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2.6 SOUTH KOREA
2017/11/26
According to the IMF, South Korea’s GDP growth rate was 2.83% in 2016, and is projected to be 3.02% in 2017. Exports of semiconductors have been solid, and the economy appears to be on a moderate recovery track.
 
According to BSRIA, South Korea’s market size for chillers was US$ 241.6 million in 2016, down 7.9% compared with US$ 262.3 million in 2015. South Korea is the fourth-largest chiller market in the world after China, the United States, and Japan.
 
One distinctive feature of South Korea is that centrifugal chillers and absorption chillers take 91.8% of the market as a whole. The centrifugal chiller segment led the market at US$ 125.2 million in 2016. Absorption chillers are used for both cooling and heating in South Korea, which is the third-largest absorption market in the world after China and Japan. In 2016, however, the market for absorption chillers decreased by 7.9% to US$ 96.9 million. The combined market for reciprocating, screw, and scroll chillers was US$ 20.0 million.
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