Saudi Air Conditioning Market is Predicted to Generate $2.4 Billion Revenue by 2024

saudi-air-conditioning-market-is-predicted-to-generate-24-billion-revenue-by-2024
Saudi Air Conditioning Market is Predicted to Generate $2.4 Billion Revenue by 2024
Rising investments in tourism-specific projects and commercial infrastructure and expansion in the hospitality sector are driving the growth of the HVAC market in Saudi Arabia.

The Saudi Arabian heating, ventilation, and air conditioning (HVAC) market is predicted to generate a revenue of $2.4 billion by 2024, U.K.-based Research and Markets reports.

Rising investments in tourism-specific projects and commercial infrastructure and expansion in the hospitality sector are driving the growth of the market.

On the basis of ventilation type, the Saudi HVAC market is classified into humidifiers and dehumidifiers, air cleaners, air handling units, fan coil units, and ventilation fans. Out of these, in 2018, ventilation fans held the largest revenue share in the market due to their broad range of applications, such as general ventilation for air circulation and for collecting dust particles in manufacturing units to prevent wear and tear of the machinery.

Owing to its religious significance, Saudi Arabia has become one of the most prominent tourist destinations across the globe, which is reflected in the growth of its hospitality industry. For instance, in 2018, Marriott International planned to start nearly 29 new hotels, consisting of around 6,000 guestrooms, in accordance with Saudi Vision 2030. Further, as of 2019, Hilton Worldwide Holdings Inc. is planning to build approximately 35 new hotels in the coming three to five years. Also, Radisson Hospitality AB publicized that it would, by 2020, open two new hotels in the country. Thus, the necessity of heating, ventilation, and air conditioning systems in modern hotels is resulting in the growth of this market in Saudi Arabia. 

Some of the key players existing in the market are Johnson Controls International plc, Ingersoll-Rand plc, Danfoss A/S, Mitsubishi Electric Corporation, LG Electronics Inc., and Gree Electric Appliances Inc. of Zhuhai.

SUPPLEMENTARY INFORMATION

Turkmenistan - Saudi Arabia Trade and Economic Relations

  • Saudi Arabia currently studies Turkmenistan’s investment projects in agribusiness, trade, construction. 
  • President of Turkmenistan Gurbanguly Berdimuhamedov received Saudi Arabia’s Minister of Environment, Water and Agriculture Abdulrahman bin Abdulmohsen Al-Fadley in April, 2019, and noted the presence of solid potential for the development of interaction between the two countries.
  • Ayed Noueihed, head of the Saudi Arabian company - Hajjan Trading & Industrial Services Company Ltd (HATCON) was hosted at the Ashgabat headquarters of the Union of Industrialists and Entrepreneurs of Turkmenistan (UIET) in May 2018. The chairman of the UIET and the head of the Arab industrial company Hajjan Trading And Industrial Services Co. Ltd discussed prospects for establishing contacts with business circles of Saudi Arabia in the field of trade, construction and agro-industrial complex. 
  • At present time, Turkmen entrepreneurs export confectionery to Saudi Arabia and are studying prospects to export meat, vegetables and melons to Saudi markets.