The market for industrial
refrigeration equipment in Latin America is forecast to reach USD
668.3 million by 2019. With rise in trade (import and export) of food
products which require refrigeration, there has been increase in
demand for refrigeration equipments across the industrial sector in
Latin America.
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Latin America industrial
refrigeration equipment market was valued at USD 431.8 million in
2012 and is forecast to grow at a CAGR of 6.5% from 2013 to 2019.
Different refrigeration equipment used by industrial sector include
refrigeration systems, thermal panels, coil and condensers, and
parts. Among these product types, the Latin American market for
industrial refrigeration equipment was dominated by refrigeration
systems, which accounted for 28.9% revenue share in 2012.
Rapid growth of the frozen
foods market is fuelling the demand for industrial refrigeration
systems in Latin America. Industrial refrigeration equipment finds
extensive application for food production and processing, beverage
production, chemicals and pharmaceuticals, and petro-chemicals, among
others. The demand for industrial refrigeration equipments for
production and processing is high, owing to the rise in demand for
food and beverage items, and increased export activities in Latin
America. Thus, in 2012, industrial refrigeration equipment market was
dominated by the food production and processing application. Beverage
production and 'food production and processing' collectively
accounted for 45.1% of overall market revenue share in 2012.
Geographically, Brazil is
expected to remain the single largest market for Latin America
industrial refrigeration equipment. Brazilian beverage market has
grown rapidly, stimulating the growth of beverage firms which are
initiating expansion programs in the region. Further, Mexico is
expected to show faster growth compared to Middle America and
Southern Cone during the forecast period. In 2012, Brazil and Mexico
had collective revenue share of 54.6% of the Latin America industrial
refrigeration equipment market.
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With Latin America expected to
emerge as a potential market for both imports and exports activities
in the near future, many global and local players have started
undertaking active business expansion activities in this region. Some
of the key participants in this industry include Ingersoll-Rand
Company Ltd., Daikin Industries, Ltd., Danfoss Group, Corval Group,
Inc., Johnson Controls Inc., Lennox International, Carrier
Corporation, GEA Group AG, Mayekawa Mfg. Co., Ltd., and Vilter
Manufacturing, LLC among others. The top four leading players
collectively accounted for around 55.8% of the total market share in
2012.
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This report analyzes the Latin
America industrial refrigeration equipment market in terms of revenue
(USD million). The market has been segmented as follows:
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Latin
America Industrial Refrigeration Equipment Market, by Product:
Refrigeration systems
Coils and condensers
Thermal panels
Parts (Support products)
Latin
America Industrial Refrigeration Equipment Market, by Applications:
Food production and
processing
Agro
Non-Agro
Beverage production
Chemicals and
Pharmaceuticals
Petro-chemicals
Energy (gas production
and power plants)
Logistics (storage -
warehouses)
Latin
America Industrial Refrigeration Equipment Market, by Geography:
Brazil
Mexico
Middle America (Peru,
Colombia, Venezuela, Ecuador, Central America, Caribbean
(except Cuba) and Puerto Rico)
Southern Cone (Chile,
Argentina, Uruguay, Paraguay and Bolivia)
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