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Commercial Refrigeration Equipment Market growing at a CAGR of 6.9% by 2018
Commercial Refrigeration Equipment Market - Latin America (Caribbean, Central America and South America) Industry Analysis, Size, Share, Growth, Trends and Forecast 2012-2018
Published 08 October 2015
Commercial refrigeration equipments consist of display cases, walk-in freezers, beverage refrigerators, preparatory tables (used during commercial food production), refrigerated trucks, and so on. The demand for these equipments has been on a rise, due to rising consumption of frozen food, increasing trade of refrigerated food items, changing food habits of consumers, technological developments, changing regulations, and the growing tourism industry.
In its latest report, TransparencyMarket Research states that,growing at a CAGR of 6.9% during the forecast period of 2012 to 2018, the Latin America commercial refrigeration equipment market is projected to reach a market value of US$1.1 billion by the end of 2018. The report, titled “Commercial Refrigeration Equipment Market - Latin America Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012-2018”, is available for sale on the company website.
Driven by impact of all the above mentioned factors, the market for commercial refrigeration equipments in Latin America is expected to record a healthy growth rate during the period 2012 – 2018. The market is dominated by the South America region which is the largest market due to its huge population base. As a result, the market growth in this region is driven by demand for new installations, with commercial establishments such as restaurants, retail outlets, cafes, and others supporting the demand rise. The Caribbean market for commercial refrigeration equipment, however, is primarily driven by demand from the tourism sector, which includes hotels and cafes. Central America, with improving trade relations with emerging economies has become a potential export market. It is thus expected to see fastest growth as compared to all other regions.
Among different equipment types, transportation refrigeration equipment constitutes the largest segment, with South America acquiring the largest share among all other geographies. However, Central America will still record the fastest growth for the transportation refrigeration equipment market. The beverage refrigeration equipment segment is emerging as the fastest growing market for commercial refrigeration equipment in Latin America. It will see South America as the highest growth contributor, which is the largest and fastest growing market.
The Latin America commercial refrigeration equipment market, by application, has food service equipment as the largest segment. It includes equipment such as display cases, beverage refrigerators, preparatory tables, and so on. However, use of commercial refrigeration equipment will see a higher demand from the retail segment, making it the fastest growing segment. Among different regions, Central America will see fastest growth in the retail segment, while South America will continue to lead as the largest market for commercial refrigeration equipment used in retail sector.
The Latin America market for commercial refrigeration equipment holds a high growth potential. But, it is currently witnessing challenges due to reliance on trade relations with North American and European economies. These regions are going through a slag demand phase. Thus, majors to improve trade relations with eastern emerging economies such as South Africa, China, Korea, Japan, and others, is expected to give the market necessary momentum to ensure sustained growth in the long run. For the same reasons, global leaders are still hesitant to enter the market with full force, leaving significant space for new entrants. Players such as Metalfrio SA, Beverage-Air, Fogel, Lennox International, already have operations and manufacturing units in the region, and are enjoying benefits of being pioneers in the market.
Browse the full Commercial Refrigeration Equipment Market - Latin America (Caribbean, Central America and South America) Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012-2018 report at http://www.transparencymarketresearch.com/commercial-refrigeration-equipments.html
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, TMR employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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