Posted On: 2022-01-07
Centralized air conditioner acquired the largest revenue share in the Middle East air conditioner market – 6Wresearch.
The Middle East air conditioner market registered negative growth in 2020 due to the outbreak of COVID-19 that resulted in halt of construction activities as a result of the social distancing measures adopted by the government in order to curtail the spread of the virus. However, the air conditioner market is expected to grow at a decent rate in 2021 as the economy resume operations, and the same trend is expected to prevail in the coming years.
According to 6Wresearch, the Middle East Air Conditioner Market size is projected to grow at a CAGR of 3.8% during 2021-2027. The primary reason for growth in the Middle East air conditioner industry can be attributed to the rapid urbanization and rising infrastructural development. Furthermore, mega projects such as Silk city in Kuwait, King Abdullah Economic City & Neom City Project in Saudi Arabia among others would increase the market demand for air conditioners would also stimulate the market growth in the years to come.
Wide application of centralized air conditioners have been seen in in large commercial spaces such as malls, large offices, large scale industries and many others. Furthermore, the rising commercial projects in the region would further augment the demand for centralized air conditioners in the years to come.
According to Anmol Dhanju, Research Analyst, 6Wresearch, “Saudi Arabia acquired the largest revenue share in 2020 and the same trend is expected in the forecast period on account of large-scale construction projects being carried out in the country. The country ranked first in the region in terms of value of the construction projects awarded in 2019 which amounted to ~$52 billion. In 2020, the value of construction project awarded reduced to $20 billion due to ongoing pandemic. However, Saudi Arabia accounted for ~55% of the overall worth of projects awarded in the region during the first quarter of 2021, which shows signs of recovery in the country. Hence, rising construction activities in the country is expected to generate the demand for air conditioners in the coming years.
Further, Qatar would witness an increase in demand for air conditioners owing to the upcoming FIFA world cup in 2022 and Qatar vision 2030 which would bring large investments in the commercial and hospitality sector of the country.”, Anmol further added.
“Middle East Air Conditioner (2021-2027)” report provides an in-depth analysis with 191 figures and 56 tables, covered in 250 pages. The report estimates and forecast the Middle East air conditioner market by countries, types and applications. Middle East air conditioner market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.