Saudi
Arabia HVAC R Market Overview
Saudi Arabia 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 growing
demand from 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,
market players are expanding their product portfolio in the country.
Factors such as increasing demand to reduce energy
consumption and extreme climate conditions are anticipated to drive Saudi
Arabia 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.
Saudi
Arabia HVAC Market Segment Insights
In terms of end-user, Saudi Arabia HVAC 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, Saudi Arabia
HVAC 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.
Saudi
Arabia HVAC R Market Regional Insights
Northern & Central region is expected to exhibit the
fastest growth in Saudi Arabia HVAC R market during 2019-2024, on the back of increasing
demand for HVAC R systems from 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 market growth in the coming years.
Saudi
Arabia HVAC R market Competitive Landscape
Saudi Arabia HVAC R market is highly competitive and
fragmented in nature. Few of the major companies operating in the market are Trane Inc., Johnson Controls International PLC (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, Saudi
Arabia HVAC R market is likely to grow steadily during forecast period.
Years
considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
- To analyze and forecast Saudi Arabia HVAC R market size.
- To forecast Saudi Arabia HVAC R
market based on regional distribution.
- To identify drivers and challenges for Saudi Arabia HVAC R market.
- To examine competitive developments such as expansions, new product
launches, mergers & acquisitions, etc., in Saudi Arabia HVAC R market.
- To conduct the pricing analysis for Saudi Arabia HVAC R market.
- To identify and analyze the profile of leading players operating in
Saudi Arabia HVAC R market.
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Some
of the leading players in Saudi Arabia HVAC R market are Trane Inc., Johnson
Controls International PLC (Al Salem York), Carrier, LG Shaker, Zamil, Daikin,
Hitachi, CGS and Emerson Electric.
TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of HVAC R manufacturers across the country.
Subsequently, TechSci Research conducted primary research surveys with the
identified companies. While interviewing, the respondents were also enquired
about their competitors. Through this technique, TechSci Research was able to include
the manufacturers which could not be identified due to the limitations of
secondary research. TechSci Research analyzed the product offerings,
distribution channels and presence of all major manufacturers across the country.
TechSci
Research calculated Saudi Arabia HVAC R market size by using a top
down approach, where data for various applications across various end-user
segments was recorded and forecast for the future years. TechSci Research
sourced these values from the industry experts and company representatives and
externally validated through analyzing historical data of these product types
and applications for getting an appropriate, overall market size. Various
secondary sources such as company websites, news articles, press releases,
company annual reports, investor presentations and financial reports were also studied
by TechSci Research.
Key Target
Audience:
- HVAC R system manufacturers, suppliers,
distributors and other stakeholders
- HVAC R system end-user industries
- Government bodies such as regulating
authorities and policy makers
- Organizations, forums and alliances related to
HVAC R market
- Market research and consulting firms
The study is useful in providing answers to several critical
questions that are important for industry stakeholders such as manufacturers,
suppliers and end users. The study would also help them in identifying which
market segments should be targeted over the coming years in order to strategize
investments and capitalize on growth of the market.
Report Scope:
In this report, Saudi Arabia HVAC R market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
- Market, by Region:
- Northern & Central
- Western
- Eastern
- Southern
Competitive Landscape
Company Profiles: Detailed analysis of the major
companies present in Saudi Arabia HVAC R market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
Profit
Margin Analysis
- Profit margin analysis in case of direct and indirect sales
channel.
In case you don’t find what
you are looking for, please get in touch with our custom research team at [email protected]