The World Economic Outlook from the International Monetary Fund (IMF) reported that the global economic upswing that began around mid-2016 has become broader and stronger. The global economic growth rate reached 3.6% in 2017. Stimulated by the rising economy, the global variable refrigerant flow (VRF) system market continues to grow steadily and reached 1.7 million units in 2017 based on outdoor units, an increase of 13.5% over the previous year.

The World Economic Outlook from the International Monetary Fund (IMF) reported that the global economic upswing that began around mid-2016 has become broader and stronger. The global economic growth rate reached 3.6% in 2017. Stimulated by the rising economy, the global variable refrigerant flow (VRF) system market continues to grow steadily and reached 1.7 million units in 2017 based on outdoor units, an increase of 13.5% over the previous year.

According to the World Economic Situation and Prospects for 2018 from the United Nations (UN), the world economy in 2017 showed steady 3% growth compared with 2016, which was the highest growth rate since global economic crisis occurred in 2011.

The year 2017 was a year of great achievement thanks to double-digit growth in China, the largest air conditioner market in the world. The global air conditioner market saw 9.3% year-on-year growth, increasing to 129 million units.

Chillers are the main product in central air conditioning systems. They are adopted mainly in factories for process cooling and are also used for air conditioning in large commercial complexes. The largest systems are used for district heating and cooling.

JARN estimates that the global refrigeration market value in 2016 reached US$ 92 billion including services such as installation and maintenance, showing an increase of about 2.2% compared with 2015. Of the total, commercial applications recorded US$ 58.1 billion, industrial applications amounted to US$ 28.7 billion, and transportation amounted to US$ 5.2 billion.

Air-to-water (ATW) heat pump systems collect atmospheric heat from the air which is used as a heat source to heat water for space heating and hot water supply.