Albany, NY -- (SBWIRE) -- 04/13/2018 -- A recent market study on the Latin America industrial refrigeration equipment market published by Transparency Market Research (TMR), estimates the market to expand at a CAGR of 6.5% during the period from 2013 to 2019 and reach a value of US$668.3 million by 2019.The study, titled "Industrial Refrigeration Equipment Market - Latin America Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", also notes that the market for industrial refrigeration equipment in Latin America stood at US$431.8 million in 2013.
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, states the report.
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According to the report, the industrial refrigeration equipment market in Latin America is analyzed on three fronts: products, applications, and the numerous regional segments of the global market.Based on products, the industrial refrigeration equipment market in Latin America is classified into the markets for thermal panels, refrigeration systems, coils and condensers, and support products, wherein the market for refrigeration systems captured the leading position among all the product segments, accounting for 28.9% of the overall revenue generated by the market in 2012.
By application, the Latin American market is categorized into the markets for food production and processing, chemicals and pharmaceuticals, beverage production, petrochemicals, logistics, and energy. In 2012, the market was led by the food production and processing market and the food production and processing market along with the market for beverage production collectively help 45.1% of overall revenue generated in the market.The report discusses the regional distribution of the market for industrial refrigeration equipment market in Latin America in detail. The market in Brazil has occupied the leading position among all the regional markets in Latin America and is likely to maintain its dominance over the forecast period.
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The rapid growth in the Brazilian beverage industry has stimulated the expansion of beverage firms in the region, resulting in high demand for industrial refrigeration equipment for storage purpose.Apart from this, the market in Mexico is projected to report a faster growth rate compared to the markets in Southern and Central America over the forecast period. In 2012, the markets in Mexico and Brazil collectively contributed 54.6% of overall revenue generated in the industrial refrigeration equipment market in Latin America.
The report also analyzes the company profiles of the major players participating in the industrial refrigeration equipment market in Latin America, such as Lennox International, Johnson Controls Inc., Corval Group, Inc., Ingersoll-Rand Company Ltd., GEA Group AG, Yantai Moon Co. Ltd., Daikin Industries, Ltd., Mayekawa Mfg. Co., Ltd., BITZER Kuhlmaschinenbau GmbH, Industrial Frigo srl, Danfoss Group, Carrier Corporation, Vilter Manufacturing, and DE RIGO Refrigeration srl.
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The market is identified as a concentrated market, where the top four market participants occupy almost 56% of the overall industry