Azerbaijan: Commercial Refrigeration Equipment Market 2024

Commercial Refrigeration Equipment Market Size in Azerbaijan

The Azerbaijani commercial refrigeration equipment market rose modestly to $X in 2023, surging by X% against the previous year. In general, consumption recorded prominent growth. Commercial refrigeration equipment consumption peaked in 2023 and is likely to see steady growth in the near future.

Commercial Refrigeration Equipment Production in Azerbaijan

In value terms, commercial refrigeration equipment production rose slightly to $X in 2023 estimated in export price. In general, production continues to indicate a temperate expansion. The most prominent rate of growth was recorded in 2013 when the production volume increased by X%. Commercial refrigeration equipment production peaked at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

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Commercial Refrigeration Equipment Exports

Exports from Azerbaijan

In 2023, shipments abroad of refrigerating and freezing equipment and heat pumps (except household type equipment) decreased by X% to X units for the first time since 2020, thus ending a two-year rising trend. In general, exports, however, continue to indicate a significant increase. The pace of growth appeared the most rapid in 2018 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X units in 2022, and then declined sharply in the following year.

In value terms, commercial refrigeration equipment exports fell rapidly to $X in 2023. Over the period under review, exports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2018 when exports increased by X% against the previous year. The exports peaked at $X in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X units) was the main destination for commercial refrigeration equipment exports from Azerbaijan, accounting for a X% share of total exports. Moreover, commercial refrigeration equipment exports to Russia exceeded the volume sent to the second major destination, Turkey (X units), eightfold. Iran (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Russia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (X% per year) and Iran (X% per year).

In value terms, Russia ($X) remains the key foreign market for refrigerating and freezing equipment and heat pumps (except household type equipment) exports from Azerbaijan, comprising X% of total exports. The second position in the ranking was taken by the UK ($X), with a X% share of total exports. It was followed by Turkey, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Russia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (X% per year) and Turkey (X% per year).

Export Prices by Country

In 2023, the average commercial refrigeration equipment export price amounted to $X per unit, growing by X% against the previous year. In general, the export price posted a notable increase. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. The export price peaked at $X per unit in 2020; however, from 2021 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Iran ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Iran (X%), while the prices for the other major destinations experienced more modest paces of growth.

Commercial Refrigeration Equipment Imports

Imports into Azerbaijan

In 2023, commercial refrigeration equipment imports into Azerbaijan reached X units, surging by X% against 2022 figures. Overall, imports posted a buoyant increase. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Over the period under review, imports attained the peak figure in 2023 and are expected to retain growth in the immediate term.

In value terms, commercial refrigeration equipment imports fell modestly to $X in 2023. Over the period under review, imports recorded a strong expansion. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Imports peaked at $X in 2022, and then contracted modestly in the following year.

Imports by Country

In 2023, Turkey (X units) constituted the largest supplier of commercial refrigeration equipment to Azerbaijan, accounting for a X% share of total imports. Moreover, commercial refrigeration equipment imports from Turkey exceeded the figures recorded by the second-largest supplier, Italy (X units), sixfold. The third position in this ranking was taken by Iran (X units), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume from Turkey amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Iran (X% per year).

In value terms, Turkey ($X) constituted the largest supplier of refrigerating and freezing equipment and heat pumps (except household type equipment) to Azerbaijan, comprising X% of total imports. The second position in the ranking was held by Italy ($X), with a X% share of total imports. It was followed by Russia, with a X% share.

From 2012 to 2023, the average annual growth rate of value from Turkey totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and Russia (X% per year).

Import Prices by Country

In 2023, the average commercial refrigeration equipment import price amounted to $X per unit, dropping by X% against the previous year. In general, the import price saw a perceptible decrease. The most prominent rate of growth was recorded in 2015 when the average import price increased by X%. The import price peaked at $X per unit in 2017; however, from 2018 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Iran ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform