The Saudi Arabian heating, ventilation, and air conditioning (HVAC) market is expected to witness a CAGR of 3.2% during 2020–2030. This implies a growth in size, which stood at $2,709.0 million in 2019, to around $3,197.4 million by 2030. The growing commercial sector, which includes commercial offices, buildings, hotels, and other recreational centers, will be the primary source of the growth.
The Saudi Arabian HVAC market is classified into service and equipment, based on offering. Of the two categories, service is set to be the leading revenue contributor in 2030. This would primarily be due to an increase in the awareness on and a quest for equipment that is efficient. Further, the expansion of the equipment category will boost the service revenue for industry players. The installation and maintenance demand will inevitably grow with the sale of new equipment.
Saudi Arabia is home to two of the most sacred pilgrimage destinations in the world. To offer world-class facilities to tourists and its people, the kingdom is constructing luxurious hotels and modern townships, especially in Makkah, Madinah, Jeddah, and Tabuk. For instance, the NEOM city in Tabuk is being developed with an investment of around $500 billion. Other developmental endeavors include the Red Sea Project and Jeddah Downtown, which are worth $8.0 billion and $4.8 billion, respectively. The demand for HVAC products and services is surging due to the new and ongoing projects.
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This market research report provides a comprehensive overview of the Saudi Arabian HVAC market
- Historical and the present size of the Saudi Arabian HVAC market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
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