HVAC Market in U.A.E to Surpass $2,774.7 Million Revenue by 2030 says P&S Intelligence
NEW YORK, March 25, 2021 /PRNewswire/ -- One of the major factors driving the advancement of the U.A.E. HVAC market is the rapid expansion of the travel and tourism sector in the country. According to the U.A.E. government, in 2017, the travel and tourism sector accounted for nearly 7% of all the investments made in the country. Because of this factor, the market valuation is predicted to grow from $1,873.1 million in 2019 to $2,774.7 million by 2030, according to P&S Intelligence. Moreover, the market will progress at a CAGR of 5.2% from 2020 to 2030. The development of luxurious hotels, grand mosques, thrilling amusement parks, and sleek skyscrapers and the existence of a rich culture and history are making the country a popular tourist destination.
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In order the fuel the growth of the tourism industry, the government is taking several measures aimed at catering to the soaring requirements of both business travelers and vacationers. These measures include the launching of extensive hotel, public transport systems, mall, and various commercial infrastructure development projects in the country. These projects once completed will massively push up the requirement for ventilation and cooling equipment, which will, in turn, propel the growth of the U.A.E. HVAC market.
The COVID-19 pandemic has massively hampered the progress of the market, primarily on account of the fact that the strict lockdowns imposed in the country for mitigating the spread of the virus have resulted in the shutting down of manufacturing plants and warehouses. Moreover, these lockdowns have also caused huge disruptions in the logistics sector. This caused a huge shortage of funds, labor, and product parts and components, which, in turn, slowed down the construction and infrastructural development projects in the country. Because of the economic recession, even individual users are refraining from buying HVAC systems in the country.
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Depending on service, the consulting category is predicted to demonstrate the fastest growth in the U.A.E. HVAC market in the forthcoming years. This is credited to the fact that HVAC users in the country are increasingly hiring technicians and experts for the servicing and maintenance of the HVAC equipment.
The U.A.E. HVAC market is predicted to exhibit the fastest growth in the Abu Dhabi Al Ain region in the coming years. Under the Abu Dhabi 2030 plan, the U.A.E. government is aiming to host as many as 7.9 million tourists in the region every year. To fulfil this objective, the government is predicted to make investments worth $2.1 billion in the tourism sector. These massive infrastructural development projects once completed will propel the demand for HVAC systems and services in the region.
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The prominent players operating in the U.A.E. HVAC market are Daikin Industries Ltd., Johnson Controls International plc, LG Electronics Inc., Danfoss A/S, Trane Technologies plc, Gree Electric Appliances Inc. of Zhuhai, Midea Group Co. Ltd., Carrier Global Corporation, Mitsubishi Electric Corporation, Zamil Air Conditioners, and S.K.M. Cooling LLC.
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