Air Conditioners Market in GCC Set to Grow at CAGR 10% till 2021
Increasing construction activities due to upcoming mega events, rising
disposable income coupled with growing urbanization to drive GCC air
conditioners market through 2021
According to TechSci Research
report, “GCC Air Conditioners Market By Product Type, By End Use Sector, By Country,
Competition Forecast and Opportunities, 2011 – 2021”, GCC air conditioners
market is forecast to grow at a CAGR of over 10% during 2016-2021, due to rising construction in
the residential and commercial sectors, increasing disposable income and upcoming mega events such as FIFA World Cup 2022
in Qatar, World Expo 2020 in UAE, cultural and summer festivals in Bahrain, etc.
Surging temperatures during summers and implementation of stringent government
initiatives that only allow sales and imports of energy efficient air
conditioners are anticipated to fuel demand for air
conditioners in the GCC region over the next five years. Moreover, huge
ongoing and upcoming infrastructure investments by various governments in the
region is expected to positively influence the sales of air conditioners market
in the region.
Browse 24 market data Tables and 63 Figures spread through 167 Pages
and an in-depth TOC on "GCC Air Conditioners Market"
http://www.techsciresearch.com/report/gcc-air-conditioners-market-by-product-type-split-chiller-window-vrf-and-others-by-end-use-sector-commercial-and-residential-by-country-saudi-arabia-qatar-uae-oman-kuwait-and-bahrain-competition-forecast-and-opportunities-2011-2021/673.html
Saudi Arabian
government announced plans to invest US $ 68 billion to address housing shortages,
and build around 500,000 housing units in the country, over the next five
years. Similarly, Government of Qatar announced plans to build Lusail City,
which involves an investment of US $ 45 billion and is slated for completion by
2020.
GCC
air conditioners market is majorly import driven, due to absence of
manufacturing facilities of major international players in the region which has
resulted in higher prices of air conditioners due to implementation of custom
duties and tariffs. LG Electronics Gulf, Daikin McQuay Middle East, Toshiba Carrier,
Zamil Air Conditioners and Samsung Gulf Electronics are few of the leading
players operating in the GCC air conditioners market.
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In
2015, split air conditioners dominated GCC air conditioners market. However, increasing
number of hotels, restaurants, retail stores, etc., coupled with expansion of airport
terminals is projected to increase the demand for chillers in the region
through 2021. Total number of hotel rooms in GCC countries was around 490
thousand in 2015 and this is projected to reach 622 thousand rooms by 2020, thereby
exhibiting a CAGR of around 5% during 2015-2020. Accounting
for a revenue share of over 50%, Saudi Arabia dominated GCC air conditioners
market in 2015, followed by UAE and Oman. The reason behind Saudi Arabia’s dominance
in GCC air conditioners market is due to its large population base and high
disposable income levels of consumers in the Kingdom.
“Rising
demand for air conditioners in the GCC countries can be attributed to extremely
high temperatures, coupled with booming residential and commercial construction
activities in GCC countries. Moreover, GCC is
witnessing an increase in demand for air conditioners integrated with advanced air
purification technology that aids in preventing indoor air pollution. High disposable
income levels of consumers in the region and growing concerns regarding respiratory
diseases such as Middle East Respiratory Syndrome (MERS) and Severe Acute
Respiratory Syndrome (SARS) is also boosting adoption of these air conditioners
with advanced air purification technology.’’, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“GCC Air Conditioners Market By Product Type, By End Use
Sector, By Country, Competition Forecast and Opportunities, 2011 – 2021”
has evaluated the future growth potential of air conditioners market and
provides statistics and information on market structure, size, share and future
growth in GCC countries. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment evaluation.
Besides, the report also identifies and analyzes emerging trends along with
essential drivers, challenges and opportunities in the GCC air conditioners market.
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