Al-Riyadh Emerges as District Cooling Hub Amid $2.58 Billion Market Expansion in Saudi Arabia

According to the latest market research study published by P&S Intelligence, the Saudi Arabian district cooling market reached USD 1,515 million in 2024 and is forecast to expand to USD 2,585.3 million by 2030, representing a robust compound annual growth rate (CAGR) of 9.4% from 2025 to 2030.

This impressive growth is fueled by increased urbanisation, a succession of mega infrastructure projects such as NEOM, Red Sea Project, Diriyah Gate, and a heightened emphasis on energy‑efficient solutions amid Saudi Vision 2030. The market is also driven by the Kingdom’s scorching desert climate—where approximately 70% of electricity during summer is devoted to cooling—and a growing commitment to carbon reduction, sustainability efforts, and green building standards.

In 2024, the market was fragmented and led by the commercial end‑user segment, capitalising on the rapid expansion of hospitality, retail, hospitals, and educational institutions. Government regulations promoting renewable energy integration and carbon‑efficient heating, ventilation, and air conditioning (HVAC) infrastructure are further accelerating demand. Moreover, the rise of data‑centre infrastructures and energy‑focused initiatives such as thermal energy storage systems are enhancing system efficiency and reliability.

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Key Insights

• The market is segmented by production techniques: free cooling, adsorption cooling, and electric chillers. Electric chillers dominate with a 49% market share in 2024 and are projected to remain the fastest-growing category, driven by their reliability, efficiency, and compatibility with a cleaner electricity grid.
• The commercial sector leads in usage, powering large-scale cooling in hotels, malls, educational institutions, and hospitals—especially in pilgrimage hubs like Mecca and Medina, which witnessed a 58% rise in tourist arrivals in 2023 compared to 2019.
• Residential district cooling is on a swift growth trajectory, with a notable CAGR of 10.9%, due to the emergence of large residential clusters and smart cities opting for centralized cooling systems that outperform individual AC units.
• Service segmentation reveals that operations & maintenance (O&M) services held the largest share in 2024 (USD 607.4 million). Energy management services are the fastest expanding, as energy audits, demand-side management, and smart grid integration become critical for green building certification.
• Geographically, the Al‑Riyadh province is both the largest and fastest-growing district cooling market, driven by major developments like King Salman Park, Riyadh Metro, KAFD, and Qiddiya. Additional provinces covered include Makkah, Al-Madinah, Eastern Region, and several others across the Kingdom.
• Baselining smart-city infrastructure, the Kingdom is integrating renewable energy capacity—40 GW wind and 58.7 GW solar by 2030—to power district cooling systems, such as the TES-integrated systems at the Red Sea Project. This aligns with major carbon reduction goals of 278 million tonnes annually.
• Despite strong momentum, high initial capital costs for plant setup—skilled labour, insulated piping, thermal energy storage, sensors, and controls—pose entry barriers. Projects typically require municipal or crown-level initiatives.
• The market is fragmented with both regional and global players, including ADC Energy Systems, Johnson Controls Arabia, Tabreed, City Cool, Takeef, ENGIE, Veolia, Danfoss, Marafiq, ARANER, Stellar Energy, and AtkinsRéalis.

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Southern U.S. Emerges as Fastest-Growing Region in Expanding HVAC Drives Market

According to the latest market research study published by P&S Intelligence, the U.S. HVAC drives market is valued at USD 2,879.7 million in 2024 and is projected to expand at a compound annual growth rate (CAGR) of 3.4% from 2025 to 2032, reaching USD 3,751.9 million by 2032. This robust growth is fueled by rising HVAC installations across residential, commercial, and industrial sectors, driven by population growth, increased construction activity, and higher disposable incomes. As variable frequency drives (VFDs) and motor controllers optimize energy performance in HVAC systems, sustaining a competitive edge in controlling temperature, airflow, and humidity, their demand continues to rise.

Moreover, stringent environmental regulations and green-building programs—most notably LEED certification—are accelerating adoption of energy-efficient HVAC drives. These regulatory drivers offer manufacturers opportunities to innovate and provide solutions that lower operational costs, reduce carbon footprints, and comply with emerging standards. The recent launch of products like Fuji Electric’s high-performance Frenic-Ace drive (10-year life span) and multi-rated specifications further underscore the impact of technological advancements.

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Key Insights

• The HVAC drives market is highly fragmented, with components such as controllers, motors, and sensors tailored for specific HVAC settings; key players include Siemens, ABB, Honeywell, Danfoss, and Fuji Electric. The market’s diversity encourages innovation and niche supplier growth.
• When segmented by application, chilled water systems, pumps, and fans are leading sectors, reflecting the drives’ broad utility in controlling various HVAC subsystems.
• End‑user analysis indicates the industrial sector holds the largest share in 2024. High power demands and precision temperature control in industrial facilities drive adoption of advanced HVAC drives.
• Geographically, the South region dominates with ~35% market share and is projected to grow the fastest through 2032, owing to hot-humid climate conditions and strong expansions in manufacturing, retail, and energy sectors.
• Population growth and urbanization support ongoing market momentum—U.S. Census Bureau data shows a 1% population rise between 2023 and 2024, the highest in two decades, with an 83% urban residence rate compared to 64% in 1950.
• Green-building and regulatory demand serve as primary growth drivers. Sustainable building mandates and energy codes are fueling investments in drives that reduce energy consumption and meet certification standards.
• Technological development, such as Fuji Electric’s Frenic‑Ace drive, enhances drive lifespan and versatility, meeting evolving HVAC requirements and signaling continuous innovation in the product portfolio.
• Market participants are leveraging fleet replacements, retrofits, and energy-driven upgrades across building envelopes, tapping into retrofit-driven opportunities and sustainability trends.
• Competitive intelligence reveals both large multinationals and emerging firms offering smart, energy‑efficient drives, intensifying competition and enabling companies to capture share through value-added services.
• Manufacturers focusing on integrated systems with controllers, motors, and sensors are capitalizing on the trend toward plug-and-play and performance-optimized HVAC solutions.

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Rising Demand for Real-Time Energy Monitoring Fuels U.S. HVAC Meter Market Expansion

According to the latest market research study published by P&S Intelligence, the U.S. HVAC energy meters market stood at USD 1,238.3 million in 2024 and is projected to grow at a 3.2% CAGR between 2025 and 2032, reaching approximately USD 1,579.4 million by 2032. 

This growth is underpinned by strong demand stemming from residential, commercial, and industrial building expansions—driven by climate variability, population increases, and rising disposable incomes. Moreover, as HVAC systems can consume up to 60% of a building's energy, there is heightened interest in energy efficiency and environmental responsibility. Government-backed initiatives such as ENERGY STAR, LEED, and Passive House, coupled with regulations aimed at decarbonization, are catalyzing further adoption of HVAC energy meters.

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Key Insights

• Electricity measurement dominates the market, accounting for about 50% share in 2024, and is expected to register the highest CAGR. This reflects organizations’ focus on continuous electricity consumption tracking to enhance energy efficiency.
• Wireless communication technology leads with a 55% share in 2024 and grows fastest, favored for its remote monitoring capabilities and reduced installation complexity.
• Smart meters (with IoT and two-way communication) hold 60% market share in 2024, outpacing traditional types due to their real-time data, connectivity, and accuracy.
• Among applications, industrial use holds the largest share, driven by high energy consumption and sustainability goals, while commercial deployments are projected to have the strongest growth due to uptake of smart building technologies.
• The Southern U.S. region leads the market, with around 35% share in 2024, and is set for rapid growth, owing to its warm-humid climate, urbanization trends, and high HVAC usage.
• Key drivers include real-time monitoring/data analytics, enabling performance optimization, CO₂ emissions reduction, and cost control. Notable innovations include Emerson Electric’s November 2024 Energy Manager solution and enhanced EcoStruxure Energy Hub from Schneider Electric.
• Barriers include the high upfront cost of smart energy metering solutions, particularly for small and medium-sized enterprises, despite the availability of green financing and energy-efficiency loans.
• The market is highly fragmented, populated by a mix of multinational and niche players. Major vendors include Honeywell, Siemens Energy, Johnson Controls, Lennox, Emerson, and others. This ensures broad competitive dynamics and innovation across measurement, communication, and application segments.

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Growth Drivers and Innovations Shaping Australia's Ventilation Sector

According to the latest market research study published by P&S Intelligence, the Australian ventilation products market is experiencing significant growth and is projected to reach USD 1,003.9 million by 2030, growing at a robust CAGR of 6.6% from USD 682.5 million in 2024. This growth is fueled by an expanding construction sector, increasing urbanization, and a rising awareness of the importance of indoor air quality. The demand for ventilation products is being further driven by the growing need for energy-efficient solutions that reduce energy consumption and improve environmental sustainability.

Key drivers behind this market expansion include advancements in ventilation technologies and a shift towards smart and green buildings. These trends are evident as Australian residential and commercial sectors increasingly adopt innovative ventilation solutions. Government policies promoting sustainability and energy efficiency, along with growing construction activity, are additional catalysts pushing the market forward. The residential sector, in particular, is expected to witness rapid growth as consumers prioritize healthier living spaces that offer better air quality and comfort. Additionally, decentralized ventilation systems, which are gaining popularity due to their efficiency and flexibility, are becoming a preferred choice in both residential and commercial buildings.

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Key Insights

Market Segmentation and Growth

The market is segmented into two primary categories: residential and commercial. In 2024, the commercial sector accounts for the largest share (60%) of market revenue, driven by the expanding construction of office spaces, malls, hospitals, and hotels. The residential sector, however, is poised for the fastest growth over the forecast period. As more homes adopt smart technologies, the demand for energy-efficient ventilation solutions in residential buildings continues to rise.

Technological Advancements and Smart Integration

A noticeable shift toward smart ventilation systems is reshaping the market landscape. Consumers are increasingly opting for systems that are energy-efficient and equipped with IoT (Internet of Things) capabilities. Leading manufacturers like LG Electronics and Panasonic are integrating smart technologies into their products, allowing users to control ventilation systems via mobile apps and other smart home platforms. These innovations contribute significantly to energy savings while maintaining optimal indoor air quality.

Decentralized Ventilation Systems

Decentralized ventilation systems, such as those used for individual rooms like kitchens and bathrooms, are seeing increased adoption due to their ability to provide better air quality and energy savings. These systems are particularly beneficial in areas prone to moisture buildup and pollutants, ensuring a healthier environment for occupants. The demand for such solutions is expected to rise, as more people opt for home renovations and eco-friendly building practices.

Geographical Trends and Infrastructure Growth

Regional trends, particularly in urban areas, are a major factor in the market's growth. The Australian government’s initiatives to support infrastructure development, such as the construction of new residential and commercial units, are driving demand for high-quality ventilation systems. In the first quarter of 2024, over 39,000 residential units were under construction, which underscores the ongoing boom in the construction sector. This surge in building activity is expected to continue, supporting the long-term demand for ventilation products.

Competitive Landscape and Market Players

The Australian ventilation products market is highly competitive, with several key players vying for market share. Companies such as Mitsubishi Electric, Daikin Industries, and Carrier Global Corporation are leading the charge with their diverse portfolios of products. These companies are focusing on developing energy-efficient and environmentally friendly solutions to meet the growing demand for sustainable buildings. Carrier's Cooling-as-a-Service model and LG's advanced smart home appliances are examples of how innovation is shaping the market. As competition intensifies, there is a growing opportunity for smaller companies to introduce customized and niche solutions for specific market segments.

Health and Environmental Considerations

Rising awareness regarding the impact of indoor air quality on health is significantly influencing the market. Poor ventilation has been linked to respiratory diseases, allergies, and cardiovascular problems. As a result, there is an increased focus on integrating advanced air purification and ventilation systems to improve the indoor environment. This trend is particularly evident in the wake of the COVID-19 pandemic, as more people recognize the importance of maintaining healthy indoor air quality.

The Australian ventilation products market is poised for continued expansion, driven by evolving consumer preferences, technological innovations, and growing awareness about indoor air quality and sustainability. With strong support from the construction sector and ongoing regulatory initiatives, the future of the ventilation market looks promising.

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Surface Computing Market is Led by North America

The surface computing market was USD 61.2 billion in 2023, and it will rise to USD 505.5 billion, powering at a 35.3% compound annual growth rate, by 2030.

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This growth is mainly because of the surging use of natural user interfaces for interacting with users. Additionally, surface computers have multi-touch as well as multiuser technologies, which assist in the identification of various objects physically with the help of touch. 

Moreover, they are employed for different applications, such as revolving, resizing, choosing, and moving, allowing the identification of objects in real-time.

The curved category, on the basis of display type, is likely to advance at a higher rate, of 35.6%, in the years to come. This can be because these devices have developed visual quality, enhanced efficiency, and reduced eye strain.

North America is the largest contributor to the industry, and it will remain the largest, generating USD 33.6 billion, by 2030. This can be mainly because of the increasing disposable salary as well as the existence of major companies.

APAC is likely to advance at the highest rate, of 35.8%, during this decade. This is because of the rising acceptance of innovative and new technologies, the growing need of customers for more immersive experiences in the digital world, and high funding by several tech giants in this region. 

With the increasing acceptance of natural user interfaces for interacting with users, the surface computing industry will continuously advance in the coming years.

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How Does Rapid Urbanization Boost Vietnam Diesel Generator Set Market?

In 2021, the Vietnam diesel generator set market generated around $109 million revenue, and it will progress at a rate of 3.6% from 2021 to 2030, to garner approximately $150 million revenue by 2030. The continuous rise in the sales of diesel generators in Vietnam is projected to increase its dominance in Southeast Asia as gensets market. The surge in construction activities in the country is driven by SEZs construction, government infrastructure projects such as smart cities, metro trains, and national and state road construction with the increased consumption of power proliferating the market.

The expansion of the industrial and construction sectors led by the rapid urbanization has also resulted in the propulsion of the Vietnam diesel generator set market to cater to the increasing demand for power. Moreover, the lack of a proper grid infrastructure causes an inadequate power supply in the country that negatively impacts the operations of the commercial and industrial spaces. Therefore, it results in an increase in demand for generators for an uninterrupted power supply during blackouts with a continuous supply of electricity for various applications.

In addition, the Vietnamese government has planned to increase the total housing space to 27 sq m per person by 2025 and 30 sq m by 2030, under the MOC strategy. Moreover, in the next decade, the government will be focusing on the redevelopment of housing development associated with urban development, old apartment buildings, along with green and smart homes. Furthermore, the housing solutions for low-income earners and workers in the urban areas are covered under government policies. The rise in the residential units, caused by government initiatives leads to a boost in diesel generator sales to cater to the backup power requirement.

The industrial sector captured a significant share in the Vietnam diesel generator set market, ascribed to the country becoming an industrial hub with an extensive and educated workforce. Moreover, the government of the country provides support to businesses that facilitate raw materials, spare parts, and components to various sectors such as automotive, IT, electronics, leather and footwear, and apparel and textile. Therefore, the expansion of the industrial sector has resulted in a surge in the requirement for power with the growing demand for generator sets.

Therefore, the insufficient power grid infrastructure leads to increasing demand for diesel generators in Vietnam for the continuous supply of power.

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