Commercial Refrigeration Equipment Market - Latin America (Caribbean, Central America and South America) Industry Analysis, Size, Share, Growth, Trends and Forecast 2012-2018
Albany, NY -- (SBWIRE) -- 01/19/2017 -- Increased import-export activity in the Latin America food and beverages industry will augur well for the global commercial refrigeration equipment market in the region, finds a latest study published by Transparency Market Research. The report, titled 'Commercial Refrigeration Equipment Market - Latin America Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012-2018,' states that the market will stand at US$ 1.1 bn by 2018. According to the report, the market will log a CAGR of 6.9% between 2012 and 2018. The sales of commercial refrigeration equipment such as preparatory tables, beverage refrigerators, refrigerated trucks, walk-in freezers, and display cases are expected to show an increase in Latin America through the report's forecast period.
Latin American countries are experiencing steady economic growth, backed also by a healthy tourism sector, causing the demand for commercial refrigeration equipment to increase in restaurants, transport hubs, hotels, and food processing factories. The market will also be driven by improving trade relations between Latin American countries and other regions of the world. The introduction of initiatives such as the Energy Efficiency Program for Latin America and the Caribbean and the Regional Energy Information System by the Latin American Energy Organization (by OLADE), have necessitated the replacement or upgrade of several older commercial refrigeration equipment.
While the commercial refrigeration equipment market in Latin America is seeing steady demand for both new installations and equipment replacements, the demand for the former is noticeably higher. The installation of new commercial refrigeration in Latin American countries is largely driven by refrigerated transportation equipment and storage systems.
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On the basis of product type, the global commercial refrigeration equipment market is segmented into: refrigerators and freezers, transportation refrigeration equipment, beverage refrigeration equipment, parts, and other equipment. Both domestic and international trade is witnessing an uptick in Latin America, and this has positive implications for the food and beverages industry here. The increased trade volumes will in turn create a white space in the market for transportation refrigeration equipment.
From the geographical standpoint, South America represents the largest segment in the Latin America commercial refrigeration equipment market, thanks to the region having a high density of population. This region is trailed by the Central America commercial refrigerated equipment market. The report states that the demand for such equipment in the Caribbean region will not be as high as South and Central America despite the multibillion-dollar tourism industry here.
From the application standpoint, the Latin America market for commercial refrigeration equipment is classed into food service, food and beverage production, food and beverage distribution, and food and beverage retail. The demand for refrigeration equipment in the food service sector is the highest, with products such as vending machines, display cases, and beverage refrigeration equipment leading the market. The report finds that 50% of the Latin America commercial refrigeration equipment market by product was dominated by two segments in 2014 – food service and F&B distribution.Companies profiled in the report include: Hussmann International, Inc., Metalfrio Solutions SA, Daikin Industries, Ltd., Beverage-Air Corporation, Dover Corporation, and others.