HVAC/R industry expects solid growth in 2020
Despite the fact that global trade conditions have been predicted to weaken slightly over the coming year, Canada’s HVAC/R industry has maintained a positive business outlook heading into 2020, according to the latest AHR Expo and ASHRAE Journal Annual Economic Outlook Survey.
The survey was distributed to past and prospective attendees of the AHR Expo, as well as industry manufacturers, to gauge the market leading into the new year. Additionally, for the first time, the 2020 report includes input on trends, issues and opportunities as outlined by representatives from industry associations.
Of the 1,418 respondents who took part in the survey, 79% reported that business prospects for 2020 are expected to be good or excellent, three-quarters expected business to increase and 25% expected their business to grow by at least 10%.
This follows on the heels of a strong 2019, with 70% of respondents reporting that their business grew by 10% or more compared to 2018.
The industry segments reporting the most positive outlook for the coming year were light commercial (72%), hospital and health industries (67%) and residential (64%).
The industry is also keeping close watch on a number of issues which could negatively affect business over the next 12 months. Of particular concern to respondents are trade tariffs, energy efficiency and government regulations, and low GWP refrigerants and the R22 phase out.
The full AHR Expo report can be accessed here.
This AHR Expo is being held in Orlando, Fla., from February 3 to 5, 2020.