According to P&S Intelligence, Saudi Arabia’s HVAC industry is expected to have sales of $ 3,197.4 million by 2030
NEW YORK, March 9, 2021 / PRNewswire / – According to Deloitte, the number of hotel rooms in Saudi Arabia would increase by 4,500. With the growth in the hospitality industry, an increase in sales is therefore expected in the Saudi Arabian market for heating, ventilation and air conditioning systems $ 2,709.0 million in 2019 to $ 3,197.4 million According to the market research report published by P & S Intelligence until 2030 with a CAGR of 3.2% between 2020 and 2030. In 2019, the largest hotel of the InterContinentl Hotel Group in the UK with 4,200 rooms was opened Mecca.
Another such development that would help advance the Saudi HVAC market is the 2019 decision by Hilton Worldwide Holdings Inc. to add 35 new hotels in the country over the next five years. For the same reason, Radisson Hospitality AB expects to open the Radisson Riyadh Airport Hotel by 2020. The main reason for the increasing number of hotels in the country is its religious importance, which brings many pilgrims and tourists here every year.
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The Saudi Arabian HVAC market is experiencing slow growth due to the COVID-19 pandemic as the manufacture and supply of HVAC systems has ceased. In addition, the construction activities were stopped due to funds and labor. At the individual level, many people face wage or job cuts, which is why they only buy essential goods, resulting in lower demand for HVAC systems and services.
In the past, the upgrade / replacement division in the service segment had the largest share of the Saudi HVAC market. In order to ensure the efficient operation of the systems, they are regularly updated or replaced. In addition to operational efficiency, the upgrade / maintenance also ensures low energy consumption and a cleaner environment by combating the build-up of bacteria and mold on the systems’ vents.
The story goes on
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Historically, the country’s central region, home to some of the largest and most populous cities, including the capital, was the largest contributor to the Saudi HVAC market. Riad. In total, the central region has four cities with over one million inhabitants, 20 cities with 100,000 to 1 million inhabitants and 45 cities with 10,000 to 100,000 inhabitants.
The western region is expected to see the fastest growth in the Saudi Arabian HVAC market over the next decade. Mecca and Medina are both here, and they are together with Jeddah and Tabuk have a number of infrastructure projects in various phases of implementation. Many of these projects are carried out under Saudi Vision 2030, which aims to diversify the kingdom’s economy.
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Companies introducing new HVAC equipment for the definitive edge
In order to dominate the competition, the Saudi HVAC market players are bringing new and advanced equipment to the market.
in the February 2019, an air-to-air heat pump named Perfera FTXM-NDEU18-046, was developed by Daikin Industries Ltd. presented. Using the refrigerant R-32, the heat pump heats at temperatures from 24 to –20 ° C and cools at temperatures from –10 to 50 ° C.
in the January 2019The Altherma hydraulic hybrid heat pump, named DEU19-006, was developed by Daikin Industries Ltd. brought on the market. Using R-32 results in lower carbon dioxide emissions than traditional gas condensing boilers.
The main companies operating in the Saudi Arabian HVAC market are LG Electronics Inc., Johnson Controls International plc, Gree Electric Appliances Inc. from Zhuhai, Mitsubishi Electric Corporation, Danfoss A / S, Trane Technologies plc, Midea Group Co. Ltd. , Carrier Global Corporation, Zamil Air Conditioners, Daikin Industries Ltd. and SKM Air Conditioning LLC.
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The HVAC market is expected to generate $ 358.1 billion Revenue by 2030 $ 240.8 billionwith a CAGR of 4.8% in the forecast period. One of the main drivers for the HVAC market is the growth in the construction sector.
UAE HVAC market
The UAE HVAC market will grow at an annual rate of 5.2% over the period 2020-2030. The market stood by $ 1,873.1 million in 2019 and it is expected to reach $ 2,774.7 million by 2030.
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SOURCE P&S Intelligence