The global economy continued to grow by 2.6% in 2015. With growth evident in all continents, however, none of them were significant enough to indicate that we are in the midst of thriving economies. Asia Pacific and the Middle East were the two biggest growing economies.
Despite the growing economies, the world central plant market (chillers, AHUs, fan coils) saw a disappointing performance in both volume and value terms by decreasing by 6% and 5% respectively in 2015.
The global chiller and airside market was valued as US$ 14.6 billion in 2015.
The Asia Pacific chiller and air-side market contracted from US$5.9 billion in 2014 to US$5.3 billion in 2015, representing 11% drop. Al-most all markets in the region have contracted apart from South Korea, Hong Kong* and the Philippines.