[104 Pages Premium Report] Commercial Refrigeration Equipments Market – Latin America Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2012 – 2018 – Commercial Refrigeration Equipments Industry Overview, Market Segmentation Report, Leaders,…
Transparency Market Research published new market report "Commercial Refrigeration Equipments Market – Latin America Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2012 – 2018," the market for commercial refrigeration equipment in Latin America is expected to reach a value of USD 1.1 billion by 2018, growing at a CAGR of 6.9% from 2012 to 2018.
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The Latin America commercial refrigeration equipment market is witnessing growth for both new installations as well as replacement. However, new installation demand currently dominates the trend. This is largely due to demand for more refrigerated storage and transportation equipment. Increase in trade activities involving refrigerated food items is the prominent cause behind the demand surge. Regional economic growth and steady growth in the tourism sector has further added to demand rise. Replacement demand is fuelled by change in regulations, such as PALCEE (Energy Efficiency Program for Latin America and the Caribbean) and SIER (Regional Energy Information System) by OLADE (Latin American Energy Organization).
Geographically, though South America makes up the largest segment, Central America is expected to record the fastest growth during the forecast period 2012 – 2018. The emergence of Central America is largely due its growing popularity as an export market. The Caribbean region, despite its robust tourism sector, is expected to witness slow growth.
Among different types of commercial refrigeration equipment, the market is dominated by transportation refrigeration equipment, such as shipping containers, refrigerated trucks and trailers. Increase in both inbound trade and exports have driven the demand for refrigeration equipment across the transportation sector. Refrigerators and freezers used to store items in commercial establishments constitute the second largest segment, with demand largely contributed from hotels, restaurants, cafes, and other such businesses.
The commercial refrigeration equipment market is dominated by the food service segment, which consists of equipment such as display cases, vending machines, and beverage refrigeration equipment, among others. Food service segment along with food and beverage distribution equipment segment accounts for more than 50% share of the Latin America commercial refrigeration equipment market.
The Latin America market is still in a transition phase to become a destination market for leading industry players. Manufacturers such as Metalfrio Solutions SA, Beverage-Air (Ali group), Fogel, and Lennox International have a pioneering advantage in the market. Other players such as SRC Refrigeration, Dover Corporation, Daikin, and Illinois Tool Works, too are catering to demand in the region.