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2.8 MIDDLE EAST -- Saudi Arabia
According to the IMF, Saudi Arabia’s GDP was 1.74% in 2016, far lower than the 4.11% recorded in 2015. The projection of 0.13% GDP growth in 2017 is also very challenging. The Saudi Arabian economy is highly dependent on oil, which accounts for approximately 90% of its exports and 80% of governme...
The large scale of the Middle Eastern chiller market remained unchanged in 2016, but its rate of growth slowed. The two largest markets in the region are Saudi Arabia and Iran, and both recorded double-digit market contractions. Nevertheless, Dubai in the UAE will be hosting the World Expo 2020, whi.../images/up/News/2017112613213272071.jpg
2.7 SE ASIA -- Singapore
Singapore is calling for diversification of energy applications and uses liquid natural gas (LNG) for electricity generation. The country encourages green buildings as a way to reduce carbon emissions. As a talent and logistics hub in Asia, Singapore is also where many multinational corporations loc.../images/up/News/2017112613153796982.jpg
2.7 SE ASIA -- The Philippines
The Philippine chiller market reached US$ 44.6 million in 2016, recording a small decrease of 1.8%. The centrifugal segment accounted for nearly two-thirds of the total market and showed a decrease of 1.0%, dropping to US$ 28.1 million. Despite the stagnant situation in 2016, the Philippine chill.../images/up/News/201711261334364298.jpg
2.7 SE ASIA -- Vietnam
Vietnam’s chiller market is not so large at present compared with the big two markets in Southeast Asia, Thailand and Indonesia. However, it increased to US$ 40.7 million in 2016, showing significant growth of 23.6% compared with 2015, despite the stagnant market situations in the big four markets i...
2.7 SE ASIA -- Malaysia
Malaysia’s chiller market decreased to US$ 47.0 million in 2016. All the chiller type segments showed a decrease. In particular, a large decrease of 13.2% was recorded in the absorption sector. Powered with light diesel oil, natural gas, and waste heat, absorption chillers feature environmental f.../images/up/News/2017112612145084477.jpg
2.7 SE ASIA -- Thailand
The Thai chiller market size was US$ 66.9 million in 2016, indicating a 13.8% year-on-year decline. The scroll chiller market decreased by 21.0% to US$ 4.3 million. Moreover, the centrifugal and screw chiller sectors showed negative growth. As Thailand has abundant water resources, water-cooled c...
2.7 SE ASIA--Indonesia
Indonesia’s economic growth rate slowed down to around 5% in 2016, impacted by lower commodity prices. Indonesia’s infrastructure is still lagging behind that of other developing countries. The Indonesian government has made efforts to build six major economic corridors throughout Indonesia, buildin.../images/up/News/201711261274654826.jpg
In 2016, the GDPs of Indonesia, Malaysia, Philippines, Thailand, and Vietnam grew by 5%, 4.2%, 6%, 3.2%, and 6.2%, respectively. Among them, growth of Indonesia and Philippines exceeded expectations, while growth of Malaysia and Thailand was in line with expectations, and Vietnamese growth was less .../images/up/News/201711261231993536.jpg
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 2.../images/up/News/2017112611312836700.jpg
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