The turnover in the Steam and Air Conditioning Supply sector in Turkey has demonstrated significant growth from 2013 to 2023, increasing from 110.3 million New Turkish Liras in 2013 to 367.2 million New Turkish Liras in 2023. The early years up to 2019 saw robust growth rates, with the highest annual growth rate reaching 37.98% in 2018.
However, from 2020 onwards, growth rates have slowed considerably, with year-on-year variations consistently below 2%. As of 2023, a marginal growth of 0.77% was observed, indicating a plateauing trend.
Looking ahead, the forecast for 2024 to 2028 suggests a minimal annual growth rate (0.28% CAGR), pointing towards a prolonged period of stagnant turnover. This indicates the market has matured, and significant future expansion might be unlikely without disruptive innovations or policy interventions.
Future trends to watch for:
- Potential technological advancements and integration of smart systems in HVAC.
- Government regulations and incentives aimed at energy efficiency and sustainability.
- Effects of macroeconomic factors such as inflation and currency exchange rates.
