NEW YORK, May 19, 2021 /PRNewswire/ -- The $23-billionRiyadh metro project, which is 109 miles long, was 83% complete in 2019. Similarly, the three-line Jeddah metro network is under construction, which was set to be completed in 2020. Due to such rapid infrastructure development, the Saudi Arabian heating, ventilation, and air conditioning (HVAC) market is set to grow from $2,476.1 million in 2020 to $4,821.8 million by 2030, at an 8.1% CAGR between 2021 and 2030.
This is because cooling and ventilation systems are a necessity in the stations and underground tunnels of such networks. Another major government project that is boosting the Saudi Arabian HVAC market advance is the NEOM megacity, the first phase of which was completed in mid-2019. In addition, a large number of HVAC systems have been installed at Vox Cinemas, which was opened to the public in May 2019.
Key Findings of Saudi Arabia HVAC Market
- Cooling system sales highest in kingdom
- Demand for consulting services to increase fastest
- Industrial end users to observe highest market CAGR in coming years
- Smart HVAC systems biggest industry trend
- Ground-source and clean-energy HVAC systems becoming rapidly popular
- HVAC companies launching advanced equipment for larger industry share
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The COVID-19 pandemic has harmed the Saudi Arabian HVAC market, as the government-imposed lockdowns and movement restrictions to check the infection's spread. Moreover, the import of the systems and components to the kingdom from around the world was hampered due to restrictions on international trade. In addition, the closing down of a large number of industrial units and commercial spaces reduced the demand for such equipment.
The service bifurcation is set to witness the faster growth in the Saudi Arabian HVAC market in the coming years, on the basis of offering. With the rising demand for such equipment, the requirement for installation and maintenance services also grows. Moreover, a service contract constitutes a long relationship between the customer and service provider.
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In the past, the Saudi Arabian HVAC market was dominated by the commercial category, based on end user. In order to reduce its dependence on the oil trade, the Saudi government is offering strong support to the corporate and hospitality industries. Thus, with the rising number of hotels, resorts, and office buildings, the demand for HVAC equipment and services is rising in the commercial sector.
In the years to come, the western region will hold the largest share in the Saudi Arabian HVAC market due to the extensive infrastructure development in this region. Some of Saudi Arabia's largest and most-significant cities, including Jeddah, Medina, and Mecca are in the western part of the country.
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Major companies in the Saudi Arabian HVAC market are Johnson Controls International plc, Carrier Global Corporation, SKM Air Conditioning LLC, Trane Technologies plc, Daikin Industries Ltd., Midea Group Co. Ltd., Mitsubishi Electric Corporation, Danfoss A/S, Zamil Air Conditioners, LG Electronics Inc., and Gree Electric Appliances Inc. of Zhuhai.
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U.A.E. HVAC Market Report - With the U.A.E. government focusing on diversifying its economy, which is currently dependent on oil exports, investments in the construction sector, to boost the tourism industry, are rising. This is the primary factor that is projected to drive the U.A.E. HVAC market at a CAGR of 5.2% during 2020-2030.
Global HVAC Market - The global heating, ventilation, and air conditioning market stood at $240.8 billion in 2019, and it is expected to reach $358.1 billion in 2030. China, being the largest producer and user of HVAC systems, generated the highest demand for such equipment during the historical period (2014-2019).
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