The country’s economy is under at-tack from sanctions, devaluation of the currency (by over 50% since July 2014) and the slowdown in global oil prices. Another factor has been the weakness in domestic demand. The construction industry continues to be in recession. The most optimistic forecasts put a possible future recovery not much before 2017.
In the last few years, the value of the central plant market has fallen by around 30%. But the longer term future could be more promising with plans for major refurbishment of air-ports and rail stations, also new developments in industrial complexes and more office space creation.
Chiller sales in 2014 were around US$ 144 million (just under 3000 units) but fell to less than US$ 100 million in 2015. Estimates for 2016 are for a new low at US$ 86 mil-lion, although the market is judged to start its recovery by 2017/2018.