Saudi Arabia HVAC Market to Grow at a Stable Rate During the Forecast Period Having Major Players: Johnson Controls, LG Electronics, Mitsubishi Electric, Gree Electric Appliances, Inc. of Zhuhai, Ingersoll-Rand, United Technologies & Daikin Industries

The Saudi Arabia HVAC market is expected to reach $2.4 billion by 2024, registering a CAGR of 4.5%, during the forecast period. The market is buoyed by several factors predominantly, growing investments in the tourism-related projects, commercial infrastructure, and development in the overall hospitality sector.

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Based on ventilation type, the market is divided into ventilation fans, humidifiers/dehumidifiers, air handling units & fan coil units, and air cleaners. Of these, ventilation fans category is estimated to hold the largest revenue share in 2018.

In terms of fan coil units (FCU) type, the market is classified into four-pipe FCU and two-pipe FCU. Of these, four-pipe FCU sub-category is estimated to hold a larger revenue share in 2018, owing to increasing number of high-rise commercial offices and buildings, large scale hospital buildings, and airport expansion projects.

However, the two pipe FCUs are increasingly being deployed for residential applications. In 2018, Saudi Ministry of Housing, awarded contracts for 19,000 housing units, which are to be built in cities like Jeddah, Al Khobar, and Riyadh.

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Saudi Arabia is registering positive growth in demand for HVAC systems on account of rising hospitality sector. Due to religious significance, Saudi Arabia is one of the largest tourism destinations, globally, which is primarily fueling the hospitality sector in the country.

For instance, in 2018, Marriott International planned to open around 29 new hotels and nearly 6,000 guestrooms in line with Saudi Vision 2030. Further in 2019, Hilton Worldwide Holdings Inc., is planning to build around 35 new hotels in the next 3-5 years. Also, Radisson Hospitality AB announced that it would open two new hotels in the country by 2020.

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Some of the key players operating in the Saudi Arabia HVAC market include Johnson Controls International plc, LG Electronics Inc., Mitsubishi Electric Corporation, Gree Electric Appliances Inc. of Zhuhai, Ingersoll-Rand plc, Danfoss A/S, United Technologies Corporation, Midea Group Co. Ltd. Daikin Industries Ltd., Zamil Air Conditioners, and S.K.M Air Conditioning LLC.

Saudi Arabia HVAC Market Segmentation

Market Segmentation by End-User

• Commercial

o Commercial Offices/Buildings
o Hospitality
o Transportation
o Supermarkets/Hypermarkets
o Healthcare
o Government
o Others (include educational institutions, cold storage facilities, data centers, banks, departmental stores, convenience stores, and stadiums)

• Industrial

o Food and Beverage
o Oil and Gas
o Automotive
o Energy and Utilities
o Others (include electronics, textile, pharmaceutical, manufacturing, glass, pulp and paper, shipbuilding, machinery, steel, cosmetic, rubber, tobacco, nuclear, toy, and, arms and ammunition, chemical and cement industries)

• Residential

Market Segmentation by Region

• Central
• Southern
• Western
• Eastern

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This release was published on openPR.