Saudi Arabia HVAC Market Size To Grow At A CAGR Of 5.1% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Saudi Arabia HVAC Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 5.1%
The Saudi Arabian HVAC market has been negatively impacted by the COVID-19 outbreak on both the supply and demand sides. Yet, due to the country's increased development activity in the expanding residential and industrial sectors, Saudi Arabia's HVAC demand is anticipated to increase quickly.
Extreme weather in Saudi Arabia, changing lifestyles, and an increase in government initiatives aimed at revamping the nation's oil-dependent economy are predicted to boost the demand for HVAC systems throughout the projection period.
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Future commercial projects like airports, high-rise hotels, and investments in opulent houses and villas in the residential sector are all predicted to have a positive impact on the Saudi Arabia HVAC market.
Technical innovations and developments including district cooling, solar air conditioning systems, and HVAC systems that use new technologies are substantially responsible for the increase in demand from the nation's commercial sector.
In the historical period, the Saudi Arabia HVAC market was led by the cooling segment. Growing population and disposable incomes, especially in the dry regions, have encouraged the use of air conditioners, favouring the demand for cooling systems such air conditioners (AC) and unitary ACs, among others.
Saudi Arabia HVAC Industry Definition and Major Segments
Heating, ventilation, and air conditioning (HVAC) systems provide for the comfort of people inside buildings and in vehicles. Their goal is to offer sufficient thermal comfort and a healthy interior environment.
The HVAC device architecture is a subfield of mechanical engineering that focuses on concepts from thermodynamics, fluid mechanics, and heat transfer.
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Based on equipment, the market is divided into:
Air Filters and Purifiers
Dehumidifiers and Humidifiers
Unitary Air Conditioners
On the basis of implementation type, the market is bifurcated into:
Based on end use, the market is divided into:
Saudi Arabia HVAC Market Trends
The Saudi Arabia HVAC market has historically benefited most from the central region of the country, which is home to some of the biggest and most populous cities, including the capital, Riyadh. Previously, the Saudi Arabian HVAC market's highest share belonged to upgrades or replacements. Demand for energy-efficient HVAC systems and more HVAC system integration into smart devices are anticipated to fuel market expansion.
The choice for smart VRF systems is a key trend in the Saudi Arabia HVAC industry. Many customers are using smart, energy-efficient equipment to reduce their energy usage and improve sustainability. These systems include smart thermostats, enhanced controls, and improved monitoring systems.
The commercial segment has held the largest revenue share in the Saudi Arabia HVAC market and is expected to do so in the forecast period as well. In order to lessen its dependency on the oil trade, the Saudi government is generously supporting the corporate and hospitality sectors.
The commercial sector's need for these products and services is expanding as a result of the rise in hotels, vacation spots, and office buildings. Government and business sector investments in infrastructure also support the market. Meanwhile, the residential segment in the HVAC market is expanding as there are more single-family and multi-family homes.
Key Market Players
The major players in the Saudi Arabia HVAC market report are :
Zamil Air Conditioners
Green Air Electro-Mechanical Contracting Company
LG Electronics Inc.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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