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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