Air Conditioner Market in Saudi Arabia to Cross $ 3.4 Billion by 2022
Extreme temperatures in the
region, rising focus on the developing construction sector and the service
sector combined with the fast growing hospitality sector of the country is
expected to drive the market for air conditioners in Saudi Arabia through 2022
According to TechSci Research
report, “Saudi
Arabia Air Conditioners Market By Product
Type,
By End Use Sector, Competition Forecast & Opportunities, 2012 – 2022”, the country’s air
conditioners market is projected to surpass $ 3.4 billion by 2022. Growth in
the market is attributed to extremely high temperatures during peak summer
season, coupled with rising demand from residential, commercial and hospitality
sectors of the country. Over the last decade, the country has witnessed a
significant rise in the number of international as well as domestic tourists. According
to World Travel and Tourism Council, in 2016, the tourism industry in Saudi
Arabia accounted for 3.3% of the total GDP. This has prompted the government to
increase its focus on the hospitality sector by setting up more hotels and
leisure destinations, thereby creating more demand for air conditioners.
Moreover, construction projects worth $ 1.1 trillion in the country, according
to MEED Projects, continue to be among the major demand drivers for air
conditioners in Saudi Arabia.
Browse 22 market data Tables and 60 Figures spread through 117 Pages and an in-depth TOC on "Saudi Arabia Air Conditioners Market"
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LG Shaker Co.
Ltd., Zamil Air Conditioners Holding Co. Ltd., Gree Electrical Appliances Inc.,
Samsung Electronics Co. Ltd., Daikin Air Conditioning Saudi Arabia LLC are the five
leading air conditioner players operating in Saudi Arabia. In terms of regions,
Western region has dominated the market with over one-third of the market share
in 2016. The region is expected to generate significant demand for air
conditioners in the coming years as well, and thereby anticipated to remain
dominant through 2022 on account of high population, increasing tourist
footfall, and rising investments for the upcoming commercial projects in the
region.
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Based on product
type, Saudi Arabia air conditioners market can be broadly categorized into Light
Commercial air conditioners, VRF, Ductable Splits, Chillers and Others. Light
commercial air conditioners dominated the market in 2016 due to their extensive
applications in commercial as well as residential sectors. “With booming construction
activities, growing hospitality sector and prevalence of extreme weather
conditions in the country, demand for air conditioners is expected to continue
exhibiting a growing trend in Saudi Arabia over the next five years. Moreover,
introduction of increasingly innovative product offerings and rising consumer
inclination towards adopting energy efficient air conditioners is expected to
positively impact the market demand in the foreseeable future.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Saudi
Arabia Air Conditioners Market By Product Type, By End Use Sector, Competition Forecast & Opportunities, 2012 – 2022” has evaluated the future
growth potential of Saudi Arabia air conditioners market and provides
statistics and information on market structure, size and trends. The report is
intended to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities present in the Saudi Arabia air conditioners market.
Available Updated Report On Saudi Arabia Air Conditioners Market : https://www.techsciresearch.com/report/saudi-arabia-air-conditioners-market/1649.html
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