Saudi Arabia HVAC R Market to Grow at 12% CAGR till 2024
Growing residential and commercial building construction coupled with increasing number of tourists to drive Saudi Arabia HVAC R market through 2024
According to TechSci Research report, “Saudi Arabia HVAC R Market By Region, Competition, Forecast & Opportunities, 2024”, Saudi Arabia HVAC R market is projected to grow at a CAGR of around 11.9% during 2019-2024, on the back of increasing government initiatives towards economic development. Another major factor expected to drive the market is the growing tourism industry, on account of increasing number of religious tourists in Makkah and Madinah. Moreover, extreme climate conditions of the country, increasing demand for food & beverages and growing building automation & control systems market would have a positive impact on the country’s HVAC R market.
Browse 15 market data Tables and 55 Figures spread through 110 Pages and an in-depth TOC on "Saudi Arabia HVAC R Market"
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By region, Saudi Arabia HVAC R market has been categorized into four regions namely Northern & Central, Western, Eastern and Southern. Of these regions, Northern & Central region holds the leading position in the market and is expected to maintain its dominating position during the forecast period, owing to population intensity and upcoming residential and commercial infrastructural projects in the region. Demand for HVAC R would continue to increase during forecast period, owing to the recovering economy and growing travel & tourism industry of Saudi Arabia. As the demand for HVAC R systems is increasing in Saudi Arabia, market players are expanding their product portfolio and geographic reach. This is expected to boost competition in the market during the forecast period.
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“Major factors contributing to the growth of Saudi Arabia HVAC R market are increasing number of construction and infrastructure projects, rising demand for food & beverages and growing travel & tourism industry. Moreover, government initiatives towards reducing food wastage are expected to propel the country’s HVAC R market over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia HVAC R Market By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Saudi Arabia HVAC R market and provides statistics and information on market size, structure and future market growth. The report intends 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 in Saudi Arabia HVAC R market.
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