As per Oman Sultanate's Vision 2020, government is heavily investing on non-oil sectors to diversify its economy. Also, Oman government is aiming to reduce country's oil dependency by targeting on various application sectors. The growth of sectors such as hospitality, retail, residential, industrial and commercial would significantly boost the construction activities in the country. This would rapidly drive the demand for air conditioning systems.
According to 6Wresearch, Oman Air Conditioner market is projected to reach $410.79 million by 2021. Decline of window air conditioner market - a similar trend as to other GCC countries is expected in Oman over the next six years. Changing lifestyle, building structures, rising consumer buying power and emergence of mega infrastructures are fueling the growth of air conditioning systems in the Sultanate.
Residential sector is the key consumer of air conditioners in Oman, contributing highest market revenue share in overall air conditioner market. With the growing population and rising disposable income, residential sector is expected to dominate the market over the next six years.
According to Avishrant Mani, Senior Research Analyst, Research and Consulting, 6Wresearch," Oman air conditioner market is exhibited to grow during the forecast period on account of various mega projects worth of more than $50 billion which are expected to be completed within next fifteen years.
Further, hospitality sector is set to grow in future due to the increasing number of tourists in Oman. Also, private companies and government of Oman are investing in the hospitality sector to make Oman as one of the prime tourist destinations in the GCC region by adding more number of hotels," Avishrant further added.
According to Sathi Paul, Research Associate, Research and Consulting, 6Wresearch, demand for mini-split, ducted spilt, packaged and centralized is surging in the country, where centralized air conditioning system has captured significant market revenues. In the forecast period, share of centralized air conditioning systems is anticipated to increase further.
Energy efficient air conditioner is one of the main trends, which is being witnessed in the country. Demand for energy efficient air conditioner would surge over the next six years as the market players are taking initiatives to introduce energy saving compliant air conditioners," Sathi concluded.
The major companies in Oman's air conditioner market include- York, Carrier, Gree, Trane, Daikin, Samsung, Zamil, Fujitsu General, Mitsubishi and LG.
" Oman Air Conditioner Market (2015-2021)" provides in-depth analysis with 47 figures and 14 tables covered in more than 120 pages. The report estimates and forecast overall Oman air conditioner market by revenue, by types of air conditioner and end user application such as residential, hospitality, retail, healthcare, commercial offices, BFSI, government & transportation and others. The report also gives the insights on competitive landscape, market share by companies, company profiles, market drivers and restraints.
Media Source: Zawya