Saudi Arabia HVAC Market is Projected to Cross $2.4 Billion by 2024: P&S Intelligence


NEW YORK, April 10, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the Saudi Arabia HVAC market is expected to reach $2.4 billion by 2024, registering a CAGR of 4.5%, during the forecast period. The market is buoyed by several factors predominantly, growing investments in the tourism-related projects, commercial infrastructure, and development in the overall hospitality sector.

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Based on ventilation type, the market is divided into ventilation fans, humidifiers/dehumidifiers, air handling units & fan coil units, and air cleaners. Of these, ventilation fans category is estimated to hold the largest revenue share in 2018. This is owing to its wide range of applications, varying from general ventilation for circulation of air, to collecting dust particles in manufacturing plants, in order to avoid wear and tear of machineries.

In terms of fan coil units (FCU) type, the market is classified into four-pipe FCU and two-pipe FCU. Of these, four-pipe FCU sub-category is estimated to hold a larger revenue share in 2018, owing to increasing number of high-rise commercial offices and buildings, large scale hospital buildings, and airport expansion projects. However, the two pipe FCUs are increasingly being deployed for residential applications. In 2018, Saudi Ministry of Housing, awarded contracts for 19,000 housing units, which are to be built in cities like Jeddah, Al Khobar, and Riyadh. Therefore, construction of residential units is projected to drive the demand for two pipe FCUs during the forecast period.

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Saudi Arabia is registering positive growth in demand for HVAC systems on account of rising hospitality sector. Due to religious significance, Saudi Arabia is one of the largest tourism destinations, globally, which is primarily fueling the hospitality sector in the country. In 2017, the country witnessed nearly 14% annual rise in the number of rooms as compared to 2016. Further, as of 2018, around 40,000 guestrooms in 89 projects are under-construction. Due to increasing demand, many international hotel chains are increasing their presence in the country.

For instance, in 2018, Marriott International planned to open around 29 new hotels and nearly 6,000 guestrooms in line with Saudi Vision 2030. Further in 2019, Hilton Worldwide Holdings Inc., is planning to build around 35 new hotels in the next 3-5 years. Also, Radisson Hospitality AB announced that it would open two new hotels in the country by 2020. HVAC systems offer comfort and has the ability to keep control the temperature in a room as per the requirement of guests. Thus, presently, HVAC systems are an essential part of modern hotels. As a result, growing hospitality sector is fueling the growth of Saudi Arabia HVAC market.

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Saudi Arabia HVAC market is highly fragmented. In the recent past, product launches have been the major activities in the market. Companies like Johnson Controls International plc is focusing on facility expansion to strengthen its position in Saudi Arabia HVAC market. Additionally, the companies are majorly focusing on enhancing their product portfolios and expanding their businesses in the country.

Some of the key 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, Ingersoll-Rand plc, Danfoss A/S, United Technologies Corporation, Midea Group Co. Ltd. Daikin Industries Ltd., Zamil Air Conditioners, and S.K.M Air Conditioning LLC.

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Surging infrastructure spend primarily in China and India is driving the growth of Asia-Pacific HVAC market. In India, there are several upcoming infrastructure projects such as airport construction, and metro railway expansion projects. For instance, the Government of India granted around $57 million in the interim budget of 2019 for building Noida and Ghaziabad sections of the metro network. In addition, in 2017, the Government of India announced that it would construct around 100 new airports in the next 15 years.

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