Saudi Arabia HVAC Market Competitive Landscape, Insights by Geography, and Growth Opportunity

The increasing spending on infrastructural development and construction activities is fueling the growth of the construction sector in Saudi Arabia. This is subsequently pushing up the requirement for heating, ventilation, and air conditioning (HVAC) systems in the country. Moreover, there are numerous ongoing projects related to metro railway development and other commercial infrastructure in the country. The kingdom plans to complete the first phase of the NEOM megacity project, worth $500 billion, by 2025.

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These infrastructural development projects, once completed, will generate huge demand for HVAC systems. Besides these projects, the flourishing hospitality sector is also positively impacting the sales of HVAC systems in the country. Because of its religious significance, the country is one of the most-visited destinations around the world and welcomes a large number of tourists every year. This is consequently fueling the development of several hotels and resorts, with many international hotel chains rapidly expanding their presence in the country.

As HVAC systems are extensively used in modern hotels for controlling the temperature, the expansion of the hospitality sector is causing a sharp surge in their sales across the country. This is, in turn, driving the growth of the Saudi Arabian heating, ventilation, and air conditioning (HVAC) market. As per the estimates of P&S Intelligence, a market research company based in India, the value of the market will grow from $2,476.1 million in 2020 to $4,821.8 million by 2030.

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Furthermore, the market is predicted to exhibit a CAGR of 8.1% from 2021 to 2030. Between the HVAC equipment and services, the demand for the latter is predicted to be higher in the coming years. This will be because of the rising public awareness about improving the lifecycle, efficiency, and performance of the HVAC systems in the country. The biggest end users of HVAC systems in the country are residential, industrial, and commercial sectors.

Hence, it is safe to say that the demand for HVAC systems will shoot up in Saudi Arabia in the coming years, primarily because of the booming hospitality industry and the surging number of infrastructural development and construction projects being launched in the country.

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This release was published on openPR.