Qatar air-conditioner market growth to top 13pc
Posted On: 17-02-2020
Qatar's air-conditioner market is projected to grow at a CAGR of 13.42 percent during 2015-21 with the big boost coming from the 2022 Fifa World Cup, a report said.
The country is renovating and building new stadiums and would also be installing very powerful air-conditioners in entire stadiums to enhance the ambient temperature during the international sporting event, explained the report entitled Qatar Air Conditioner market (2015-2021) released by 6Wresearch, global market research and consulting firm.
The country has planned to build nine new stadiums and upgrade three stadiums. Upgradation and construction of new stadiums would create fresh demand for air-conditioners in the country. Further, to accommodate the visitors in the country, the construction of several new hotels have been planned.
For this event, more than $300 billion is expected to be invested in Qatar to build the supporting infrastructure. Mega construction activities in the areas of hospitality, retail, healthcare, transportation, and leisure and entertainment would create huge opportunities for air-conditioner players in the country.
Avishrant Mani, senior research analyst, Research and Consulting, 6Wresearch, said: "In the forecast period, the market is projected to grow on account of mega construction projects in Al-Daayen, Al-Khor, Al-Rayyan, Al-Shamal, Al-Wakrah, Doha and Umm Seal regions."
"Some of the key projects include Airport City, New Doha Port, Doha Metro, Energy City, and Msheireb Downtown Doha. These projects would add to the growth of centralized air conditioners.
"High consumption of energy in Qatar has forced the government to put stringent regulations on air-conditioner manufacturers to manufacture energy-efficient units with a minimum of three stars rating feature. In Qatar, centralized and split air-conditioners have driven the growth of the overall market; however, the market share of window air-conditioners is expected to decline in the coming years," Mani added.
Amongst all the applications, residential application captured the largest share of the market and is expected to maintain its dominance through the forecast period; whereas, retail and hospitality applications are expected to witness key growth over the next six years, the report said. -TradeArabia News Service.
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