Saudi Arabia Thermal Products Market to Reach USD 509.7 Million by 2030, Driven by Infrastructure Boom

According to the latest market research study published by P&S Intelligence, the Saudi Arabian thermal products market is poised for significant growth, with projections indicating an increase from USD 429.1 million in 2024 to USD 509.7 million by 2030, reflecting a compound annual growth rate (CAGR) of 3.0%. This expansion is primarily driven by the nation's hot and arid climate, necessitating advanced thermal management solutions across various sectors. Additionally, the launch of large-scale infrastructure projects, such as the King Abdullah Financial District (KAFD) and Mohammed bin Salman Non-Profit City, has further amplified the demand for thermal products. As of 2024, Saudi Arabia boasts 14 ongoing giga-projects, including the Neom Project, Red Sea Project, and Qiddiya Project, all contributing to the burgeoning market.

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A notable trend within the market is the increasing adoption of district cooling systems. These systems, which produce and distribute chilled water or other coolants to multiple buildings via underground insulated pipelines, have gained traction, especially in urban areas undergoing extensive development. Their popularity stems from superior energy efficiency compared to individual cooling units, seamless integration with new constructions, and centralized maintenance benefits. The rising implementation of district cooling systems has, in turn, escalated the demand for pre-insulated pipes, fittings, and related accessories essential for these networks.

Key Insights

Product Segmentation: In 2024, cooling equipment is anticipated to dominate the product segment, accounting for 30% of the market revenue. This includes air conditioners, chillers, and district cooling systems, which are indispensable in residential, commercial, and industrial settings due to the country's high temperatures. Liquid cooling systems are projected to experience a CAGR of 3% between 2025 and 2030, driven by the expansion of data centers, IT infrastructure, and various industrial sectors requiring efficient cooling solutions.

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Industry Application: The construction sector is expected to lead the market, contributing 40% of the revenue in 2024. This is attributed to numerous infrastructure projects, including cities, airports, transportation networks, and industrial facilities, which necessitate thermal products like insulation materials and pre-insulated pipes. The IT & telecommunications industry is forecasted to witness a CAGR of 3.5% from 2025 to 2030, propelled by the nation's digitalization efforts and the consequent need for advanced thermal management in data centers and IT equipment.

Regional Analysis: The Al-Riyadh province is set to hold the largest market share at 40% in 2024, serving as the capital and economic hub with significant construction and industrial activities. The Makkah province is projected to be the fastest-growing region, with a CAGR of 3.5% during 2025-2030, driven by rapid urbanization and infrastructure development aimed at accommodating the influx of pilgrims to the region.

Technological Advancements: The market is witnessing a shift towards sustainable and energy-efficient thermal solutions. The integration of renewable energy sources, such as solar power, with district cooling systems is emerging as a key trend. This approach not only reduces reliance on fossil fuels but also enhances the overall efficiency of cooling systems, aligning with the country's sustainability goals.

Competitive Landscape: The Saudi Arabian thermal products market is characterized by fragmentation, with key players including Carrier Global Corporation, Johnson Controls International plc, LG Electronics Inc., and Trane Technologies plc. These established companies benefit from strong customer loyalty and possess the financial resources to innovate, ensuring their products meet energy efficiency standards and regulatory requirements.

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