Albany, NY -- (SBWIRE) -- 07/09/2014 -- According to a new market report “Industrial Refrigeration Equipment Market (Refrigeration systems, Coil and Condensers, Thermal panels and Parts) – Latin America Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019,” published by Transparency Market Research, 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 fueling 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.
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
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
- Beverage production
- Chemicals and Pharmaceuticals
- Energy (gas production and power plants)
- Logistics (storage – warehouses)
Latin America Industrial Refrigeration Equipment Market, by Geography
- 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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