MarkNtel Advisors recently released a research report focusing on the GCC HVACR Market for the forecast period of 2023-28. This approach enhances user understanding and supports well-informed decision-making. The report comprehensively addresses significant changes, gap analyses, emerging opportunities, trends, industry dynamics, and competitive challenges using qualitative and quantitative data. To familiarize established businesses and newcomers with the present market scenario, the report offers detailed growth prospects for the industry and concise insights into competitors.
GCC HVACR Market Insight and Analysis:
The GCC HVACR Market size is valued at around USD 6.2 billion in 2022 & is estimated to grow at a CAGR of about 5.32% during the forecast period, i.e., 2023-28.
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GCC HVACR Industry Segmentation:
By Type
-Window AC
-Up to 1 Ton
-1.1 to 2 Ton
-Above 2 Ton
-Split AC
-Up to 1 Ton
-to1.5 Ton
-1.6 to 2 Ton
-Floor Standing AC
-Up to 2 Ton
-Above 2 Ton
-Cassette AC
-Packaged AC
-Ducted Split AC
-Centralized AC
-FCU/AHU
-Chillers
-VRF
-Refrigeration
By End User
-Residential
-Commercial Buildings
-Retail
-Healthcare
-Hospitality
-Government & Transportation
-Oil & Gas
-Industrial Facilities
-Other Developing Industries (Hydrofarms, etc.)
By Sales Channel
-Direct Sales
-Online
-Authorized Distributors
Geographical overview:
-Saudi Arabia
-Oman
-Qatar
-Bahrain
-Kuwait
-The UAE.
GCC HVAC Market (2023-28): Segmentation Analysis
The GCC HVAC Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the regional & national levels. Based on the analysis, the market has been further classified as:
Based on End User:
- Residential
- Commercial Buildings
- Retail
- Healthcare
- Hospitality
- Government & Transportation
- Oil & Gas
- Industrial Facilities
- Other Developing Industries (Hydrofarms, etc.)
The residential sector accounted for a considerable market share owing to the mounting expansion of residential buildings in countries like the UAE, Saudi Arabia, etc., backed by the upgrade in the expatriate population. Further, governments have prioritized the development of more & more housing units for their employees, which would boost the demand for air conditioners in these countries.
Increased government efforts toward attracting expatriates are likely to positively impact the establishment of new residential units in the country. In 2022, the UAE’s Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICA) announced to implement new regulations for entry permits & long-term residence for expatriates.
Also, the government of Saudi Arabia has taken several initiatives like the Housing Program Vision 2030, the Sakani Program, and the Ministry of Housing Infrastructure Program, which has heightened the establishment of new residential units in the country. Hence, these new policies & initiatives are anticipated to increase the number of housing units across the region & further the demand for HVACR systems in the years to come.
Based on Sales Channel:
- Direct Sales
- Online
- Authorized Distributors
Authorized Distributors captured a significant share of the GCC HVACR Market during the historical period as they provide customers with numerous brand options in air conditioners. Moreover, the ease with which air conditioner & refrigeration companies can sell their products without incurring large investments to cover the region’s vast population spread across various geographical locations is another aspect that contributed to supplementing the market growth. The increase in the number of residential units in the region is thus set to push the demand for HVACR systems from authorized distributors in the coming years.
The GCC HVACR Market Trend:
Preference for VRFs Over Chillers in the Commercial Buildings – With growing concerns over climate change & the optimum utilization of the available resources, there is a shift towards sustainability, i.e., encouraging the adoption of energy-efficient products like VRF for air cooling purposes. Along with this, the high energy consumption in commercial buildings of the GCC region, such as hotels & office complexes, is also elevating the demand for energy-efficient HVACs and, in turn, pushing the adoption of VRFs.
According to Kuwait Institute for Scientific Research, HVAC & lighting systems consume almost 65% of the annual electricity generation and about 85% of the yearly peak load. Hence, GCC’s commercial sector is witnessing the increasing adoption of VRFs as they are almost 30% more energy efficient than air-cooled chillers & packaged & mini-split systems. Therefore, the rising demand for energy-efficient HVAC systems is set to augment the GCC HVAC Market revenue growth in the years ahead.
Top Leading key players of GCC HVACR Market
A thorough examination of the competitive landscape of the market involves a comprehensive analysis of its key competitors. This analysis delves deep into each company’s profile, financial achievements, market presence, potential, Research and Development (R&D) expenditures, recent strategic initiatives in the market, footprint, strengths, weaknesses, and market dominance. The information provided offers a comprehensive overview of the leading market players, including –
-LG Electronics
-S.K.M. Air Conditioning
-Carrier Corporation
-Gree
-Samsung
-Daikin Industries
-Mitsubishi
-Trane Inc.
-Johnson Controls Inc.
-Zamil Air Conditioners Holding Co. Ltd.
The GCC HVACR Market report addresses the following concern:
- The GCC HVACR Market report explores the influence of key trends on market share within the primary segments.
- What are the leading market trends that propel the expansion of the GCC HVACR market?
- What are the projected CAGR, market size, and growth rate for the GCC HVACR Market in the upcoming years?
- What are the key players in the GCC HVACR market, and what strategies are they implementing?
- What factors, such as industry trends, drivers, and challenges, are contributing to the growth of the GCC HVACR market?
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