According to recent findings, the Latin America Heating Ventilation Air Conditioning & Refrigeration (HAVCR) Market size is valued at around USD 10.4 billion in 2023 and is estimated to grow at a CAGR of about 2.4% during the forecast period, i.e., 2024-29.
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Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Overview:
The robust growth of the market is primarily fueled by the increasing preference for split units of air conditioners. These units are gaining popularity due to their ease of installation & high energy efficiency.
Due to this, consumers are adopting split units with humidity control solutions, particularly ducted split air conditioners, which are expected to drive industry expansion in the forecast years. The presence of oil & gas industries in the region has contributed to greenhouse gas emissions & pollution, exacerbating global warming concerns. Due to this, individuals are inclined to adopt new, environmentally friendly refrigerants, which create an area of opportunity for HVACR manufacturer to expand their businesses in the region.
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Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Outlook and Future Trends :
Booming Construction Sector Drives Robust Growth in Latin America’s HVACR Industry – The Heating Ventilation Air Conditioning & Refrigeration (HVACR) Market in Latin America is experiencing substantial growth, primarily fuelled by the burgeoning construction sector. This expansion can be attributed to the rising demand for HVACR systems in both residential & industrial settings, driven by the region’s increasing construction activities. Latin America’s construction industry has been on an upward trajectory in recent years, owing to rapid urbanization, industrialization, and various other factors. For instance:
- In 2023, the Brazilian government announced to launch USD 350 billion construction plan to focus on infrastructure and sustainable projects.
In the residential domain, the growing need for housing units has led to the construction of new homes & apartments, consequently boosting the demand for HVACR systems. Moreover, these systems are designed for energy efficiency, allowing residents to save on energy costs. As a result, individuals are increasingly inclined towards homes and buildings equipped with these systems.
Global Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Segmentation Analysis:
By Product Type
- Condensing Units
- Unit Coolers
- Packaged Systems
- Control/Monitor Devices
- HVAC RTU/AHU
- Chillers/Heat Pumps
- Evaporators
- Display Cases
- Fan Coil
- Compressor Racks
- Cabinet/Counter
- Walk-In and Cabinet Cooling Unit
According to reports, Chillers/Heat Pumps hold the major position in the Latin America HVACR Market.
By Refrigerant
- Fluorocarbons
- Inorganic
- Hydrocarbons or Natural
By End Users
- Food Service
- Food Processing
- Super Market
- Cold Storage
- Others
According to reports, Within Latin America, the Commercial Sector has historically demonstrated the highest demand for Heating, Ventilation, Air Conditioning, and Refrigeration (HVACR) systems.
By Country
- Mexico
- Brazil
- Argentina
- Colombia
- Peru
According to reports, Brazil held the maximum share and demand for Heating, Ventilation, Air Conditioning, and Refrigeration (HVACR) systems in 2022, and this trend is to be followed in the forecast year as well.
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Some of the Market players in the Global Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) are:
- Daikin
- Mitsubishi
- Haier
- Carrier Corporation
- Midea Group
- Dover Corporation
- GEA Refrigeration
- Elgin S.A.
- Hussmann
- Johnson Controls.
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