DUBLIN, Sept. 17, 2019 /PRNewswire/ -- The "Saudi Arabia Chiller Market by Type, and by Region - Market Size, Share, Development, Growth and Demand Forecast, 2014-2024" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabian chiller market is predicted to generate a revenue of $291.0 million by 2024, progressing at a CAGR of 2.7% during the forecast period (2019-2024).
This growth can be majorly attributed to the increasing investments in the tourism sector and commercial infrastructure, and expansion of the overall hospitality industry.
On the basis of chiller type, the Saudi Arabian chiller market is classified into scroll, reciprocating, centrifugal, screw, and absorption, wherein the scroll classification is further bifurcated into water-cooled and air-cooled. Of these, in 2018, the air-cooled type held the larger share of revenue in the market. Air-cooled chillers are being rapidly sold due to the increasing number of small industrial units, medium-sized buildings, and luxury villas that require low-capacity chiller units.
Coming to the end-user, the chiller market in Saudi Arabia is categorized into industrial, commercial, and residential. Out of these, in 2018, the commercial category dominated the market in terms of revenue. This is ascribed to the rise in the number of commercial offices/buildings and expansion in the hospitality sector.
Also, the religious tourism sector of the nation is growing, especially on account of infrastructure investments of more than $50 billion in Makkah and Medina. Hence, developments in the construction industry are expected to be a major factor for the growth of the commercial chiller market, which is anticipated to exhibit a healthy CAGR during the 2019-2024 period.
Overall, the expanding tourism sector is accelerating the Saudi chiller market growth. The tourism sector has gained a major place in Saudi Arabia's Vision 2030 economic plan. According to the World Travel and Tourism Council, in 2017, the sector accounted for around 9.4% of the GDP of the country, which is observing a rise in both the international and domestic visitors. For instance, in 2017, international passengers spent nearly $26 billion on tourism, while the total spending from domestic tourists equaled $13 billion.
The food and beverages (F&B) industry use chillers for storing the food at a constant temperature. Chillers are essential to cool wine, sauces, soft drinks, and other foodstuff. Being a desert country with limited scope for farming, Saudi Arabia imports nearly 80.0% of its edible food items. Screw chillers are widely used in the F&B sector. The Saudi F&B sector is predicted to attain a size of $18.2 billion by 2020; therefore, the growing sales of screw chillers are expected to drive the chiller market in the country.
The Saudi chiller market is highly competitive due to the involvement of a large number of regional and global players. The market is led by Johnson Controls International plc, Daikin Industries Ltd., Zamil Air Conditioners, United Technologies Corporation, and Ingersoll-Rand Plc.
Market Dynamics
Trends
- Increasing adoption of magnetic bearing chillers
- Increasing inclination toward absorption chiller
Drivers
- Increasing number of infrastructural projects
- Growing tourism sector
- Increasing demand from the food and beverage industry
- Impact analysis of drivers on the market forecast
Restraint
- Variable refrigerant flow (VRF) system as an alternative to the chiller
- Impact analysis of restraints on the market forecast
Opportunity
- Growing demand for energy efficient chillers
Company Profiles
- Daikin Industries Ltd.
- Danfoss A/S
- Gree Electric Appliances, Inc. of Zhuhai
- Ingersoll-Rand plc
- Johnson Controls International plc
- Mitsubishi Electric Corporation
- Petra Engineering Industries Co.
- S.K.M Air Conditioning LLC
- Thermax Limited
- Zamil Air Conditioners
For more information about this report visit https://www.researchandmarkets.com/r/kyd0ce
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