The global air conditioning market contracted again in 2016, a new BSRIA report reveals, but growth is expected to resume this year.
The latest BSRIA market intelligence study shows that the contraction slowed down in 2016, shrinking by 1% to $92.6bn. Although an improvement on 2015’s fall of 5%, the market had grown by 7% in 2014.
The 2016 result was not as bad as had initially been expected. BSRIA says that this was mainly due to a late recovery in the Chinese market due to a spate of hot weather and the Government’s issue of a new five year plan. Brazil and Saudi Arabia were the other main contributors to the final figure.