Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Market Size & Insights

According to MarkNtel Advisors study The future of 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. 

What are the Key Driver in the Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Market?

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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What are the Key Segments in the Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Market?

The Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

• 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

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How does geographical analysis highlight in the Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) market?

By Country

·       Mexico

·       Brazil

·       Argentina

·       Colombia

·       Peru

·       Others

Who are the Key Players in 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

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Latin America Heating Ventilation Air Conditioning & Refrigeration (HVACR) Market News

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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Why This MarkNtel Advisors Research Report:

• In-depth Market Analysis: Understand trends and dynamics shaping growth.
• Segmented Insights: Target specific segments for focused strategies.
• Geographical Performance: Assess market opportunities by geographic area.
• Emerging Technologies: Discover advancements like AI integration.
• Risk Identification: Pinpoint challenges to inform strategic planning.
• Future Forecasts: Prepare for market changes with actionable projections.

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