From 2013 to 2023, Belgium's refrigeration, freezing equipment, and heat pumps market experienced fluctuating growth patterns, with values in Million Euros ranging from 87.012 in 2013 to 58.786 in 2023. Significant declines occurred in 2017 and 2018, with a gradual contraction in recent years, particularly from 2021 to 2023, showcasing a persistent downward trend. Over the past five years, the compound annual growth rate (CAGR) was -0.85%, reflecting a relative decline in market size.
Future trends to watch for:
- Emergence of eco-friendly and energy-efficient technologies driving market shifts.
- Innovations in refrigeration technology due to regulatory pressures on emissions.
- Potential market adjustments influenced by broader economic conditions and green energy initiatives.
How does Belgium rank in Refrigeration and Freezing Equipment and Heat Pumps, Except Household Type Equipment Market Size Value?
| # | 11 Countries | Euros | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 Germany | 2,783,500,000 | 2023 | +2.34% | +0.86% | View data |
| 2 | 2 France | 1,853,400,000 | 2023 | +4.54% | +5.92% | View data |
| 3 | 3 Spain | 1,072,100,000 | 2023 | +1.7% | +1.93% | View data |
| 4 | 4 United Kingdom | 1,007,100,000 | 2023 | +0.56% | +1.23% | View data |
| 5 | 5 Italy | 496,380,000 | 2023 | -3.68% | -3.32% | View data |
| 9 | 9 Croatia | 71,444,000 | 2023 | +4.04% | +1.61% | View data |
| 10 | 10 Bulgaria | 63,392,000 | 2023 | +3.28% | +0.9% | View data |
| 11 | 11 Belgium | 58,786,000 | 2023 | -4.57% | -0.85% | |
