Commercial Refrigeration Equipment Market : Pin-Point Analysis For Changing Competitive Dynamics
The increasing implementation of several regional environmental and energy regulations, such as Energy Efficiency Program for Latin America and the Caribbean (PALCEE) and Regional Energy Information System (SIER), by Latin America Energy Organization (OLADE) is also expected to boost this regional market substantially. Furthermore, the demand for new and more units, boosted by the economic growth and the augmenting consumerism, is likely to support this market over the forthcoming years.
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The Latin America market for commercial refrigeration equipment is spread across Brazil, Mexico, Argentina, Chile, and the Rest of Latin America. Among these, Brazil has surfaced the key contributor to this regional market. With a share of 38%, Brazil led the overall market in 2016 and is anticipated to continue as the dominant domestic market for commercial refrigeration equipment in Latin America.
Brazil is closely followed by Mexico in terms of the uptake of commercial refrigeration equipment, thanks to the significant growth of the processed and packaged food industry in this country. The presence of a robust food processing industry with renowned Mexican brands such as Bimbo, Lala, Gruma, and Herdez, with a well-distributed network across Latin America, reflects greatly on the usage of commercial refrigeration equipment in this country
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Transportation refrigeration equipment, refrigerator and freezer, beverage refrigeration, and commercial refrigeration equipment parts are the main products available in the Latin America market for commercial refrigeration equipment. Refrigerators and freezers witness a higher demand from end users. In 2016, this segment led the market with a share of 37.4% and is projected to continue doing so over the forthcoming years.
Food services, food and beverage retail, food and beverage distribution, and food and beverage production are the prime application areas of commercial refrigeration equipment in Latin America. The demand for these refrigeration devices has been greater from the food and services segment. Analysts anticipate this scenario to remain same in the near future.
Lennox International Inc., Hussmann International Inc., United Technologies Corp., Daikin Industries Ltd., Dover Corp., Illinois Tool Works Inc., Beverage-Air Corp., and Metalfrio Solutions SA are the key manufacturers of commercial refrigerator equipment in Latin America.
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