2.3 SE ASIA

Tourism is the pillar industry of Southeast Asia’s economy, so the region has been hit hard by the pandemic. VRF projects now tend to be delayed or suspended. Spending on government projects has also been drastically reduced. JARN estimates that the VRF market in Southeast Asia has fallen by 31.3% with respect to 2019. Compared with the commercial VRF market, the mini-VRF market has dropped by one digit. The weather in Southeast Asia in 2020 was ideal for the air conditioning market.