NEW YORK, April 7, 2022 /PRNewswire/ — Saudi Arabian HVAC Market Revenue Set to Increase Against Estimate $2,390.4 million in 2021 for $4,821.8 million by 2030, at a CAGR of 8.1%. According to the market research report published by P&S Intelligence. This will, in many ways, be due to new systems being launched by companies, which aim to deliver better heating and cooling efficiency at lower energy consumption. For example, AquaEdge 19MV, launched by Carrier Global Corporation in December 2021is integrated with features that enable the optimization of HVAC systems and building operations.
Similarly, Trane Technologies plc unveiled the Sintesis Balance CMAF for cooling and heating of buildings in the Middle East and Europe in August 2021. This one-piece unit is designed for schools, hospitals, hotels, shopping malls, theaters and office buildings, which have varying temperature requirements. Other key companies offering HVAC systems in Saudi Arabia are Johnson Controls International plc, Zamil Air Conditioners, Gree Electric Appliances Inc. of Zhuhai, LG Electronics Inc., Danfoss A/S, Midea Group Co. Ltd., Daikin Industries Ltd. and SKM Air Conditioning LLC.
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Key Findings of the Saudi Arabia HVAC Market Report
- Of the three main types of equipment available, cooling systems have the highest sales due to the country’s desert climate, which results in perpetually hot weather.
- The growth of the Saudi HVAC market is indicative of lucrative potential for service providers in the coming years, as the sale of equipment creates a high need for installation, modernization, maintenance and repair services.
- Most of the opportunities will come from the commercial sector, which is the biggest user of HVAC systems in the kingdom. Long known for its religious importance among Muslims, it is also becoming important from a business perspective.
- As a result, commercial areas, malls and hotels are quickly built. For example, to promote sports and the arts, the Qiddiya project is underway 45 km from Riyadh. Besides, $50 billion are spent on developing infrastructure in and around Mecca and Medina, boosting sales of HVAC systems.
- A significant portion of this spending is for the continued addition of 23,000 hotel rooms and another 30,000 that have been proposed. HVAC systems are essential in hotels to provide comfort to guests, even more so in the Middle Eastwhich is now associated with lavish lifestyles.
- For this reason, players in the Saudi HVAC market have found the western part of the country the most lucrative. Besides the two holy cities, Jeddah, Saudi Arabia largest economic center; and the NEOM City underconstruction are all in its western part.
The COVID-19 pandemic has significantly reduced the demand for HVAC equipment and services in Saudi Arabia due to the closure of most industrial and commercial facilities. Additionally, due to job losses and lower wages, residents avoided spending on non-essentials, which hit the market even harder. Additionally, manufacturing and supplying the systems has become difficult due to supply chain disruptions, limited labor availability and trade restrictions.
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However, aided by the rapid pace of infrastructure development in the commercial, residential and industrial sectors, the Saudi HVAC market is expected to recover soon. For example, to reduce food waste, the government is developing cold storage infrastructure, including warehouses and shipping containers, where HVAC systems are a must. Additionally, in recent years, around 20 hotels with over 8,000 rooms have opened in the kingdom, with many more in various stages of development.
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SOURCE P&S Intelligence