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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 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 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.
2.3 JAPAN In the first half of 2016, adversely affected by the soaring yen rate and deceleration of overseas economies, Japan’s export business turned downward and capital investment remained weak.
2.4 EUROPE--Germany
2.4 EUROPE--Germany Germany is the largest economy in the EU, accounting for 28% of the region’s GDP. The country’s low unemployment rate, low crime, developed infrastructure, and a highly qualified labor force all work in its favor.