Latin America Industrial Refrigeration Equipment Market: Overview
Change in food habits and advancement in refrigeration technology are key factors driving demand for industrial refrigeration equipment in Latin America. Industrial refrigeration equipment enables to preserve food and beverages for longer duration. Hence, it is widely adopted in food and beverage industry.
Further, emergence of super markets, grocery stores, and restaurants are aiding the expansion of Latin America industrial refrigeration market.
Owing to growth in demand for specific purpose based industrial refrigeration equipment, there have been technological developments in the equipment. Lately, walk-in coolers are widely adopted in food and beverage industry. Wide adoption rate is attributed to its energy efficiency and regulations favoring energy conservations. As a result, Latin America industrial refrigeration equipment market is anticipated to grow in coming years.
The upcoming report on Latin America industrial refrigeration equipment provides comprehensive details about various segments driving growth of the market. It includes detail about role of drivers and trends in shaping Latin America industrial refrigeration equipment market in between 2019-2028.
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Latin America Industrial Refrigeration Equipment Market: Notable Development
A new Ecodesign and Energy labelling regulation has been formed that aims at regulation of energy usage for industrial refrigeration equipment. The regulation will come into effect in March 2021. It focuses on strict regulation regarding usage of energy of industrial refrigeration equipment. The regulation is likely to change existing products in detail.
The agenda includes product specification. The specifications for industrial refrigeration equipment are clearly mentioned in the new regulation. Furthermore, it also specifies standardized testing methods for wide range of refrigeration equipment.
Officially, implementation of ecodesgin specifications and energy labelling will begin in next March. The specification will be implemented at direct point of sales.
In 2019, Ecodesign and Energy Labelling Regulations, when came into effect, emerged as a game changer for industrial refrigeration vertical. Similarly, the upcoming regulation is likely to phase out certain refrigeration equipment. Subsequently, demand for best available technologies will enhance in the duration of forecast period.
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Latin America Industrial Refrigeration Equipment Market: Key Trends
Rising demand for convenience food and beverages, increasing disposable income, and influence of western lifestyle is bringing shift in the food habit of population in Latin America.
Demand for frozen food items is entailing adoption of refrigeration equipment. Further, increase in number of large stores has compelled small restaurants and unorganized grocery retail stores to upgrade with latest electronic appliances including refrigeration equipment.
These features are boosting growth of Latin America Industrial Refrigeration Equipment Market.
Further, trend of ready-to-eat food is offering tremendous demand from food outlets and new restaurants in the region. This, in turn, will support development of Latin America industrial refrigeration equipment market in near future.
Latin America Industrial Refrigeration Equipment Market: Competitive Analysis
The Latin American industrial refrigeration equipment market is consolidated in nature. There is moderate competition among the players. Key players in the market are involved in the product development to keep up with the growing demand for industrial refrigeration equipment.
60% of the market share is explicitly divided into six major players of the Latin American industrial refrigeration equipment market. Among six dominant players, Electrolux AB accounts for maximum share, owing to its widespread presence in various countries of the region, such as Argentina, Chile, Mexico, and Brazil.
Some of the key players in the Latin American industrial refrigeration equipment market are-
- Daikin Industries Ltd.
- AHT Cooling Systems GmbH
- Dover Corporation
- Illinois Tool Works Inc.
- Metalfrio Solutions
- Hussmann Corporation
- United Technologies Corporation
- Lennox International Inc.
- Johnson Controls International PLC
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