Africa's Compressors for Refrigeration Equipment Market to Grow at a CAGR of +0.5% from 2024 to 2035 - News and Statistics - IndexBox

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IndexBox has just published a new report: Africa - Compressors For Refrigeration Equipment - Market Analysis, Forecast, Size, Trends And Insights.

The African market for compressors used in refrigeration equipment is set to see a continuous rise in demand in the coming years. Despite a deceleration in market performance, the industry is projected to expand, reaching 20 million units and $1.7 billion in value by the end of 2035.

Driven by increasing demand for compressors for refrigeration equipment in Africa, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.5% for the period from 2024 to 2035, which is projected to bring the market volume to 20M units by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.2% for the period from 2024 to 2035, which is projected to bring the market value to $1.7B (in nominal wholesale prices) by the end of 2035.

In 2024, approx. 19M units of compressors for refrigeration equipment were consumed in Africa; increasing by 1.6% against the year before. The total consumption indicated a pronounced increase from 2013 to 2024: its volume increased at an average annual rate of +4.0% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -6.2% against 2021 indices. As a result, consumption reached the peak volume of 20M units. From 2022 to 2024, the growth of the consumption failed to regain momentum.

The value of the refrigerator compressor market in Africa dropped modestly to $1.5B in 2024, with a decrease of -2% 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 +1.3% from 2013 to 2024; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, consumption attained the peak level of $1.7B. From 2022 to 2024, the growth of the market failed to regain momentum.

The countries with the highest volumes of consumption in 2024 were Egypt (3.7M units), South Africa (2.6M units) and Kenya (2.4M units), with a combined 46% share of total consumption. Algeria, Ghana, Madagascar, Somalia, Chad, Guinea and Sierra Leone lagged somewhat behind, together comprising a further 39%.

From 2013 to 2024, the biggest increases were recorded for Algeria (with a CAGR of +12.3%), while consumption for the other leaders experienced more modest paces of growth.

In value terms, Guinea ($271M), Somalia ($219M) and Egypt ($158M) appeared to be the countries with the highest levels of market value in 2024, with a combined 43% share of the total market.

Egypt, with a CAGR of +8.4%, saw the highest growth rate of market size among the main consuming countries over the period under review, while market for the other leaders experienced more modest paces of growth.

The countries with the highest levels of refrigerator compressor per capita consumption in 2024 were Sierra Leone (54 units per 1000 persons), Somalia (49 units per 1000 persons) and Madagascar (45 units per 1000 persons).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Algeria (with a CAGR of +9.8%), while consumption for the other leaders experienced more modest paces of growth.

In 2024, refrigerator compressor production in Africa fell to 9.7M units, reducing by -4.8% against 2023. The total output volume increased at an average annual rate of +2.3% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 when the production volume increased by 17% against the previous year. Over the period under review, production hit record highs at 11M units in 2021; however, from 2022 to 2024, production failed to regain momentum.

In value terms, refrigerator compressor production shrank to $1B in 2024 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by 20% against the previous year. As a result, production attained the peak level of $1.4B. From 2016 to 2024, production growth remained at a lower figure.

The countries with the highest volumes of production in 2024 were Kenya (2.4M units), Ghana (1.5M units) and Madagascar (1.4M units), with a combined 54% share of total production.

From 2013 to 2024, the biggest increases were recorded for Madagascar (with a CAGR of +5.7%), while production for the other leaders experienced more modest paces of growth.

In 2024, overseas purchases of compressors for refrigeration equipment were finally on the rise to reach 9.2M units after two years of decline. Total imports indicated resilient growth from 2013 to 2024: its volume increased at an average annual rate of +5.7% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 19% against the previous year. The volume of import peaked in 2024 and is expected to retain growth in the near future.

In value terms, refrigerator compressor imports surged to $407M in 2024. The total import value increased at an average annual rate of +1.5% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 36%. The level of import peaked in 2024 and is likely to continue growth in the immediate term.

Egypt (3.7M units), South Africa (2.6M units) and Algeria (2M units) represented roughly 91% of total imports in 2024. The following importers - Morocco (150K units) and Tunisia (139K units) - each amounted to a 3.2% share of total imports.

From 2013 to 2024, the biggest increases were recorded for Algeria (with a CAGR of +12.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Egypt ($133M), South Africa ($70M) and Algeria ($69M) appeared to be the countries with the highest levels of imports in 2024, together comprising 67% of total imports. Morocco and Tunisia lagged somewhat behind, together accounting for a further 9.1%.

Among the main importing countries, Morocco, with a CAGR of +8.5%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

In 2024, the import price in Africa amounted to $44 per unit, increasing by 6% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2021 an increase of 14%. Over the period under review, import prices hit record highs at $70 per unit in 2013; however, from 2014 to 2024, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Morocco ($195 per unit), while South Africa ($27 per unit) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Morocco (+1.8%), while the other leaders experienced a decline in the import price figures.

After two years of decline, overseas shipments of compressors for refrigeration equipment increased by 13% to 107K units in 2024. In general, exports, however, showed a abrupt decrease. The growth pace was the most rapid in 2021 with an increase of 110% against the previous year. The volume of export peaked at 400K units in 2013; however, from 2014 to 2024, the exports remained at a lower figure.

In value terms, refrigerator compressor exports contracted dramatically to $11M in 2024. Over the period under review, exports, however, recorded a deep contraction. The pace of growth appeared the most rapid in 2021 with an increase of 63% against the previous year. Over the period under review, the exports hit record highs at $23M in 2013; however, from 2014 to 2024, the exports failed to regain momentum.

Egypt (52K units) and South Africa (47K units) represented roughly 92% of total exports in 2024.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by South Africa (with a CAGR of -9.9%).

In value terms, South Africa ($8.4M) remains the largest refrigerator compressor supplier in Africa, comprising 74% of total exports. The second position in the ranking was taken by Egypt ($826K), with a 7.3% share of total exports.

From 2013 to 2024, the average annual growth rate of value in South Africa was relatively modest.

In 2024, the export price in Africa amounted to $105 per unit, with a decrease of -25.6% against the previous year. Export price indicated a strong increase from 2013 to 2024: its price increased at an average annual rate of +5.7% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, refrigerator compressor export price increased by +49.1% against 2021 indices. The most prominent rate of growth was recorded in 2023 when the export price increased by 66% against the previous year. As a result, the export price reached the peak level of $142 per unit, and then declined dramatically in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was South Africa ($178 per unit), while Egypt totaled $16 per unit.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by South Africa (+10.1%).

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the refrigerator compressor market in Africa. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Importers on The Market and How They Succeed

The Largest Exporters on The Market and How They Succeed

The Largest Producers on The Market and Their Profiles

The Largest Markets And Their Profiles