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2 REGIONAL: 2 1 N. AMERICA
2017/11/19
According to the IMF, the U.S. GDP growth rate in 2016 was 1.6%. This is lower than the 2.6% growth rate posted in 2015, putting a question mark on the strength of economic recovery in the country. The U.S. equipment market is holding steady, with more than 5% growth in 2014 and 2015, 4% growth in 2016. Replacement demand over the two years from 2017 to 2018 should keep market growth steady at around 2%.
 
The same level of growth can be expected in the chiller market as in the equipment market. Demand from new facilities investment takes no more than 20% of the total commercial air conditioning market, of which 30% is in the non-housing sector. Accordingly, the chiller market is mostly made up of replacement demand, and a stable cycle of demand is expected.
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