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Latin America Industrial Refrigeration Equipment Market Benefits from Region Flourishing Food and Beverage Production and Processing Market
Latin America Market for Industrial Refrigeration Equipment to reach US$668.3 Million by 2019.Latin America Industrial Refrigeration Equipment Market Benefits from Region Flourishing Food and Beverage Production and Processing Market
Published 01 December 2015
The global industrial refrigeration equipment market is highly dynamic. It has undergone several changes over the several decades of its existence. While the deliberate use of low temperatures and block ice for the preservation of food goes back many centuries, it was the early 20th century when the concept of mechanical freezing was introduced. The American Civil War also passively helped in improving the adoption of mechanical freezing systems in industries; the Civil War cut off the supply of block ice to the Southern States, making it necessary for industries in these regions to turn to mechanical freezing. Beginning with early machines featuring air cycle and vapor compression systems, which used natural refrigerants such as carbon dioxide (CO2) and ammonia for freezing, the market for industrial equipment expanded rapidly over the following years.
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The market now features numerous new products, methods, and the use of a horde of natural and synthetic refrigerants. However, the market has come under huge scrutiny of late due to the ill-effects of some highly popular synthetic refrigerants such as CFC, HCFC, and HFC on the environment and particularly the earth’s ozone layer (leading the Montreal Protocol to bring a complete ban on the use of CFCs in 1987). The toxicity and flammability of some common refrigerants also restrict their use, making it difficult for the market to make rapid developments in terms of product innovations. Many consider the industrial refrigeration equipment market rather “old fashioned” for the lack of momentum. It is, however, a market with stable growth and plays a very important role in the fields of production and storage of foods and beverages, medicines, chemicals, biotechnology products, etc.
Industrial Refrigeration Equipment Market of Latin America led by Brazil, Mexico
The Latin America market for industrial refrigerant equipment covers regions such as Brazil, Middle America, Mexico, and the Southern Cone (Uruguay, Paraguay, Bolivia, Chile, and Argentina). The market has followed a stable growth trend for the past many years. It had a net worth of US$431.8 million in 2013 and is slated to rise at a CAGR of 6.5% from 2013 to 2019, according to the U.S.-based market research firm Transparency Market Research. The company’s latest report states that the market will be worth more than US$668 million by 2019.
Key product types available in the market include coils and condensers, thermal panels, and support products. Of the key regions covered by the Latin America industrial refrigeration equipment market, the markets in Mexico and Brazil are the most beneficiary markets (revenue wise); the TMR report on the Latin America industrial refrigeration equipment market states that these two markets held a combined revenue share of 54.6% in the market in 2012.
Booming Food and Beverages Industry Crucial to Industrial Refrigeration Equipment Market
Latin America’s flourishing food production and processing industry, in combination with the region’s beverage production industry, has helped the industrial refrigeration market acquire nearly 45% of its overall revenue in 2012. Other key application areas served by the Latin America industrial refrigeration market include chemicals and pharmaceuticals, petrochemicals, energy production, and logistics.
The key businesses operating in this highly advanced marketplace in Latin America include Johnson Controls Inc., Lennox International, Ingersoll-Rand Company Ltd., Daikin Industries, Ltd., Corval Group, Inc., BITZER Kuhlmaschinenbau GmbH, Danfoss Group, Mayekawa Mfg. Co. Ltd., Yantai Moon Co. Ltd., Vilter Manufacturing, Carrier Corporation, GEA Group AG, Ltd. In spite of the large number of businesses operating in this market, the market is known to be highly concentrated, with the top four companies occupying over 50% of the market.
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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.
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