Several upcoming government initiatives such as Dubai Vision 2020, Turkey Vision 2023 and Saudi Arabia National Vision 2030 are anticipated to strengthen the industrial sector across the Middle East region, paving way for the growth of industrial refrigeration systems market over the coming years. Upcoming projects such as FIFA World Cup 2022 (Qatar) and Dubai World Expo 2020 are expected to increase the tourist footfall in the country, which would boost the growth of food processing industry across the region. Moreover, recovering oil & gas sector would also lead to an upsurge in the production of several by-products such as petrochemicals and lubricants and are anticipated to propel the growth of Middle East industrial refrigeration systems market over the coming years.
According to 6Wresearch, Middle East Industrial Refrigeration Systems Market revenues are projected to grow at a CAGR of 7.3% during 2018-24. Upcoming large-scale projects such as $50 billion Eastern Province Economic City (Saudi Arabia), $10 billion MBR City - District One (UAE), $20 billion Akkuyu Nuclear Power Plant (Turkey) and $60 billion Urban Housing Projects (Kuwait) would help to strengthen the food processing and chemical & pharmaceutical industries across the Middle East countries, which would further upsurge the industrial refrigeration systems market during the forecast period.
According to Ravi Bhandari, Research Manager, Research and Consulting, 6Wresearch, "Compressors, followed by condensers were the key revenue generating segments in the overall Middle East industrial refrigeration systems market. However, controls are anticipated to witness highest growth over the coming years owing to its better operational efficiency and a wide window for customization features. "
"Upcoming national initiative programs such Saudi Arabia Vision 2030, Qatar Vision 2030 and Bahrain Vision 2040 would further help to achieve economic diversification by increasing investment across the industrial sector, which would significantly drive the market for industrial refrigeration system over the coming years," Ravi further added.
According to Devesh Kumar, Research Associate, Research and Consulting, 6Wresearch, "By refrigerants, the industrial refrigeration systems based on Hydrochlorofluorocarbons held the highest revenue share in the overall Middle East industrial refrigeration systems market and the segment would continue to dominate over the coming years as well.
"However, the systems based on carbon dioxide are anticipated to witness the highest growth during 2018-24, on account of its environmental friendliness such as minimal ozone depleting," Devesh further added.
Some of the major companies in Middle East Industrial Refrigeration Systems Market include - Johnson Controls, Zamil Air, Daikin, Emerson, Danfoss, GEA and Guntner.
"Middle East Industrial Refrigeration Systems Market (2018-2024)" report provides an in-depth analysis with 194 figures and 19 tables covered in more than 330 pages. The report estimates and forecast the overall Middle East Industrial Refrigeration Systems Market revenues by countries, equipment types, refrigerants 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.