As the fourth largest economy in the world and the largest in the EU, growth in GDP in Germany is projected to be 1.6% in 2017 which will subsequently level at 1.3% in 2018/2020. The high rate of immigration over the last few years is said to have been a positive influence on economic activity particularly in the construction industry. Renovation in the housing sector has been high although new office building projects have been slow to take off.
Overall the central plant market including chillers, air handling units (AHUs), and fan coils was worth around US$ 640 million in 2015 and is forecast to increase slowly up to 2020 to reach a total of around US$ 700 million. In terms of numbers, the 2015 values correspond to 6,600 for chillers, 50,000 for AHUs and 60,000 for fan coils. The total chiller market in 2015 was US$ 121 million with a fall of 20% from the previous year, although only 5% in terms of numbers of units.