accounted for 76% of total exports. Refrigerating or freezing display counters, cabinets, show-cases (11M units) took a 20% share (based on physical terms) of total exports, which put it in second place, followed by heat pumps other than air conditioning machines (4.7%).

From 2012 to 2022, average annual rates of growth with regard to non-furniture refrigerating or freezing equipment exports of stood at +1.3%. At the same time, refrigerating or freezing display counters, cabinets, show-cases (+6.9%) and heat pumps other than air conditioning machines (+5.5%) displayed positive paces of growth. Moreover, refrigerating or freezing display counters, cabinets, show-cases emerged as the fastest-growing type exported in the world, with a CAGR of +6.9% from 2012-2022. Refrigerating or freezing display counters, cabinets, show-cases (+7 p.p.) significantly strengthened its position in terms of the global exports, while non-furniture refrigerating or freezing equipment saw its share reduced by -8.2% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of exported refrigerating and freezing equipment and heat pumps (except household type equipment) were non-furniture refrigerating or freezing equipment ($11.4B), refrigerating or freezing display counters, cabinets, show-cases ($7.8B) and heat pumps other than air conditioning machines ($5.7B).

In terms of the main exported products, heat pumps other than air conditioning machines, with a CAGR of +9.1%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

The average commercial refrigeration equipment export price stood at $441 per unit in 2022, picking up by 7.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.5%. The most prominent rate of growth was recorded in 2020 when the average export price increased by 25%. The global export price peaked in 2022 and is likely to continue growth in the immediate term.

Prices varied noticeably by the product type; the product with the highest price was heat pumps other than air conditioning machines ($2,155 per unit), while the average price for exports of non-furniture refrigerating or freezing equipment ($267 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by non-furniture refrigerating or freezing equipment (+4.1%), while the other products experienced mixed trends in the export price figures.

Export Prices By Country

The average commercial refrigeration equipment export price stood at $441 per unit in 2022, with an increase of 7.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.5%. The pace of growth was the most pronounced in 2020 when the average export price increased by 25%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($683 per unit), while Singapore ($214 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform