Eurovent Market Intelligence (EMI) has predicted a strong slowdown for the HVAC market in 2020 with sharp declines expected in the first two quarters.
EMI said the uncertain climate will improve in the second half of the year with a slight recovery by the end of 2020.
EMI’s market overview is part of its annual data collection. EMI has been providing manufacturers with information on the European HVAC sector market since 1994. The organisation collects data from 300 manufacturers covering 15 product segments.
2019 was an excellent year for market including fan coil units, rooftops, chillers and air handling units, which grew around 10% throughout Europe.
EMI said these growth rates have been unheard of since the Global Financial Crisis in 2008/2009.
The countries that recorded the strongest growth were the United Kingdom (20%), Benelux (15%), France (13%), Poland (10%), Italy and Spain (9%).
There was moderate growth in Germany (6%), Norway (4%), Denmark (3%) and Sweden (1%). EMI said there was a 3% decline in Portugal, 4% decline in the Czech Republic and 5% drop in the Baltic countries.
The worst result was in Turkey which registered a spectacular 25% decline as a result of the current political and economic climate.
The deadline for data collection is February 14, 2020.