Showing posts with label Saudi Arabia HVAC Market Analysis. Show all posts
Showing posts with label Saudi Arabia HVAC Market Analysis. Show all posts

How Will $26.6-Billion Grand Mosque Expansion Propel Saudi Arabia HVAC Market?

 In 2021, $2,390.4 million was produced by the Saudi Arabia HVAC market, which is set to touch $4,821.8 million by 2030, advancing at a CAGR of 8.1% from 2021 to 2030. The market is primarily driven by rising infrastructure investment, the desire to reduce food waste, and the developing hospitality sector. Ground-source HVAC systems are becoming more and more popular, which might lead to new opportunities in the nation. By utilizing the energy contained in the ground to heat and cool homes, these systems conserve natural resources like coal and gasoline that would otherwise be used to generate electricity at power plants.

Saudi Arabia HVAC Market Research Revenue Estimation Report, 2022-2030

The demand for smart VRF systems is a noticeable trend in the Saudi Arabia HVAC market. To reduce energy use and improve sustainability, many customers are relying on intelligent and energy-efficient technologies. These systems include smart thermostats, enhanced monitoring systems, and better controls. Additionally, they offer more consistent temperatures and cleaner air than conventional systems. Users can utilize a smartphone app to track the functioning of these systems. Additionally, they produce less noise as compared to conventional systems.

Read Full Report: Saudi Arabia HVAC Market Revenue Estimation and Growth Forecast Report

The commercial sector had the biggest share in 2021, of more than 40%. To reduce its dependency on the oil trade, the Saudi government is generously supporting the hospitality and corporate sectors. The commercial sector's need for these products and services is rising as a result of the rise in hotels, travel destinations, and office buildings. Government and business sector investments in infrastructure also support the Saudi Arabia HVAC market.

For instance, there are now ongoing projects like the $26.6-billion Grand Mosque expansion in Mecca and the $16.5-billion Haramein rail line between Mecca and Medina. By 2025, 25 million people are expected to travel to the holy sites annually, owing to these upgrades, which are meant to increase religious tourism in the nation. As a result, increased commercial infrastructure development is anticipated to be a key factor in commercial market expansion.

The western region, which held a Saudi Arabia HVAC market share of over 40% in 2021, will advance rapidly in the coming years due to the massive magnitude of infrastructure development. Several of Saudi Arabia's most significant cities, such as Jeddah, Madinah, and Mecca, are located in the western part of the country. The completion of megaprojects like NEOM City and Amaala would increase demand for such systems and related services in the area. A large portion of this development is being carried out by Saudi Vision 2030, the government's objective to diversify the economy of the nation and lessen its reliance on the oil and gas sector.

Product launches are the primary strategic technique used by companies to differentiate themselves from market competitors. A list of some players in Saudi Arabia HVAC market is Daikin Industries Ltd., Zamil Air Conditioners, Johnson Controls International plc, S.K.M. Air Conditioning LLC, Gree Electric Appliances Inc. of Zhuhai, LG Electronics Inc., Midea Group Co. Ltd., Carrier Global Corporation, Danfoss A/S, and Trane Technologies plc.

Hence, the rising requirement to lessen food wastage and growing infrastructure spending coupled with the developing hospitality sector are factors propelling demand for HVAC in Saudi Arabia.


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Growing Infrastructure Sector Driving the Growth of Saudi Arabian Heating, Ventilation, and Air Conditioning Market

 
The Saudi Arabian heating, ventilation, and air conditioning (HVAC) market is growing on account of the rising infrastructure spending and expanding hospitality sector in the country. 

Along with the infrastructure, the hospitality sector of the nation is also booming, owing to the increasing number of travelers coming here from across the world. The two holiest sites in Islam — Makkah and Medina — are located in Saudi Arabia, which draw loads of people. 

To cater to the increasing tourists and pilgrims, the number of hotels and guestrooms in the nation is also surging, thereby driving the HVAC market in Saudi Arabia. Several multinational hospitality firms are expanding their reach here to provide accommodation to as many people as possible.

Seeing the focus of consumers toward reducing their electricity spending, major Saudi Arabian HVAC market players are launching systems that are more energy-efficient than before or modifying the technology of their existing products.

For instance, Daikin Industries Ltd. unveiled a new air-cooled scroll chiller product line with the R-32 refrigerant in January 2019. Compared to its existing scroll chillers that work on refrigerant R-401A, these have a 10.0% higher seasonal energy efficiency ratio.


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