Posted On: 2019-03-01
The air conditioner market is in maturity phase across the GCC region. However, several upcoming mega projects such as the $14.3 billion Dubai Metro, $37.0 billion Yas Island Development project and $36.0 billion Doha Metro project, would help to raise the demand for air conditioners across the region over the coming years. Further, UAE and Qatar would be hosting few key events in the coming years such as the World Expo 2020 and the FIFA World Cup 2022. This would lead to the setting up of several new trade centers, stadiums, convention centers, offices and recreational facilities for these events, which would raise the demand for air conditioners during 2019-25. Additionally, the hospitality sector is expected to flourish as an auxiliary industry during this time period across the GCC region under the national vision of respective countries in order to achieve the economic diversification. New hotels, resorts, museums, hospitals and other tourism related infrastructure are expected to be built in the coming years. The aforementioned factors would provide a significant boost to the growth of GCC air conditioner market.
According to 6Wresearch, GCC Air Conditioner Market size is projected to grow at a CAGR of 4.7% during 2019-25. The National Visions of GCC countries such as Saudi Vision 2030, UAE Vision 2021, Qatar National Vision 2030, Kuwait Vision 2035 and Oman Vision 2020 have been framed by the respective governments to achieve economic diversification and shift from the oil-dependent economy by investing and strengthening the non-oil sectors such as education, recreation, tourism and health. Further, upcoming projects such as $40 billion Capital District- Abu Dhabi (UAE), $35 billion Qatar Rails and $6.5 billion FIFA World Cup Stadiums (Qatar) would help the air conditioner market to register significant growth across the region during the forecast period.
According to Ravi Bhandari, Senior Research Manager, Research and Consulting, 6Wresearch, "Saudi Arabia held the largest revenue share among the GCC Air Conditioner Market revenues in 2018. This is attributed to higher installation of air conditioners across the commercial subsectors such as offices, retail outlets and hotels in the country. The country is further anticipated to maintain dominance during the forecast period owing to several upcoming large-scale infrastructure projects such as Marriott Al Khobar and Raffles Jeddah."
According to Devesh Kumar, Research Associate, Research and Consulting, 6Wresearch, "By applications, commercial & retail sector held the highest revenue share in the overall GCC Air Conditioner Market in 2018. The sector is further projected to maintain dominance throughout the forecast period owing to several upcoming projects such as the $27 billion Jazan Economic City (Saudi Arabia), $100 billion King Abdullah Economic City (Saudi Arabia), $66 billion Mall of the World (UAE), $330 million QIMC Tower (Qatar) and $466 million Mall of Oman (Oman)."
Some of the major companies in GCC Air Conditioner Market include - Carrier, Fujitsu, Zamil, S.K.M., York, Trane, Daikin and Mitsubishi.
"GCC Air Conditioner Market (2019-2025)" provides an in-depth analysis with 296 figures and 33 tables covered in more than 310 pages. The report estimates and forecast the overall GCC Air Conditioner Market revenues and volume by countries, types and applications. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.