World Chiller and Air-side Equipment Market – 2020 Update 1 OVERVIEW

In its World Economic Situation and Prospects 2020, the United Nations forecasted that, due to trade disputes between the United States and China, and a sharp reduction in investment, the global economic growth rate was expected to drop to 2.3% in 2019, the lowest level in 10 years. The U.S. market continued to maintain good growth momentum in 2019. Markets in Japan, Europe, and Southeast Asia increased steadily. China, the largest chiller market, continued to slow down but grew slightly throughout the year.