In 2020, the domestic and commercial air conditioning markets of emerging countries including China, India, Southeast Asia, and Latin America have been hit by the pandemic and have fallen sharply. In the United States, Japan, Europe, and Australia, driven by working at home demand and government subsidies, demand for residential air conditioning increased slightly or remained steady. The recovery of China's commercial air conditioning market has accelerated since the second half of 2020, but the situation in the entire global commercial air conditioning market is very difficult.

In 2020, the domestic and commercial air conditioning markets of emerging countries including China, India, Southeast Asia, and Latin America have been hit by the pandemic and have fallen sharply. In the United States, Japan, Europe, and Australia, driven by working at home demand and government subsidies, demand for residential air conditioning increased slightly or remained steady. The recovery of China's commercial air conditioning market has accelerated since the second half of 2020, but the situation in the entire global commercial air conditioning market is very difficult.

The weather in 2020 was ideal for sales of air conditioners. Unfortunately, young markets such as Southeast Asia and India, which have been gradually expanding, have experienced a sharp decline due to the sudden COVID-19 pandemic. Lockdown has also caused a shortage of parts and components in some areas, and the production of air conditioners has also been affected. Due to the spread of the pandemic, many major exhibitions around the world have been postponed or suspended.

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.

The global food distribution industry has maintained development. JARN estimates that the global refrigeration market value in 2019 reached US$ 104.8 billion including services such as installation and maintenance, an increase of about 4.2% compared with 2018.