Qatar's air-conditioning market is projected to witness a compound annual growth rate of 13.42% during 2015-21, global market research, and the consulting firm have said in a report.
The report by 6Wresearch, "Qatar Air Conditioner Market (2015-2021)", provides an analysis of the market as well as estimates and forecasts in terms of revenue, air-conditioner (AC) types, and end-user application. The report also gives insights into the competitive landscape, market share, company profile, market drivers, and restraints.
The report notes that Qatar's air-conditioning market is set to witness high growth during 2015-21 in view of the 2022 FIFA World Cup.
The country is renovating and building stadiums and will install powerful cooling systems there to provide ambient temperature during the international sporting event.
The upgrade of existing stadiums and construction of new ones will create fresh demand for ACs in Qatar, the report points out. Besides, mega construction activities in the areas of hospitality, retail, healthcare, transportation, and leisure & entertainment will create huge opportunities for air-conditioner players in the country, it adds.
Residential applications account for the largest share of the market pie and are expected to maintain their market dominance through the forecast period. Retail and hospitality applications are expected to witness key growth over the next six years.
According to Avishrant Mani, senior research analyst (research and consulting), 6Wresearch: "In the forecast period, the market is projected to grow on account of mega construction projects in the Al Daayen, Al Khor, Al Rayyan, Al Shamal, Al Wakrah, Doha and Umm Slal regions. Some of the key projects include Airport City, New Doha Port, Doha Metro, Energy City, and Msheireb Downtown Doha. These projects will add to the growth of centralized air-conditioners."
High consumption of energy in Qatar has prompted the government to put stringent regulations on air-conditioner manufacturers to make energy-efficient ACs with a minimum three-star rating feature, Mani observes, adding: "In Qatar, centralized and split air-conditioners have driven the growth of the overall market. However, the share of window air-conditioners is expected to decline in the coming years."
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Media Courtesy : GULF TIMES