Latin America Industrial Refrigeration Equipment Market Grows from Mounting Industrialization
The increased demand for refrigerated food products in Latin America is escalating the business for industrial refrigeration equipment in the region. Additionally, due to changing lifestyles and shift in food consumption trends among the Latin American population, the market for frozen food is witnessing tremendous growth, which is adding to the development of the refrigeration equipment market in the region. Industrial refrigeration equipment will constitute a US$668.3-mn market in Latin America by 2019. The valuation of the market in 2013 was US$431.8 mn, and it is expected to register a CAGR of 6.5% through the forecast period.
Latin America Industrial Refrigeration Equipment Market Analysis:
The major Latin American markets such as Brazil and Mexico have conventionally consumed high amounts of frozen foods thanks to the relatively higher purchasing power of consumers here. However, the trend is also gradually catching on in markets such as Peru, Uruguay, Argentina, Chile, and Venezuela. The food and beverage industry as a whole in Latin America is showing signs of steady growth and this will also augur well for the market for industrial refrigeration equipment here.
Moreover, a greater degree of industrialization in various Latin American countries and the burgeoning power generation sector will also reveal new growth opportunities for the industrial refrigeration equipment market in Latin America. Several new trade agreements signed between countries in Latin America and other regions of the world will also bolster the market for industrial refrigeration equipment here.
TMR’s report segments the Latin America industrial refrigeration equipment market by product into coils and condensers, refrigeration systems, thermal panels, and parts (support products). The refrigeration systems segment represented the largest share in the market as of 2012 on account of the rising demand for cooling tower systems, cold rooms, and freezers and refrigerators.
Likewise, based on application, the market has been segmented into beverage production, food production and processing (for both non-agro and agro separately), petro-chemicals, chemicals and pharmaceuticals, logistics, and energy (power plants and gas production). The food production and processing segment represented 24.5% (in revenue terms) of the industrial refrigeration equipment market in Latin America in 2012. This application segment will also show the fastest growth rate through the review period of the report, which ranges from 2013 to 2019.
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From the regional standpoint, the Latin America market for industrial refrigeration equipment is segmented into Mexico, Brazil, the Southern Cone, and Middle America. While Southern Cone countries include Argentina, Chile, Paraguay, Uruguay, and Bolivia, countries reviewed under the Middle America segment are Colombia, Peru, Ecuador, Venezuela, Caribbean (except Cuba), Central America, and Puerto Rico. Brazil is projected to remain the single-largest market for industrial refrigeration equipment in Latin America. This will primarily be the result of the mounting presence of global beverage manufacturers in the country. The report states that Brazil and Mexico together represented 54.6% of the industrial refrigeration equipment market in Latin America in 2012.
Companies that currently have a firm foothold in the industrial refrigeration equipment market in Latin America include Johnson Controls, Inc., Ingersoll-Rand Inc., Vilter Manufacturing, LLC, and Yantai Moon Co. Ltd. Companies are recommended to increase their focus on developing greener yet more efficient refrigeration technologies if they are to taste success in the industrial refrigeration equipment market in Latin America.