MarkNtel Advisors recently published a detailed industry analysis of the GCC HVACR Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Insights and Analysis of the GCC HVACR Market (2023-2028)
The GCC HVACR Market size is valued at around USD 6.2 billion in 2022 & is estimated to grow at a CAGR of about 5.32% during the forecast period, i.e., 2023-28.
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What is driving the GCC HVACR market?
Expansion of Tourism Sector to Augment the Market Growth – Tourism is one of the fastest-growing sectors in the GCC region. Countries like the UAE, Oman, and Saudi Arabia, actively encourage medical tourism, business & leisure travel, etc., by providing easy visa clearance, world-class hospitality services, etc. Consequently, there’s a mounting influx of foreign visitors to these countries. For instance, in 2022, the UAE welcomed nearly 14.36 million visitors, i.e., a rise of approximately 7.28 million visitors in 2021, and the hotel occupancy rate was more than 70% in 2022, cites the Dubai Department of Economy and Tourism.
These developments have been encouraging the establishment of new hotels & resorts for commercial & cultural purposes by hotel groups like Ciel, Jumeriah, and others, thereby pushing the demand for HVAC systems, eventually aiding in enhancing the GCC HVACR Market share.
Furthermore, Saudi Arabia & Qatar have set the target of increasing their tourist footfall annually by around 100 million & 6 million, respectively, by 2030 & for it, they are encouraging leisure activities, adventure sports, etc. As a result, Aman Hotel, Armani Hotels, etc., are expanding their hotel chains in these countries.
Also, as per the announcements from the Future Hospitality Summit 2023, Saudi Arabia is leading in terms of hotel construction with an investment of approximately USD1 trillion & around 315,000 hotel rooms in the pipeline, thus, likely to be completed by 2030. It would then amplify the demand for centralized air conditioners and, in turn, fuel the HVACR Market growth in the upcoming years.
What segments define the GCC HVACR market from 2023 to 2028? How do these segments contribute to market dynamics and growth?
By Type
(Window AC (Up to 1 Ton, 1.1 to 2, Ton Above 2 Ton, Split AC (Up to 1 Ton, 1 to 1.5 Ton, 1.6 to 2 Ton, Floor Standing AC (Up to 2 Ton, Above 2 Ton), Cassette AC, Packaged AC, Ducted Split AC, Centralized AC( FCU/AHU, Chillers, VRF), Refrigeration)),
By End User
(Residential, Commercial Buildings, Retail, Healthcare, Hospitality, Government & Transportation, Oil & Gas, Industrial, Facilities, Other Developing Industries (Hydrofarms, etc.)),
By Sales Channel
(Direct Sales, Online Authorized, Distributors)
By Country
(The UAE, Saudi Arabia, Qatar, Kuwait, Oman, Bahrain)
Explore the Complete GCC HVACR Market Analysis Report – https://www.marknteladvisors.com/research-library/gcc-hvacr-market
Who are the leading key players shaping the GCC HVACR Market landscape?
LG Electronics, S.K.M. Air Conditioning, Carrier Corporation, Gree, Samsung, Daikin Industries, Mitsubishi, Trane Inc., Johnson Controls Inc., Zamil Air Conditioners Holding Co. Ltd., Others
Questions Addressed in this Study
1.What factors are driving the GCC HVACR Market growth?
2.How is the GCC HVACR Market expected to grow over the next five years?
3.What are the key insights into the current trends in the GCC HVACR Market?
4.What is the current size of the GCC HVACR Market, and how is it projected to change in the future?
6.What is the future outlook for the GCC HVACR Market in terms of technological advancements and market expansion?
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