GCC Region Emerging as a Key Region in Global Air Conditioner Market Led by Rising Investments, Surging Infrastructures and Host Region of International Events - 6WresearchGCC region has become one of the most important regions for global air conditioner market players. Expansion of public and private infrastructures due to growing investments have led to the demand for air conditioners in the region. Further, host region of international events such as FIFA world cup 2022 and World Expo 2020 would significantly spur the market in the coming years. Additionally, rising population of expatriates is also driving the demand especially in residential application.
According to 6Wresearch, GCC Air Conditioner Market is projected to grow at a CAGR of 8.62% during 2016-22. Amongst all air conditioners, centralized air conditioners led the market and would contribute majorly during the forecast period. In GCC region, market for window air conditioners is expected to decline significantly due to changing building architecture and increasing penetration of air conditioners such as split, ducted and packaged units.
According to Rajat Kharbanda, Senior Consultant, Research and Consulting, 6Wresearch, "Saudi Arabia and UAE are the leading revenue generating countries in GCC's air conditioner market, where Saudi Arabia alone captured more than 45% of the overall market revenues."
"However, in the forecast period, higher growth in Qatar is anticipated owing to upcoming FIFA World Cup 2022. More than $300 billion is expected to be invested to build the infrastructures for the sporting event. Construction of hotels, malls, stadiums and public infrastructures such as airport and metro would bolster the air conditioners market demand," Rajat further added.
According to Avishrant Mani, Senior Research Analyst, Research and Consulting, 6Wresearch, "Residential, retail, hospitality and government & transportation applications accounted for key share of the market pie. Rising number of tourists and initiatives taken by the government to reduce the dependency on oil would encourage establishment of new industries, which would fuel the infrastructure development across various sectors."
"Contribution from Oman and Bahrain is lower than other GCC countries, but possesses immense opportunities for the air conditioner market players. Air conditioners are either imported or assembled in the region due to lack of manufacturing ecosystems; however, this trend is likely to change in the forecast period,"Avishrant concluded.
"GCC Air Conditioner Market (2016-2022)" provides in-depth analysis with 79 figures and 27 tables covered in more than 170 pages. The report estimates and forecast overall GCC Air Conditioners market by revenue, by types of air conditioners, by country and end user segment such as residential, hospitality, government & transportation, retail, commercial offices and others. The report also gives the insights on competitive landscape, market share by companies, company profile, recent trends and developments, market drivers and restraints.
Media Source: Industry Today