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World Chiller and Air-side Equipment Market: 1 OVERVIEW
World Chiller and Air-side Equipment Market: 1 OVERVIEW Chillers are the main product in central air conditioning systems. They are adopted mainly in factories for process cooling and are also used for air conditioning in large commercial complexes. The largest systems are used for district heating and cooling.
2 REGIONAL: 2 1 N. AMERICA
2 REGIONAL: 2 1 N. AMERICA 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.
2.2 CHINA
2.2 CHINA After having experienced a slump in 2015, the chiller market in China was recovering in 2016 thanks to higher consumption and construction of some large public projects, commercial real estate projects, industrial projects, as well as projects related to water conservation, rail transit, nuclear power, data centers, healthcare, cultural and educational facilities, and tourism.
2.5 INDIA
2.5 INDIA India’s gross domestic product (GDP) growth in 2016-2017 (April 2016-March 2017) slowed to 7.1% from 7.3% in the previous year, against a forecast of 7.7%. This sudden drop, after more than two years of steady rise, is mainly attributed to demonetization of high value currency notes announced in November 2016, which impacted cash transactions that accounted for almost 80% of financial trans-actions in the country.
BSRIA Global Market Report on Chillers and Air-side Products
BSRIA Global Market Report on Chillers and Air-side Products The global chiller market in 2016 was valued as US$ 7.5 billion and the air-side market consisting of air handling units (AHUs) and fan coils was valued as US$ 7.1 billion. This has represented overall decline of 2% in value terms compared to 2015.