Saudi Arabian HVAC Market to Grow with More than 8% CAGR in Current Decade, says P&S Intelligence

NEW YORK, April 7, 2022 /PRNewswire/ -- The Saudi Arabian HVAC market revenue is expected to increase from an estimated $2,390.4 million in 2021 to $4,821.8 million by 2030, at an 8.1% CAGR. According to the market research report published by P&S Intelligence. This will, in many ways, be due to the newer systems being launched by companies, which aim to offer better heating and cooling efficiency at reduced energy consumption. For instance, AquaEdge 19MV, launched by Carrier Global Corporation in December 2021, is integrated with functionalities that allow for the optimization of HVAC systems and building operations.

Similarly, Trane Technologies plc unveiled the Sintesis Balance CMAF for cooling and heating buildings in the Middle East and Europe in August 2021. This single-unit appliance is designed for schools, hospitals, hotels, shopping malls, theaters, and office buildings, which have varying temperature requirements. Other key companies offering HVAC systems in Saudi Arabia are Johnson Controls International plc, Zamil Air Conditioners, Gree Electric Appliances Inc. of Zhuhai, LG Electronics Inc., Danfoss A/S, Midea Group Co. Ltd., Daikin Industries Ltd., and S.K.M. Air Conditioning LLC.

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Key Findings of Saudi Arabia HVAC Market Report

• Among the three broad types of equipment available, cooling systems witness the highest sales due to the country's desert climate, which leads to perpetually hot weather.
• The growth of the Saudi Arabian HVAC market is indicative of a lucrative potential for service providers in the coming years, as the sale of equipment creates a high need for installation, retrofitting, and maintenance and repair services.
• Most of the opportunities will arise from the commercial sector, which is the largest user of HVAC systems in the kingdom. Long known for its religious significance among Muslims, it is now also becoming important from the point of business.
• As a result, business zones, shopping malls, and hotels are rapidly being constructed. For instance, to promote sports and arts, the Qiddiya project is underway 45 km from Riyadh. Moreover, $50 billion is being spent to develop infrastructure in and around Mecca and Medina, thereby driving HVAC system sales.
• A significant part of this spending is for the ongoing addition of 23,000 hotel rooms and 30,000 more that have been proposed. HVAC systems are essential at hotels to offer comfort to guests, even more so in the Middle East, which is now associated with lavish lifestyles.
• Due to this reason, Saudi Arabian HVAC market players have found the western part of the country the most lucrative. Apart from the two holy cities, Jeddah, Saudi Arabia's biggest economic center; and the under-construction NEOM City are all in its western part.

The COVID-19 pandemic drastically reduced HVAC equipment and service demand in Saudi Arabia due to the closure of most industrial and commercial facilities. Moreover, owing to job losses and reduced salaries, residents avoided spending on non-essential stuff, thus further hitting the market hard. Further, the manufacturing and supply of the systems became challenging due to supply chain disruptions, limited availability of workforce, and trade restrictions.

Browse detailed report on Saudi Arabia HVAC Market Trends and Future Growth Study 2022-2030

However, aided by the rampant pace of infrastructure development in the commercial, residential, and industrial sectors, the Saudi Arabian HVAC market is expected to recover soon. For instance, to reduce food wastage, the government is developing cold storage infrastructure, including warehouses and transportation containers, where HVAC systems are indispensable. Moreover, in recent years, around 20 hotels with over 8,000 rooms have opened in the kingdom, with many more under various stages of development.

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