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.
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.
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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.