U.A.E. Chiller Market by Type (Screw [Water-Cooled, Air-Cooled], Centrifugal, Scroll [Air-Cooled , Water-Cooled], Absorption [Direct-Fired, Hot Water, Steam], Reciprocating [Water-Cooled, Air-Cooled]), by End-User (Commercial [Hospitality, Transportation, Offices and Buildings, Healthcare, Supermarkets/Hypermarkets, Government], Industrial [Oil and Gas, Food and Beverage, Energy and Utilities, Pharmaceutical, Automotive], Residential), By Region (Dubai, Abu Dhabi & Al Ain, Sharjah & Other Northern Emirates) – Market Size, Share, Development, Growth and Demand Forecast, 2014–2024
NEW YORK, April 15, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, U.A.E. chiller market is expected to reach $186.4 million by 2024, registering a CAGR of 5.9% during forecast period. Factors including rising demand from district cooling and overall growth in the construction industry are driving the growth of the market. Apart from this, growing demand for inverter chillers anticipated to provide significant opportunities in the forecast period.
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During 2015-2017, the country registered a drop in the sales of chillers due to fall in oil prices in 2014-2015, resulted in contraction of the country’s GDP, where oil contributes 30% of GDP, however, diversification of its economy nullified oil price crisis to a great extent. The country is set to host World Expo 2020, which is driving the construction sector. The event is exhibiting increased investments in tourism-related projects, commercial infrastructure, and transportation development in the country; citing estimated cost of over $9 billion.
On the basis of chiller type, the market is segmented into screw, scroll, centrifugal, reciprocating, and absorption. The absorption category is gaining traction across various industrial applications, wherein consumers are shifting toward solar powered absorption chillers. Although, the one-time cost of this type of chiller is much higher than electricity powered chillers, however the long-term energy cost is near to zero which is a huge factor for its increasing adoption.
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Based on end-user, U.A.E. chiller market has been categorized into commercial, industrial, and residential, wherein commercial is further segmented into hospitality, transportation, offices and buildings, healthcare, supermarket/hypermarket, and government. Of these categories, hospitality category is expected to register huge growth during the forecast period. Chillers are increasingly being adopted for the cooling purposes in the hotel industry. To prepare for World Expo 2020, the country is witnessing an influx of hotel construction projects. In U.A.E., Dubai is exhibiting the largest number of hotel construction projects, in which top hotel companies including Marriott International, Hilton Hotels & Resorts, and Accor S.A. are gearing-up for the upcoming tourists.
Abu Dhabi is expected to provide lucrative opportunities during the forecast period. Apart from developing oil and gas sector, the government is planning to pursue Abu Dhabi 2030 plan, which is aimed at attracting at least 7.9 million tourists, annually. Following this, the government is aiming to expand office and retail spaces to 7.5 million square meters and 4 million square meters, respectively, by 2030.
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Due to high capital investment, the threat of new entrants is low in the market. In the last year, the majority of the top companies were involved in product launches to expand their product portfolio, and to cater new consumer demand. Some of the major players in the U.A.E chiller market include Johnson Controls International plc, Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., Mitsubishi Electric Corporation, LG Electronics Inc., Gree Electric Appliances Inc. of Zhuhai, Zamil Air Conditioners, DANA Group of Companies, S.K.M Air Conditioning LLC.
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Saudi Arabia Chiller Market
Growing tourism sector is driving the growth of Saudi Arabia chiller market. The tourism sector is a major industry in the Saudi Arabia’s Vision 2030 economic diversification plan. According to the World Travel and Tourism Council, the tourism sector in the country accounted for 9.4% of total GDP in 2017. Also, the country is witnessing a growth in both the international visitors and domestic tourism. For instance, in 2017, inbound passengers spent around $26 billion in 2017, while total spending from domestic tourism recorded $13 billion in 2017.
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Asia-Pacific Chiller Market
APAC hotel construction pipeline stood at 4,590 hotels with 915,469 rooms. The rising number of hotels can be attributed to growing tourism in countries such as India, China, Japan, Thailand, Vietnam, and Indonesia, which is further augmenting the demand for chillers in the hospitality sector. Apart from this, the demand for chillers is anticipated to surge in Japan in response to the upcoming Summer Olympics 2020 in Tokyo, Japan. Japan is exhibiting construction of a stadium and several hotels in response to Summer Olympics that is scheduled in 2020. Hotel construction pipeline in Japan stood at 201 projects and 42 thousand rooms. In 2017, Japan exhibited rise in tourism; wherein overseas tourists increased by 19.3% to reach 28.7 million.
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