Saudi Arabia’s $7+ Billion HVAC/R Market 2014-2024: Competition, Forecast and Opportunities - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 13, 2019--The “Saudi Arabia HVAC/R Market By Region (Northern & Central, Western, Eastern and Southern), Competition, Forecast & Opportunities, 2014 - 2024” report has been added to ResearchAndMarkets.com’s offering.
The Saudi Arabian HVAC/R market stood at $ 3.7 billion in 2018 and is projected to grow at a CAGR of 11.9% during 2019-2024, to reach $7.1 billion by 2024, owing to the growing demand from the residential building construction and tourism industries. Moreover, increasing need to reduce food wastage is expected to aid the refrigeration market in Saudi Arabia. To cater the increasing demand for HVAC/R systems, the market players are expanding their product portfolio in the country.
Factors such as the increasing demand to reduce energy consumption and extreme climate conditions are anticipated to drive the Saudi Arabian HVAC/R market. Additionally, growing urbanization rate in cities is resulting in the development of smart buildings, which require efficient HVAC/R systems, thereby strengthening the demand for HVAC/R systems in Saudi Arabia during forecast period.
In terms of end-user, the Saudi Arabian HVAC/R market has been categorized into residential, commercial real estate, institutional, power, oil & gas, marine & offshore and others. Of the above end-users, residential and commercial real estate categories are anticipated to account for more than 50% market share, on account of increasing smart building construction and commercial registrations in different cities of Saudi Arabia.
Furthermore, the Saudi Arabian HVAC/R market is segmented by product type, namely direct expansion and central air conditioning, with direct expansion system capturing the largest chunk of the market in 2018. Due to the factors such as low installation cost, low noise, and low energy consumption, direct expansion system is expected to lead the market during the forecast period.
The Northern & Central region is expected to exhibit the fastest growth in the Saudi Arabian HVAC/R market during 2019-2024, on the back of the increasing demand for HVAC/R systems from the growing residential and commercial sectors in areas such as Riyadh and Eastern Region.
However, alarming pollution levels and stringent laws introduced by the government to curb pollution are expected to hinder the market growth in the coming years.
The Saudi Arabian HVAC/R market is highly competitive and fragmented in nature. Few of the major companies operating in the market are Trane, Johnson Controls International (Al Salem York), Carrier, LG Shaker, Zamil and Daikin. These companies, through strategic developments, aim at entering new markets and improve their product offerings in order to consolidate their position in the industry.
With increasing number of collaborations between regional and global players, the Saudi Arabian HVAC/R market is likely to grow steadily during forecast period.
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020-2024
Objective of the Study
- To analyze and forecast the Saudi Arabian HVAC/R market size.
- To forecast the Saudi Arabian HVAC/R market based on regional distribution.
- To identify drivers and challenges for the Saudi Arabian HVAC/R market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Saudi Arabian HVAC/R market.
- To conduct the pricing analysis for the Saudi Arabian HVAC/R market.
- To identify and analyze the profile of leading players operating in the Saudi Arabian HVAC/R market.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Brand Awareness
4.2. Brand Recall
4.3. Brand Satisfaction
4.4. Factors Influencing Purchase Decision
4.5. Challenges/Issues Faced Post Purchase
5. Saudi Arabia HVAC/R Market Overview
6. Saudi Arabia HVAC/R Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Region (Northern & Central, Western, Eastern, and Southern)
6.2.2. By Company
6.3. Market Attractiveness Index
7. Saudi Arabia HVAC/R Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By End-User (Residential, Commercial & Real-Estate, Institutional, Power, Oil & Gas, Marine & Offshore, and Others)
7.2.2. By Product Type (Direct Expansion and Central Air Conditioning)
7.3. Market Attractiveness Index
8. Saudi Arabia Refrigeration Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Application (Food Storage, Transportation, Pharmacy, Monitoring Equipment)
8.3. Market Attractiveness Index
9. Market Dynamics
10. Market Trends & Developments
11. Policy & Regulatory Landscape
12. Saudi Arabia Economic Profile
13. Competitive Landscape
13.1. Competition Outlook
13.2. Company Profiles
13.2.1. Basic Details
13.2.2. Financials (As reported)
13.2.3. Supply Chain Analysis
13.2.4. Key Market Focus and Geographical Presence
13.2.5. Planned Investments
13.2.6. Pricing of Target Products
13.2.7. Market positioning
13.3. Major Regional Players Profiled (Leading Companies)
(Note: The companies list can be customized based on client requirements)
14. Strategic Recommendations
- Trane Inc.
- Johnson Controls International PLC (Al Salem York)
- LG Shaker
- Alessa Group
- Saudi Salajah
For more information about this report visit https://www.researchandmarkets.com/r/21i627
View source version on businesswire.com:https://www.businesswire.com/news/home/20190513005393/en/
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Related Topics:HVAC (Heating, Ventilation, and Air Conditioning)
KEYWORD: SAUDI ARABIA MIDDLE EAST
INDUSTRY KEYWORD: INTERIOR DESIGN CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 05/13/2019 06:56 AM/DISC: 05/13/2019 06:56 AM