Growing Infrastructure Sector Driving Saudi Arabian Heating, Ventilation, and Air Conditioning (HVAC) Market

The Saudi Arabian heating, ventilation, and air conditioning (HVAC) market is growing on account of the rising infrastructure spending and expanding hospitality sector in the country.

In 2018, the sale of such systems generated an estimated revenue of $1.9 billion, which is expected to rise to $2.4 billion by 2024 at a CAGR of 4.5% during 2019–2024 (forecast period). HVAC systems cool or heat a closed space, maintain the flow of fresh air and remove contaminants, either as standalone devices or integrated ones.

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When segmented by type, the Saudi HVAC market is divided into cooling, ventilation, and heating systems.

Among all these, cooling systems dominated the market throughout the historical period (2014–2018) in terms of value and volume, and will continue doing so in the forecast period, wherein this division is also predicted to grow the fastest. This is because of the perpetually hot regional weather, which necessitates the installation of such devices in buildings and various other enclosed spaces.

One of the primary reasons for the growth of the Saudi Arabian HVAC market is the increase in the number of infrastructure projects in the country. For instance, the metro system is being constructed in Riyadh at a cost of around $23.0 billion to be completed by 2021; the system will have 85 stations over 109 miles of route length.

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Similarly, the under-construction Jeddah Metro will consist of 46 stations. All these stations will be equipped with HVAC systems for cooling and ventilation purposes, thereby boosting the market progress.

Along with the infrastructure, the hospitality sector of the nation is also booming, owing to the increasing number of travelers coming here from across the world. The two holiest sites in Islam — Makkah and Medina — are located in Saudi Arabia, which draw loads of people.

To cater to the increasing tourists and pilgrims, the number of hotels and guestrooms in the nation is also surging, thereby driving the HVAC market in Saudi Arabia. Several multinational hospitality firms are expanding their reach here to provide accommodation to as many people as possible.

On the basis of end-user, the market is categorized into commercial, residential, and industrial users. Among these, commercial users generated the highest revenue throughout the historical period, and they are predicted to experience the fastest growth in the Saudi HVAC market during the forecast period.

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Apart from increasingly purchasing such systems, residents are also becoming aware of the high energy consumption these lead to, which is why the consumer interest is continuously shifting to smart HVAC systems. Such devices come with advanced monitoring systems and improved controls and also produce less noise.

Further, their smart thermostats automatically alter their power consumption depending on the level of heating or cooling required, thereby helping save electricity and reducing expenditure.

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