GCC HVACR Market Growth and Development Insight – Size, Share, Growth, and Industry Analysis | MarkNtel
GCC HVACR Market Overview: 2023-28
Base Year: 2022
Historical Years: 2018-21
Forecast Years: 2023-28
The GCC HVACR Market size is valued at around USD 6.2 billion in 2022 & is estimated to grow at a CAGR of about 5.32% during the forecast period, i.e., 2023-28. The market growth imputes to the increasing investments by the local real estate developers in housing schemes to enhance home-ownership rates, coupled with rising government spending on the tourism sector. In 2021, the Housing Ministry of Saudi Arabia approved nearly 218 projects, comprising about 180,000 houses for construction in several areas of the Gulf region, in line with the strategy to boost housing ownership to nearly 70% by 2030. Under this, the ministry aimed to deal with the issue of the housing crisis in the country. In addition, commercial, oil & gas, and government & transportation sectors are major contributors to the growth of the GCC HVACR Market.
Markntel Advisor’s GCC HVACR Market Insights report provides the current and forecast market analysis, individual leading companies’ market shares, challenges, GCC HVACR Market drivers, barriers, GCC HVACR Market Trends, and Key Players in GCC HVACR Market.
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GCC HVACR Market Dynamics: 2023-28
Expansion of Tourism Sector to Augment the Market Growth – Tourism is one of the fastest-growing sectors in the GCC region. Countries like the UAE, Oman, and Saudi Arabia, actively encourage medical tourism, business & leisure travel, etc., by providing easy visa clearance, world-class hospitality services, etc. Consequently, there’s a mounting influx of foreign visitors to these countries. For instance, in 2022, the UAE welcomed nearly 14.36 million visitors, i.e., a rise of approximately 7.28 million visitors in 2021, and the hotel occupancy rate was more than 70% in 2022, cites the Dubai Department of Economy and Tourism.
These developments have been encouraging the establishment of new hotels & resorts for commercial & cultural purposes by hotel groups like Ciel, Jumeriah, and others, thereby pushing the demand for HVAC systems, eventually aiding in enhancing the GCC HVACR Market share.
Furthermore, Saudi Arabia & Qatar have set the target of increasing their tourist footfall annually by around 100 million & 6 million, respectively, by 2030 & for it, they are encouraging leisure activities, adventure sports, etc. As a result, Aman Hotel, Armani Hotels, etc., are expanding their hotel chains in these countries.
Also, as per the announcements from the Future Hospitality Summit 2023, Saudi Arabia is leading in terms of hotel construction with an investment of approximately USD1 trillion & around 315,000 hotel rooms in the pipeline, thus, likely to be completed by 2030. It would then amplify the demand for centralized air conditioners and, in turn, fuel the HVACR Market growth in the upcoming years.
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GCC HVACR Market (2023-28): Segmentation Outlook
The market report has segmented the market into the following categories:
· By Type
o Window AC
§ Up to 1 Ton
§ 1.1 to 2 Ton
§ Above 2 Ton
o Split AC
§ Up to 1 Ton
§ to1.5 Ton
§ 1.6 to 2 Ton
o Floor Standing AC
§ Up to 2 Ton
§ Above 2 Ton
o Cassette AC
o Packaged AC
o Ducted Split AC
o Centralized AC
§ FCU/AHU
§ Chillers
§ VRF
o Refrigeration
· By End User
o Residential
o Commercial Buildings
o Retail
o Healthcare
o Hospitality
o Government & Transportation
o Oil & Gas
o Industrial Facilities
o Other Developing Industries (Hydrofarms, etc.)
According to report, The residential sector accounted for a considerable market share owing to the mounting expansion of residential buildings in countries like the UAE, Saudi Arabia, etc., backed by the upgrade in the expatriate population.
· By Sales Channel
o Direct Sales
o Online
o Authorized Distributors
According to report, Authorized Distributors captured a significant share of the GCC HVACR Market during the historical period as they provide customers with numerous brand options in air conditioners.
· By Country
o Saudi Arabia
o Oman
o Qatar
o Bahrain
o Kuwait
o The UAE
Note – If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.
Top Companies Operating in the GCC HVACR Market:
- LG Electronics
- S.K.M. Air Conditioning
- Carrier Corporation
- Gree
- Samsung
- Daikin Industries
- Mitsubishi
- Trane Inc.
- Johnson Controls Inc.
- Zamil Air Conditioners Holding Co. Ltd.
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