Industrial Refrigeration Equipment Market-Witnessing Tremendous Growth
Industrial refrigeration systems play crucial role in the business operations of companies across industries, such as food and beverage processing, cold storage warehousing, and chemical processing, among others, which require temperature controlled handling of raw materials, in-process materials, and finished goods.
Maintaining temperature at desired levels is critical to ensure desired quality of materials throughout the prescribed use time (best before or expiry date). Changing food consumption trends and increased international trade of food products, which require refrigeration, are some of the key factors which are currently driving the industrial refrigeration industry in Latin America.
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Industrial refrigeration equipment are extensively used in different industries including food production and processing, petrochemicals, beverage production, and others. Among these potential applications, the highest revenue share, 24.5%, was contributed by food production and processing segment, in 2012.
Food production and processing is expected to be the fastest growing application segment driven by expanding non-agro processing industry in Latin America. Some of the equipment used for industrial refrigeration purpose includes refrigeration systems, coil and condensers, thermal panels and parts. Of these, refrigeration systems dominated the market in 2012.
Demand from production and processing industries for systems such as water chillers and cooling tower systems, refrigerators and freezers of different capacities, and cold rooms, among others, has helped to support refrigeration systems market growth.
At country level, Brazil is predicted to remain the single largest market for Latin America industrial refrigeration equipment due to the expansion activities of beverage manufacturing companies. In 2012, Brazil and Mexico collectively accounted for 54.6% of the Latin America industrial refrigeration equipment market revenue.
Latin America industrial refrigeration equipment market due to its high growth potential and long term growth opportunities is attracting the global players. This is also supported by improving standards of living and the mature nature of the frozen food industry in the region.
Some of the major participants in this industry include Johnson Controls, Inc., Mayekawa Mfg. Co., Ltd. and GEA Group, Ingersoll-Rand Inc., Yantai Moon Co. Ltd., and Vilter Manufacturing, LLC, among others. Players such as Johnson Controls, Inc., Mayekawa Mfg. Co., Ltd., and GEA Group AG, already have strong presence across Latin American industrial refrigeration equipment market.
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 insight for thousands of 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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