GCC Air Conditioners Market Set to Grow at CAGR 10% Till 2021: TechSci Research Report
NEW YORK, May 25, 2016 /PRNewswire/ --
Increasing construction activities due to upcoming mega events, rising disposable income coupled with growing urbanization to drive GCC air conditioners market through 2021
According to TechSci Research report, "GCC Air Conditioners Market By Product Type, By End Use Sector, By Country, Competition Forecast and Opportunities, 2011 - 2021", GCC air conditioners market is forecast to grow at a CAGR of over 10% during 2016-2021, due to rising construction in the residential and commercial sectors, increasing disposable income and upcoming mega events such as FIFA World Cup 2022 in Qatar, World Expo 2020 in UAE, cultural and summer festivals in Bahrain, etc. Surging temperatures during summers and implementation of stringent government initiatives that only allow sales and imports of energy efficient air conditioners are anticipated to fuel demand for air conditioners in the GCC region over the next five years. Moreover, huge ongoing and upcoming infrastructure investments by various governments in the region is expected to positively influence the sales of air conditioners market in the region.
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Browse 24 market data Tables and 63 Figures spread through 167 Pages and an in-depth TOC on "GCC Air Conditioners Market"
Saudi Arabian government announced plans to invest US $ 68 billion to address housing shortages, and build around 500,000 housing units in the country, over the next five years. Similarly, Government of Qatar announced plans to build Lusail City, which involves an investment of US $ 45 billion and is slated for completion by 2020.
GCC air conditioners market is majorly import driven, due to absence of manufacturing facilities of major international players in the region which has resulted in higher prices of air conditioners due to implementation of custom duties and tariffs. LG Electronics Gulf, Daikin McQuay Middle East, Toshiba Carrier, Zamil Air Conditioners and Samsung Gulf Electronics are few of the leading players operating in the GCC air conditioners market.
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In 2015, split air conditioners dominated GCC air conditioners market. However, increasing number of hotels, restaurants, retail stores, etc., coupled with expansion of airport terminals is projected to increase the demand for chillers in the region through 2021. Total number of hotel rooms in GCC countries was around 490 thousand in 2015 and this is projected to reach 622 thousand rooms by 2020, thereby exhibiting a CAGR of around 5% during 2015-2020. Accounting for a revenue share of over 50%, Saudi Arabia dominated GCC air conditioners market in 2015, followed by UAE and Oman. The reason behind Saudi Arabia's dominance in GCC air conditioners market is due to its large population base and high disposable income levels of consumers in the Kingdom.
"Rising demand for air conditioners in the GCC countries can be attributed to extremely high temperatures, coupled with booming residential and commercial construction activities in GCC countries. Moreover, GCC is witnessing an increase in demand for air conditioners integrated with advanced air purification technology that aids in preventing indoor air pollution. High disposable income levels of consumers in the region and growing concerns regarding respiratory diseases such as Middle East Respiratory Syndrome (MERS) and Severe Acute Respiratory Syndrome (SARS) is also boosting adoption of these air conditioners with advanced air purification technology," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"GCC Air Conditioners Market By Product Type, By End Use Sector, By Country, Competition Forecast and Opportunities, 2011 - 2021" has evaluated the future growth potential of air conditioners market and provides statistics and information on market structure, size, share and future growth in GCC countries. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities in the GCC air conditioners market.
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