Posted On: 2017-07-07
Bahrain air conditioner market is comparatively small, in comparison with neighboring GCC countries. However, there has been a relative growth in air conditioner sales in Bahrain over the past few years. Despite plunge in oil prices, construction sector in Bahrain remained resilient, growing at an annual growth rate of 7.2% over the past two years. The total value of projects more than doubled from a total of $1,251 million in 2015 to $3,056 million in 2016.
According to 6Wresearch, Bahrain Air Conditioner market is projected to grow at a CAGR of 4.5% during 2017-23. Supported by Gulf Development Program, contracts worth more than $395 million have been awarded to contractors for the development of housing units across the country. Announcement of tenders valued at $300 million for projects related to infrastructure is expected to record installation of air conditioners in the country. One of the biggest projects in Bahrain include the expansion of Bahrain International airport, which would increase its capacity to 13.5 million passengers annually. Also, the housing scheme planned by the Ministry of Housing, i.e., to build around 25,000 units within 4 years would spur the market for air conditioners in Bahrain.
According to Sathi Paul, Senior Research Analyst – IT & Electronics, Research and Consulting, 6Wresearch, "Centralized air conditioner was the best performing segment in Bahrain air conditioner market in 2016. Apart from being energy efficient, demand for these systems registering potential growth among the major commercial and infrastructure developments around the country."
"Further, within the centralized air conditioner segment, Variable Refrigerant Flow (VRF) is poised to be the most promising segment during the forecast period primarily on account of strong demand among residential and commercial applications and its advantages over conventional HVAC systems," Sathi further added
According to Rishi Malhotra, Research Analyst – IT & Electronics, Research and Consulting, 6Wresearch, "Amongst the end user applications, sales of air conditioner units were more prevalent in the residential application and accounted for healthy revenue share in Bahrain air conditioner market. Bahrain witnessed considerable growth in the residential construction sector over the last decade. Government of Bahrain earmarked $3.2 billion to construct 30,000 housing units by 2016. Commercial & Retail applications retained the second spot amongst the other applications in Bahrain air conditioner market."
Additionally, "Bahrain international airport modernization program, the largest expected award for Bahrain is expected to propel the growth of air conditioner demand in Government & Transportation application over the coming years," Rishi further added.
Key contributing vendors in Bahrain Air Conditioner Market include – AHI Carrier Fzc, Awal Gulf Manufacturing Co.(AGMCO), Daikin McQuay Middle East and Africa FZE, Fujitsu General (ME) FZE, GREE Electric Appliances Inc., Johnson Controls (York), LG Electronics, Inc., Mitsubishi Electric Corp., Trane INC. and Zamil AC.
"Bahrain Air Conditioning Market (2017-2023)" provides in-depth analysis covered in more than 110 pages. The report estimates and forecast the overall Bahrain Air Conditioner market by revenues, air conditioner type, applications and regions. The report also gives key insights on competitive landscape, players’ revenue share, company profiles, market trends, market drivers and restraints.