Despite a considerable plunge in oil prices, Qatar is standing at the forefront of emerging as one of fastest growing economies in the GCC region. Qatar’s infrastructure sector and housing projects registered healthy investments worth $27 billion annually since 2010. These investments included variety of projects, among which were the development of economic zones, stadiums, hotels and other public and private infrastructure to host the World Cup in 2022. The event has been the major reason for Qatar not restricting its investments as compared to its neighboring countries in the wake of low oil prices.
According to 6Wresearch, Qatar Air Conditioner market revenues are anticipated to reach over $665 million by 2023. Qatar is likely to exhibit high intensity construction activities primarily driven by FIFA World Cup 2022. The government is planning to spend over $200 billion as a part of a major infrastructural investment scheme between 2016 and 2022. Qatar aims to increase tourism demand by growing and diversifying its leisure and cultural offerings including aggressive expansion of retail space over the coming years as the supply of retail space is expected to nearly double by 2017. Furthermore, the country is in the process of drafting new Public-Private Partnership (PPP) laws for efficient delivery of future prospects and meeting growth plans.
According to Sath Paul, Senior Research Analyst – IT & Electronics, Research and Consulting, 6Wresearch, “Mega construction activities across the country in light of major forthcoming event (FIFA World Cup 2022), the centralized air conditioning systems would display a promising growth over the coming years. Construction actives are further anticipated to intensify leading to substantial growth in demand for centralized air conditioning systems.”
“With temperatures soaring and regulations primed, significant demand for energy efficient air conditioners would be witnessed in the country. Demand for energy efficient air conditioners have significantly increased despite of higher pricing (i.e. 15-20%). Split air conditioners are expected to post highest demand with new regulations mainly targeting domestic air conditioners segment,” She further added
According to Rishi Malhotra, Research Analyst – IT & Electronics, Research and Consulting, 6Wresearch, “Qatar is intended on diversifying its economy and achieving sustainable development and providing a high standard of living for its population through its Vision 2030. Considerable amount of revenue sales for air conditioning units is anticipated primarily on account of strong demand from residential and commercial along with retail applications.
Additionally, “the demand for applications such as Government & Transportation and Hospitality is expected to remain more resilient in the face of challenging economic conditions.
Aside from substantial investments in the construction of infrastructure & transportation projects, Qatar is in process of building new hotels and hotel apartments over the next six years in advance of the surge in visitors expected during the event, which would fuel the new hotel pipeline.”
Qatar is also bent on enhancing spending on key sectors, primarily the educational sector. Qatar’s western region is planning a major expansion of healthcare facilities in a bid to meet the growing need of the population,” He further added.
Key contributing vendors in Qatar Air Conditioner Market include – AHI Carrier Fzc, Daikin McQuay Middle East and Africa FZE, Fujitsu General (ME) FZE, GREE Electric Appliances Inc., Johnson Controls (York), LG Electronics, Inc., Mitsubishi Electric Corp., Petra Engineering Industries Co., Samsung Electronics Co. Ltd. and Trane INC.
“Qatar Air Conditioner Market (2017-2023)” provides in-depth analysis covered in more than 100 pages. The report estimates and forecast the overall Qatar Air Conditioner market by revenue, air conditioner type, applications and governorates. The report also gives key insights on competitive landscape, players’ revenue share, company profiles, market trends, market drivers and restraints.