GCC: Refrigerator Compressor Market 2024

Refrigerator Compressor Market Size in GCC

In 2022, the GCC refrigerator compressor market increased by X% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Refrigerator Compressor Production in GCC

In value terms, refrigerator compressor production declined to $X in 2022 estimated in export price. Overall, production, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2018 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Refrigerator Compressor Exports

Exports in GCC

In 2022, approx. X units of compressors for refrigeration equipment were exported in GCC; which is down by X% against the previous year. Over the period under review, exports, however, posted a prominent increase. The growth pace was the most rapid in 2013 with an increase of X%. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, refrigerator compressor exports expanded sharply to $X in 2022. In general, exports, however, continue to indicate significant growth. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in the near future.

Exports by Country

The United Arab Emirates (X units) and Bahrain (X units) prevails in exports structure, together committing X% of total exports. Oman (X units) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Bahrain (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the largest refrigerator compressor supplier in GCC, comprising X% of total exports. The second position in the ranking was taken by Bahrain ($X), with a X% share of total exports.

In the United Arab Emirates, refrigerator compressor exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Bahrain (X% per year) and Oman (X% per year).

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, growing by X% against the previous year. In general, the export price posted a buoyant increase. The growth pace was the most rapid in 2019 when the export price increased by X%. The level of export peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

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 the United Arab Emirates ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the other leaders experienced more modest paces of growth.

Refrigerator Compressor Imports

Imports in GCC

In 2022, the amount of compressors for refrigeration equipment imported in GCC rose slightly to X units, growing by X% compared with 2021 figures. Total imports indicated a mild increase from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2018 indices. The pace of growth was the most pronounced in 2019 when imports increased by X% against the previous year. The volume of import peaked in 2022 and is likely to continue growth in years to come.

In value terms, refrigerator compressor imports rose notably to $X in 2022. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when imports increased by X% against the previous year. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United Arab Emirates (X units) was the key importer of compressors for refrigeration equipment, mixing up X% of total imports. Saudi Arabia (X units) held the second position in the ranking, distantly followed by Kuwait (X units). All these countries together held near X% share of total imports. Bahrain (X units) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the compressors for refrigeration equipment imports, with a CAGR of X% from 2012 to 2022. At the same time, Kuwait (X%) displayed positive paces of growth. By contrast, Saudi Arabia (X%) and Bahrain (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.) and Kuwait (X p.p.) significantly strengthened its position in terms of the total imports, while Bahrain and Saudi Arabia saw its share reduced by X% and X% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported compressors for refrigeration equipment in GCC, comprising X% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a X% share of total imports. It was followed by Kuwait, with a X% share.

In the United Arab Emirates, refrigerator compressor imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (X% per year) and Kuwait (X% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, growing by X% against the previous year. In general, the import price, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2014 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Kuwait ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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