The market for air conditioners in Kuwait has registered stagnant growth in last few years and is anticipated to remain flat during 2016-22. Further, with falling international oil prices effect on the government investments and infrastructure development can be witnessed in the country. Post 2017, oil prices are expected to recover which would add to the growth of both public & private infrastructures thereby driving the momentum of air conditioners market in Kuwait.
According to 6Wresearch, Kuwait air conditioners market is forecast to grow at a CAGR of 4.45% during 2016-22. Kuwait's government has planned to build its infrastructures through public private partnerships (PPPs) with an investment of $116 billion, which are expected to be invested in the next five years.
According to Rajat Kharbanda, Senior Consultant, Research and Consulting, 6Wresearch, "in overall Kuwait's air conditioner market, centralized air conditioner segment has captured major share of the market pie and is expected to maintain its market leadership throughout the forecast period.
Over the next six years, ducted air conditioners segment is exhibited to grow at fastest growth rate attributed to the demand for ceiling concealed and roof top packaged units," Rajat further added.
According to Avishrant Mani, Senior Research Analyst, Research and Consulting, 6Wresearch," expansion of airport and develop metro network are the key planned public infrastructure projects, wherein for the construction of metro alone around $20 billion would be spent.
Moreover, a new city has been proposed known as "Silk City" with an investment of $94 billion, which would host new airport, business centers, housing societies, and tourist attractions. These infrastructure expansion activities are expected to fuel the market for air conditioners in Kuwait",Avishrant concluded.
The key players in Kuwait's air conditioners market are namely- York, SKM, Carrier, Trane, Daikin, LG, RIC, LG, Samsung, Gree and Fujitsu General.
"Kuwait Air Conditioners Market (2016-2022)" provides in-depth analysis with 43 figures and 16 tables covered in more than 120 pages. The report estimates and forecast overall Kuwait air conditioners market by revenue, volume, types of air conditioners and end user applications such as residential, healthcare, retail & commercial offices, oil & gas, government & transportation, hospitality and others. The report also gives the insights on market share by companies, company profiles, market drivers and restraints.
Media Source: Industry Today