Saudi Arabia government is taking several initiatives towards restructuring the country's oil dependent economy by investing in the commercial and industrial sectors. Moreover, the country's development plans such as Saudi Vision 2030 would be an add on for the commencement of new development plans in healthcare, education, public services, building infrastructure and tourism sectors. As a result, the commercial sector of the country is expected to witness a healthy growth and would further strengthen the market for building energy management system components during 2018-24.
According to 6Wresearch, Saudi Arabia Building Energy Management System Components Market is projected to grow at a CAGR of 2.8% during 2018-24. With several new projects such as upcoming hotels, healthcare centers, and entertainment cities coming up, the Saudi Arabia commercial sector is set to witness substantial growth which would consequentially drive the growth of building energy management system components market.
According to Ravi Bhandari, Manager, Research and Consulting, 6Wresearch, "Thermostats market is likely to witness highest growth rate in the country. Adaption of modular lifestyle and consumer's inclination towards modern technologies of building management systems would act as a major growth driver for the thermostats market. Additionally, the government of Saudi Arabia is further taking initiatives for building more number of energy efficient structures in several government and non-government building premises. As a result, thermostats are deployed in various social infrastructures, mosques, public facilities and government buildings which would ultimately help in reducing the energy cost."
According to Priya Sharma, Research Associate, Research and Consulting, 6Wresearch, "Control valves and VFD are anticipated to demonstrate a healthy growth in Saudi Arabia building energy management system components market on account of their growing demand in the commercial sector of the country. The major market for VFD and control valves originates from the HVAC application, where these components are deployed in the chiller systems to vary the temperature inside the building premises and regulate the air flow rate based on the requirements."
"With further growth in HVAC market of the country along with the expected recovery of construction sector, the demand for damper actuators would also receive an acceleration during the forecast period in Saudi Arabia," Priya further added.
Some of the key players in Saudi Arabia Thermostats, Valves & Actuators and Damper Actuators Market includes- ABB Automation LLC, Al Salem Johnson Controls, AVK Saudi Valves Manufacturing Co. Ltd., Belimo Automation FZE, Bray International, Inc., Emerson Process Management Arabia LTD, Honeywell International Inc., Orton S.R.L, Schneider Electric SE and Siemens AG.
"Saudi Arabia Building Energy Management System Components Market (2018-2024)" provides in-depth analysis with 92 figures and 36 tables covered in more than 173 pages. The report estimates and forecast the overall Saudi Arabia building energy management system components market by revenues, type, regions and applications such as commercial, residential and hospitality. 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.