Refrigeration compressor Ten years (Ⅰ)

The steady growth of China's cold chain equipment market has also led to the development of the upstream supply chain market. As the core parts of the compressor field, mainly covers the fully enclosed piston, rotor, scroll, semi-enclosed piston and screw type five categories of compressor products. Looking back on the development of the industry in the past ten years, with the changes in the demand of the whole machine equipment market, the overall scale of the refrigeration compressor industry continues to grow, and the product structure is constantly changing.

The scale of the industry has risen and fallen, and the proportion of export sales has been growing

According to industry online data, China's refrigeration compressors basically maintained steady growth before the epidemic, and the total sales volume of the industry has grown from less than 130 million units in 2013 to 190 million units in 2019. In 2020, affected by the epidemic, the global market "house economy" is hot, the demand for household refrigeration equipment is growing, and due to the rapid recovery of Chinese enterprises' production, a large number of overseas orders are transferred to China, China's advantages in the global value chain and industrial chain are more prominent, China's total sales of refrigeration compressors exceeded 200 million units, an increase of 15.5%, reaching the peak in recent years.

In 2021, with the promotion of vaccines and economic recovery, there are many favorable factors such as the purchase tide in overseas countries, and the demand for refrigeration equipment is strong, and the domestic and export markets jointly pull the sales volume of the refrigeration compressor industry exceeded 250 million units, and the total sales volume reached a new peak.

By 2022, factors such as high global inflation, rising interest rates and rising energy prices have suppressed consumer demand for refrigeration equipment, affected by the weak market demand for the whole machine, and the early release of demand in the previous two years, the refrigeration compressor industry has shown a sharp decline. In 2022, China's refrigeration compressor sales of 230 million compressors, down 10.3% year-on-year, is the first decline in the refrigeration compressor industry sales in nearly a decade, but still higher than the sales before the epidemic.

As China is the world's largest producer of refrigeration equipment, the domestic market is the main market of China's refrigeration compressor industry. The proportion of domestic sales was as high as 75.4% in 2013, and has declined since then. Compared with the whole equipment, the compressor also experienced two declines in the decade, the first decline occurred in 2015, mainly due to the decline of large refrigerator products; The second decline is in 2022, mainly due to the impact of the epidemic and the overdraft of the earlier market.

The domestic sales growth of refrigeration compressors in the decade was the highest in 2016 and 2020, of which domestic sales increased by 10.2% in 2016, mainly due to the formal implementation of the power consumption limit value of household refrigerators and energy efficiency levels, and the significant improvement of industry energy efficiency standards led to the accelerated release of demand for variable frequency compressors; In 2020, affected by the epidemic, the increase in demand for home stockpiling indirectly drove the sales of refrigeration compressors to increase by 18.5% year-on-year.

The export market is the key market for refrigeration compressor enterprises in the past ten years, and the proportion has steadily increased. In 2021, the refrigeration compressor export market recorded the highest annual growth rate, with a year-on-year growth of 28.9%, mainly due to the gradual recovery of overseas refrigeration equipment production and the increase in demand for upstream compressor components. In addition, China's refrigeration compressor enterprises continue to explore overseas markets and seize the share of some regional markets. In 2022, the export volume of refrigeration compressors was 81.43 million units, down 9.2% year-on-year, and the first decline in nearly a decade. From a regional point of view, mainly in the Asian market, radiation Europe and the United States.