NEW YORK, March 24, 2020 (GLOBE NEWSWIRE) -- The U.A.E. is one of the most popular holiday destinations in the world, owing to its modern skyscrapers, luxurious hotels, rich desert culture, amazing theme parks, and all-inclusive shopping malls. Compared to 5.2% in 2016, the revenue generated by tourist activities is projected to account for 5.4% of the nation’s GDP in 2027.
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With a huge number of people expected to arrive in the country to attend Dubai Expo 2020, the hospitality sector here is already witnessing a massive boom. An increasing number of hotels are being built to cater to tourists, because of which the U.A.E. heating equipment market revenue, which was $89.5 million in 2019, is predicted to surge to $121.4 million by 2030, at a CAGR of 2.9% between 2020 and 2030 (forecast period).
Heat Pumps to Continue Dominating Market till 2030
Till 2030, heat pumps would observe the highest CAGR in the U.A.E. heating equipment market, in terms of revenue. The key factor driving the sale of these systems are their lower costs compared to boilers and furnaces and the fact that their energy management mechanism is better than other equipment types.
During the historical period (2014–2019), the highest revenue to the market was contributed by commercial end users. The country, especially Dubai, is witnessing a high number of construction projects, many as part of the preparations for Dubai Expo 2020. Upon completion, heating equipment are being installed in all such hotels, office complexes, shopping malls, transit stations, and other commercial spaces.
Browse report overview with 48 tables and 85 figures spread through 156 pages and detailed TOC on "U.A.E. Heating Equipment Market Research Report: Global Industry Analysis and Growth Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/uae-heating-equipment-market
The Abu Dhabi & Al Ain region would observe the fastest revenue growth in the U.A.E. heating equipment market, at a CAGR of 3.5%, during the forecast period. This is attributed to the efforts of the government of Abu Dhabi to boost its tourism sector, in a bid to become less dependent on crude oil. Further, the government plans to add 7.5 million square meters of office space and 4 million square meters of retail space by 2030.
Geographical Expansion the Strongest Strategic Measure in the Market
In recent years, geographical expansion has been the strongest measure taken by the prominent U.A.E. heating equipment market players to gain a larger share of the industry. For instance, in October 2018, Daikin Industries Ltd. opened a showroom in the Ras Al Khaimah emirate, in collaboration with Al Daman Electrical Equipments. Via this showroom, Daikin aims to increase the sale of its variable refrigerant volume (VRV) range and inverter Direct Expansion heating, ventilation, and cooling (HVAC) system.
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The major players in the U.A.E. heating equipment market include Johnson Controls International plc, Ingersoll-Rand plc, LG Electronics Inc., Danfoss A/S, Gree Electric Appliances Inc. of Zhuhai, Mitsubishi Electric Corporation, United Technologies Corporation, Thermax Ltd., Midea Group Co. Ltd., S.K.M Cooling LLC, Zamil Air Conditioners, and Daikin Industries Ltd.
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