International. ResearchAndMarkets revealed some figures from its most recent study on the commercial air conditioning market for Latin America.
According to studies by the analyst firm, the Commercial Air Conditioner Market in Latin America is projected to grow at a CAGR of 2.3% during 2019-25.
This market experienced a decline in the region in 2018, as several countries continued to suffer economic hardship and political instability, leading to a further decline in the construction sectors. These factors adversely affected the development of infrastructure in the region and, consequently, also the commercial air conditioning market.
However, countries such as Brazil and Mexico are on track for recovery, and their construction sector and consumer spending are expected to recover in the coming years, which would generate new demand for commercial air conditioners in the region.
In a bid to strengthen their struggling economy, many nations have made infrastructure development their priority in Latin America. Therefore, building infrastructure in all applications, such as transportation and hospitality, would create new areas of use for commercial air conditioners throughout the region.
By type, VRFs are anticipated to account for the majority of revenue share in several countries in the coming years due to growing consumer preference towards installing eco-friendly and energy-efficient commercial air conditioning systems.
The commercial and retail office, hospitality, and transportation applications segments of the general market are expected to grow considerably during the forecast period as the government increases its focus on the public infrastructure sector in the region.
