Development of Non-Oil Sectors, Economic Diversification, Recovery of Government Spending, and Expansion of Infrastructure Would Fuel the Growth of Air Conditioner Market in Saudi Arabia - 6Wresearch
Saudi Arabia is one of the biggest and most promising markets for air-conditioners in the GCC region, predominantly due to its geography, climate, high per capita income as well as rapid growth in population. The country had experienced decline in the air conditioner market primarily due to slump in oil prices over the past few years. The country's drive to reduce dependence on oil sector is a major step towards transforming the economy. Moreover, the GDP of Saudi Arabia declined by 0.7% in 2017 but is expected to grow by 1.7% in 2018, majorly due to government reforms like Saudi Vision 2030.
According to 6Wresearch, Saudi Arabia Air Conditioner Market is projected to grow at a CAGR of 3.1% during 2018-24. Saudi Arabia have been an oil-based economy over two decades. As part of its Vision 2030 plan, the country's non-oil revenues increased by 1.5% in 2017 as compared to the previous year and is further expected to expand by 3.7% in the aftermath of slump in oil prices. Privatization of government services to encourage private sector investment in healthcare, housing, finance and energy sectors would further contribute to the growth. Air conditioner market growth is gradually increasing amidst the government initiatives and in turn the demand for air conditioners is likely to grow substantially over the coming years.
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According to Rishi Malhotra, Senior Research Analyst - IT & Electronics, Research and Consulting, 6Wresearch, "Centralized air conditioner systems are major revenue generating segment on account of its deployment in infrastructural, retail and hospitality projects. Increasing use of energy efficient air conditioners and growth in infrastructure, housing and commercial developments would drive the growth of the market."
Additionally, "centralized air conditioning units predominantly chillers and VRFs are expected to gain stronger foothold in Saudi Arabia's air conditioner market over the next six years owing to expected recovery of government spending and growing commercial units in the country," He further added.
According to Akshay Thakur, Research Associate - IT & Electronics, Research and Consulting, 6Wresearch, "Considerable amount of revenues for air conditioning units in Saudi Arabia were garnered from the residential application followed by significant contribution from the commercial & retail, hospitality and oil & gas applications."
Additionally, "government decision to develop tourism by giving visas to tourists, travelers and pilgrims in the country is expected to attract significant investment in hospitality and infrastructure construction. Saudi Arabia has a pipeline of noteworthy projects primarily in the cities of Jeddah, Riyadh and Dammam, which in turn are likely to boost the demand for air conditioners in hospitality application," He further added.
Key contributing vendors in Saudi Arabia Air Conditioner Market include - AHI Carrier FZC, Fujitsu General (ME) FZE, Zamil Air Conditioner (ZAC), Daikin Air Conditioning Saudi Arabia LLC, LG Electronics Gulf FZE, S.K.M Air Conditioning LLC, Trane INC. Al Salem Johnson Controls (York), GREE Electric Appliances Inc. and Mitsubishi Electric Corporation.
"Saudi Arabia Air Conditioner Market (2018-2024)" provides in-depth analysis with 108 figures and 16 tables covered in more than 140 pages. The report estimates and forecast the overall Saudi Arabia air conditioner market by revenues, air conditioner types such as Window AC, Split AC, Ceiling Concealed AC, Packaged AC, Floor Standing AC, Cassette AC, Ceiling Suspended AC and Centralized AC, end user applications and regions. The report also offer insights on market share by companies, company profiles, market drivers and restraints.
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