According to the Bank of Korea, South Korea posted GDP growth of 2.6% in the fourth quarter of 2015, the lowest in three years.
According to BSRIA, Korea’s market size for chillers was US$ 262.3 million in 2015, a 4.7% rise compared with US$ 250.6 million in 2014. The absorption chiller segment led the market at US$ 105.3 million. The market for centrifugal chillers was US$ 136.0 million, and the combined market for reciprocating, screw, and scroll chillers was US$ 21.0 million.
Absorption chillers are used for both cooling and heating in South Korea. South Korea boasts the second-largest absorption chiller market in the world after China and Japan. Absorption chillers saw a 9.9% increase in spite of economic slowing in 2015.