HVAC Industry in Saudi Arabia to Generate Revenue Worth $3,197.4 Million by 2030 Says P&S Intelligence

NEW YORK, March 9, 2021 /PRNewswire/ -- As per Deloitte, in 2021, the number of hotel rooms in Saudi Arabia would increase by 4,500. Therefore, with the growth in the hospitality sector, the revenue in the Saudi Arabian heating, ventilation, and air conditioning (HVAC) market is predicted to increase from $2,709.0 million in 2019 to $3,197.4 million by 2030, at a 3.2% CAGR between 2020 and 2030, according to the market research report published by P&S Intelligence. In 2019, the largest hotel of the InterContinentl Hotel Group in the kingdom, with 4,200 rooms, was opened in Mecca.

Another such development, which would help the Saudi HVAC market advance, is Hilton Worldwide Holdings Inc.'s 2019 decision to construct 35 new hotels in the country in the next five years. In the same vein, Radisson Hospitality AB expects to inaugurate Radisson Riyadh Airport Hotel by 2020. The major reason behind the surging number of hotels in the country is its religious significance, which brings loads of pilgrims and tourists here every year.

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The Saudi Arabian HVAC market is witnessing slow growth on account of the COVID-19 pandemic, as the manufacturing and supply of HVAC systems have halted. Moreover, due to the ack of funds and workforce, construction activities have stopped. On the individual level, many people are facing pay or job cuts, which is why they are only purchasing essential goods, thereby leading to a reduced demand for HVAC systems and services.

In the past, the largest share in the Saudi HVAC market was held by the upgradation/replacement division, under the service segment. In order to keep the systems running efficiently, people are regularly upgrading or replacing them. In addition to operational efficiency, upgradation/maintenance also ensures low energy consumption and cleaner environs, by tackling the accumulation of bacteria and mold on the systems' vents.

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Historically, the largest revenue contribution to the Saudi HVAC market was made by the central region of the country, which is home to some of its largest and most populous cities, including its capital — Riyadh. In all, the central region has four cities with a population of over a million, 20 cities with a population of 100,000–1 million, and 45 cities with a population of 10,000–100,000.

The western region is expected to experience the fastest growth in the Saudi Arabian HVAC market during the next decade. Mecca and Medina are both located here, and they, along with Jeddah and Tabuk, have a number of infrastructure projects under various stages of implementation. Many of these projects are being executed under Saudi Vision 2030, which is aimed at diversifying the kingdom's economy.

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Companies Launching New HVAC Appliances for Definitive Edge

With a view to dominating the competition, Saudi HVAC market players are launching new and advanced equipment.

• In February 2019, an air-to-air heat pump, named Perfera FTXM-NDEU18-046, was unveiled by Daikin Industries Ltd. Utilizing the R-32 refrigerant, the heat pump provides heating under temperatures of 24 to −20 °C and cooling under temperatures of −10 to 50°C.
• In January 2019, an Altherma hydronic hybrid heat pump, named DEU19-006, was launched by Daikin Industries Ltd. The use of R-32 leads to lower carbon dioxide emissions than conventional gas-condensing boilers.

The major companies operational in the Saudi Arabian HVAC market are LG Electronics Inc., Johnson Controls International plc, Gree Electric Appliances Inc. of Zhuhai, Mitsubishi Electric Corporation, Danfoss A/S, Trane Technologies plc, Midea Group Co. Ltd., Carrier Global Corporation, Zamil Air Conditioners, Daikin Industries Ltd., and S.K.M. Air Conditioning LLC.

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SOURCE P&S Intelligence