Saudi Arabia HVAC Market
Saudi Arabia HVAC Market Size Set to Touch USD 4.1 Billion by 2029
Published | 17 August 2023
Saudi Arabia HVAC market is gaining traction because of the rising demand for energy-efficient HVAC systems and rising transportation-related construction projects.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia HVAC market size at USD 2,821 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Saudi Arabia HVAC market size to grow at a CAGR of 7% reaching a value of USD 4,121 million by 2029. Rapid infrastructure development as a result of economic diversification and increased demand for commercial facilities like hotels and airports as a result of booming tourism are two major growth factors for the Saudi Arabia HVAC industry. The Saudi government has invested in creating new factories as a result of the rising industrial sector, which is expected to boost demand for HVAC systems throughout the forecast period.
Saudi Arabia HVAC Market – Overview
Heating, ventilation, and air conditioning, or HVAC, is a system for maintaining and controlling the temperature, humidity, and purity of the air in a room or enclosed space. These systems are used in a wide range of commercial, residential, and industrial facilities, such as family homes, apartments, hotels, hospitals, trains, airplanes, and ships. Ventilation is a vital aspect of HVAC as it helps in maintaining indoor air quality, which involves the removal of moisture, odors, smoke, and dust, temperature control, and oxygen replenishment.
Saudi Arabia HVAC Market
Saudi Arabia HVAC Market – By Implementation Type
Based on implementation type, the Saudi Arabia HVAC market is segmented into new construction and retrofits. The new construction segment accounts for the largest share of the Saudi Arabia HVAC market owing to the extensive line of ongoing construction projects. A study by the Royal Institution of Chartered Surveyors (RICS) indicates that construction activity in Saudi Arabia is at its highest level since 2018. Several construction projects, including Riyadh Metro, Qiddi, an entertainment city, and the Red Sea Project, a luxury tourism destination, will directly influence the demand for HVAC in the Saudi Arabia market.
Impact of COVID-19 on Saudi Arabia HVAC Market
The unprecedented COVID-19 pandemic affected the growth of the Saudi Arabia HVAC market. The implementation of the lockdown resulted in stagnation in construction activities, which caused a significant decline in the demand for HVAC systems in the Kingdom. Furthermore, restrictions on cross-border trade to prevent the spread of the virus prompted a shortage of HVAC equipment and its parts. The decline in the purchasing power of consumers also led to limited demand for retrofitting and repairs, which caused significant losses to the industry players in Saudi Arabia during the COVID-19 pandemic.
Major players operating in the Saudi Arabia HVAC market include Johnson Controls International plc, LG Electronics Inc., Mitsubishi Electric Corporation, Gree Electric Appliances Inc. of Zhuhai, Trane Technologies plc, Danfoss A/S, Carrier Global Corporation, Midea Group Co. Ltd., Daikin Industries Ltd., Zamil Air Conditioners, and S.K.M. Air Conditioning LLC.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Saudi Arabia HVAC Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia HVAC Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Saudi Arabia HVAC Market, By Offering (Equipment, Service); By Implementation Type (New Constructions, Retrofits); By End-User (Residential, Commercial, Industrial), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: August 2023
Growing preference toward smart HVAC systems and rising investment in sustainable energy technologies are expected to boost the growth of Saudi Arabia HVAC market during the forecast period between 2023 and 2029.
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