Rising Awareness of Consumers about Energy Efficiency
Factors such as the growing demand for and trade of refrigerated goods and changing lifestyles and food consumption trends will drive the Latin America industrial refrigeration equipment market. Besides these trends, the Latin America industrial refrigeration equipment market will also be driven by the rising awareness of consumers about energy efficiency. Consumers in the Latin America industrial refrigeration equipment market are demanding green technologies, which will help them save energy and have a minimal impact on the environment.
The Brazilian government is planning to gradually decrease their energy consumption and save 106 terrawatt-hours by 2030. In addition to this, the government in Brazil will promote energy efficiency via educational campaigns designed for consumers and also encourage industries to adopt solutions conserving energy.
Supporting Regulations to Fuel Demand for Energy-efficient Solutions
In 2001, a new Brazilian law set the guidelines for the National Energy Conservation Policy and Rational Use of Energy. This law promotes the development of minimum efficiency standards in the foreseeable future for all energy-consuming equipment sold in Brazil.
In addition to this, other countries in Latin America are all subject to phase-out deadlines for hydrochlorofluorocarbons (HCFCs), according to the Montreal Protocol. This means HCFCs will be eliminated from industrial refrigeration systems and the sector of natural refrigerants in the industrial refrigeration equipment industry will grow.
Technological Development to Lead to Energy-efficient Refrigeration Equipment
Technological advances in the field of embedded electronics, refrigeration systems, and new materials have been incorporated in modern household appliances. This has boosted the comfort level of consumers and created opportunities for companies operating in the Latin America industrial refrigeration equipment market. However, there is scope to speed up the technological innovation and further reduce electricity consumption in the Brazil industrial refrigeration equipment market.
Another campaign in Brazil by the Ministry of Energy aims to replace old refrigeration appliances with new units and encourages consumers to opt for the most energy-efficient, cost-effective, and functionally sound refrigerators. The top seven key players operating in the Latin America industrial refrigeration equipment market are Yantai Moon Co. Ltd., GEA Group Ag, Vilter Manufacturing, Mayekawa Mfg. Co., Ltd., Industrial Frigo srl, BITZER Kuhlmaschinenbau GmbH, and DE RIGO Refrigeration srl. The majority of the companies in the Latin America industrial refrigeration equipment market have launched a range of energy-efficient industrial refrigeration systems and other related products.
The changing regulatory framework, along with consumer preference and technological innovation, will drive the adoption of green, energy-efficient industrial refrigeration systems in Brazil. This will prompt other countries in Latin America such as Mexico to adapt to this trend.