There are distinct prospects that the country’s economy is beginning to revive with a forecast 1.25% increase in GDP in the current year. Reduced energy costs will be a contributing factor as well as more favorable exchange rates.
Splits remain the popular choice for residential buildings prompting fierce competition in the industry. VRF systems for office blocks and the commercial sector in general are gaining ground but traditional hydronic solutions using mini chillers are often preferred by consulting engineers. Industry leaders are Daikin, Samsung, and Mitsubishi Electric.
Overstocking inherited from 2014 slowed the early development of the PAC market in 2015 but the arrival of a heat wave later in the year boosted demand and led top brands to cut prices to rival Chinese imports.