According to the latest market research study published by P&S Intelligence, the Saudi Arabia thermal products market is projected to grow steadily, reaching an estimated USD 429.1 million in 2024, with a CAGR of 3.0% leading to USD 509.7 million by 2030. These products—ranging from cooling and heating equipment to compressors, thermal interface materials, and heat-transfer components—are key to managing temperature across high-growth sectors such as oil & gas, construction, IT & telecom, and consumer electronics.
Driven by rapid infrastructure expansion and intensified oil & gas
operations in regions like Riyadh (the largest province) and Makkah
(fastest-growing), the market benefits from supportive government investments
and rising demand for energy-efficient thermal systems. Additionally,
technological advancements in cooling equipment are enabling improved thermal
management in critical facilities, aligning with Saudi Arabia’s Vision 2030
goals to enhance industrial efficiency and reduce energy consumption.
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Key Insights
- The
market is fragmented, with no single powerhouse dominating the landscape
and numerous small-to-mid-sized players competing on pricing and
performance.
- Segmentation
reveals cooling equipment as the largest product category, reflecting
strong demand in HVAC systems across residential and commercial
infrastructure.
- The
product mix also includes liquid cooling systems, thermoelectric cooling, compressors,
heating equipment, thermal interface materials, and heat transfer
components, catering to diversified industrial and consumer applications.
- Regional
breakdown:
- Al‑Riyadh
stands out as the largest market, suggesting concentrated industrial and
urban cooling needs.
- Makkah
shows the fastest growth, likely driven by seasonal demand spikes
and hospitality infrastructure expansion.
- Government
regulation—such as energy efficiency standards—and rising awareness of
carbon reduction targets are pushing manufacturers to offer more
sustainable and low‑GWP (global warming potential) thermal solutions.
- Technology
trends: innovation in cooling systems (e.g., advanced liquid-cooling
and thermoelectric modules) is enhancing thermal control in high-density
data centers and telecommunications sectors.
- Competitive
dynamics: Companies are optimizing their value chains through
partnerships, pricing strategies, and localized production to strengthen
market foothold.
- Future
opportunities:
- Increasing
energy demand in mega‑projects (e.g., NEOM, Red Sea Development) opens
doors for customized thermal systems.
- Rising need for thermal interface materials in electronics manufacturing and oil & gas plant modernization.
- Potential growth in service and maintenance segments for installed cooling/heating systems.
