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2.8 AFRICA
In 2023, 18 out of 54 African nations saw their GDP growth exceed 5%, a figure projected to rise to 22 countries in 2024. Africa ranked as the world’s second fastest-growing region, second only ...
2.7 LATIN AMERICA
The GDP growth rate in Latin American and Caribbean region was 2.2% in 2023. Growth is expected to remain low in 2024 due to the sluggish global economy. Brazil and Mexico had economic growth rates th...
2.6 MIDDLE EAST
The Middle East’s economic growth slowed to 1.9% in 2023, influenced by factors such as regional tensions, reduced oil production, non-oil sector struggles, and high inflation. Despite a post-Wo...
2.5 OCEANIA
In the air conditioning market in Oceania, VRF systems are part of a mature segment in which replacements make up about 70% of sales. The market is moving towards energy-efficient products, with the u...
2.4 INDIA
Reported by Rakesh Kumar, consulting editor, ISHRAE Journal Economic Scenario India’s economy continued its growth trajectory in fiscal year (FY) 2023-2024, overtaking the 7% expansion in th...
2.3 SE ASIA
The International Monetary Fund (IMF) estimates that the economy of the Association of Southeast Asian Nations (ASEAN) grew by 4.7% in 2023. This region’s major economies have demonstrated consi...
2.2 EUROPE
During the initial six months of 2023, the air conditioning industry’s performance met the usual expectations. Post-summer, however, the sector saw a decline, mainly due to the impact of rising ...
2 REGIONAL – 2.1 UNITED STATES
Economic Situation In 2023, the United States had largely emerged from the chaos caused by the recent pandemic, but the inflation rate did not return to 2020 levels due to labor shortages, soaring en...
1.2 History of VRF Systems
VRF systems are versatile and can be implemented across various sectors, including residential, light commercial, commercial, and industrial applications. The ability to control temperature independen...
World VRF Market –2024 Update–1 OVERVIEW–1.1 Global Situatio
Data from JARN’s database indicate that the global variable refrigerant flow (VRF) system market in 2023 saw a 5.5% increase in annual sales, reaching 2.08 million units, as measured by outdoor ...
