The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Industry (2024-2029):
According to the latest report, The Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) 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. The report demonstrates the prominent factors propelling the exponential growth of the Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2019-22
- Base Year: 2023
- Forecast Period: 2024-29
- CAGR (2024-29): 2.4%
- Market Value (2023): USD 10.4 Billion
What are the major Driver the Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) industry?
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.
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Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Market Segmentation
The Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- 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
- By Refrigerant
- Fluorocarbons
- Inorganic
- Hydrocarbons or Natural
- By End Users
- Food Service
- Food Processing
- Super Market
- Cold Storage
- Others
- By Country
- Mexico
- Brazil
- Argentina
- Colombia
- Peru
- Others
As per the regional aspect, the Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Market is expected to be dominated by Latin America by capturing the potential market share.
Explore further details about this research report – https://www.marknteladvisors.com/research-library/latin-america-heating-ventilation-air-conditioning-refrigeration-market.html
Top Companies in the Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Market
Daikin, Mitsubishi, Haier, Carrier Corporation, Midea Group, Dover Corporation, GEA Refrigeration, Elgin S.A., Hussmann, Johnson Controls
Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Industry Recent Development:
2022: Walmart deployed eco-friendly refrigerant in Mexico and Central America through Honeywell’s reduced global-warming potential refrigerant Solstice N40 (R-448A).
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