NEW YORK, April 08, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, Saudi Arabia chiller market is expected to reach $291.0 million by 2024, registering a CAGR of 2.7%, during the forecast period. This growth can be attributed to rising investments in the tourism-related projects, commercial infrastructure, and development in the overall hospitality sector.
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Based on type, the market is segmented into centrifugal, screw, scroll, absorption, and reciprocating chillers; wherein scroll category is further segmented into air-cooled, and water-cooled. Of these categories, air-cooled category is estimated to hold a largest revenue share in the market, in 2018. Air cooled chillers are observed to be the mostly preferred by the end-users, owing to rising number of luxury villas, medium-sized buildings, and small industrial plants, where smaller capacity chiller unit is required.
Based on end-user, Saudi Arabia chiller market has been categorized into commercial, industrial and residential. Among these, commercial category is estimated to hold the largest revenue share in 2018. This is due to rising number of commercial offices/buildings and growing hospitality sector in Saudi Arabia. Also, religious tourism in the country is on the rise, following infrastructure investment of over $50 billion in around the region of Makkah and Medina. Therefore, growing infrastructure developments in commercial sector projected to be a key driver for the growth in commercial chiller market, which is expected to exhibit a healthy growth rate during the forecast period.
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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.
Further, the Government of Saudi Arabia is presently investing in developing tourism infrastructure, by opening new international airport in Jeddah that would be able to handle around 100 million passengers in a year. Moreover, due to the country’s religious significance, Saudi Arabia is one of the largest tourist destinations in the Gulf Cooperation Council (GCC) region. For instance, Makkah region has the largest number of hotel chains in the country. Every year around 4 million Muslim pilgrims visit Makkah and Medina, which positively supports the growth of hospitality sector in the region. As chillers are increasingly being used in hotels and restaurants, their demand from hotels is expected to increase in the coming years.
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Saudi Arabia chiller market is highly competitive due to the presence of large number of global and regional players. The market is led by companies such as Daikin Industries Ltd., Johnson Controls International PLC, United Technologies Corporation, Zamil Air Conditioners, and Ingersoll-Rand plc. Some of the key players operating in the Saudi Arabia Chiller market include Johnson Controls International plc, Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., S.K.M Air Conditioning LLC, Petra Engineering Industries Co., Zamil Air Conditioners, Gree Electric Appliances, Inc. of Zhuhai, Mitsubishi Electric Corporation, Thermax Limited, and Danfoss A/S.
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