Industrial refrigeration equipment plays a crucial role in numerous sectors and has to be designed and manufactured in a manner that ensures maximum energy efficiency and durability. Industrial refrigeration equipment are used not only to maintain the quality of food products, but also liquefy gases, in compressed air purification, in oil refineries and chemical and petrochemical plants, to temper steel and cutlery, and to transport temperature-sensitive products.
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Dynamics of the Latin America industrial refrigeration equipment market
The demand for industrial refrigeration equipment is primarily driven by its increasing usage in the food production and processing sector. With a change in lifestyle and food habits across the region, the food and beverages industry has witnessed steady growth, especially refrigerated and frozen foods. Chemical processing industries and pharmaceuticals too have grown in recent years, resulting in an increased demand for industrial refrigeration equipment. New installation as well as replacement of refrigeration equipment is a trend that is currently fueling the growth of the market. Implementation of 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) has strengthened the demand for replacement of industrial refrigeration equipment. Moreover, the tourism industry has flourished tremendously and the economy is once again on the rise, directly impacting the development of the industrial refrigeration equipment market.
A major factor that proves to be a hindrance to the growth of the market is fluctuating fuel prices. However, local and global vendors of industrial refrigeration equipment can expand operations by investing in variable refrigerant flow systems (VRF), green technology, and energy efficient refrigeration systems.
Scope of the industrial refrigeration equipment market
The Latin American market for industrial refrigeration equipment is highly diversified and can be segmented on the basis of application, product type, and geography. Industrial refrigeration equipment finds applications in industries such as chemicals and pharmaceuticals, food production (agro and non-agro), logistics (storage and warehouses), energy (power plants and gas production), petrochemicals, and beverage production. The main product types are refrigeration systems, parts (support products), coils and condensers, and thermal panels. The four major regions that fall under the Latin America industrial refrigeration equipment market are Brazil, Middle America, Mexico, and Southern Cone.
Outlook of the Latin American Industrial Refrigeration Equipment Market
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The industrial refrigeration equipment market in Latin America was worth $431.8 million in 2012 and has been forecast to grow at a 6.5% CAGR to $668.3 million by 2019. Among the main product types, refrigeration systems lead the Latin America market, generating 28.9% of the total revenue in 2012. In terms of applications, food production and processing accounted for 45.1% of the total industrial refrigeration equipment market share. Geographically, Brazil dominated the Latin America market due to a thriving beverages industry, while Mexico is expected to witness rapid growth compared to the Southern Cone and Middle America. In 2012, Mexico and Brazil together accounted for 54.6% of the total revenue generated.
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Competitive landscape of the industrial refrigeration equipment market
There are a number of established and new vendors operating in the Latin America industrial refrigeration equipment. Some of the major players who have expanded operations in the regional industrial refrigeration equipment market include Mayekawa Mfg. Co., Ltd., Vilter Manufacturing, Yantai Moon Co. Ltd., Industrial Frigo srl, BITZER Kuhlmaschinenbau GmbH, GEA Group AG, and DE RIGO Refrigeration srl. The top four companies that dominate the industrial refrigeration equipment market together enjoy 55.8% of the total industry share.
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