Oman Air Conditioner Market Revenues is projected to grow at a CAGR of 8.2% during 2023-2029

The residential sector in terms of application captured the largest revenue share in the Oman Air Conditioner Market - 6Wresearch

By application, the residential sector captured the highest market revenue share in 2022 and would also be leading the market during the forecast period on account of the development of new residential developments such as the Oman Liwa Housing Project 2024, Mina Sultan Qaboos Waterfront 2024, The Address Harbour Point 2023 which would create a demand for air conditioners in the residential sector in the coming years. The residential sector followed by the hospitality sector dominates the market due to the Oman Vision 2040 by developing infrastructure projects and the Omani government has launched several initiatives to promote affordable housing sales. Further, projects such as Yenkit Hills: Phase 1, 3, Sohar three-star hotel, and others would also contribute to their growth.

According to 6Wresearch, the Oman Air Conditioner Market Revenues is projected to grow at a CAGR of 8.2% during 2023-29. With the rise in retail, mixed-use, and corporate projects across Muscat, Sohar, Nizwa, and others coupled with Oman’s Vision 2040 which aims to attract investment across the sector, the demand for air conditioners will increase in the future. The hospitality sector of Oman would record a compound annual growth rate of 6.3 percent between 2020-2026 to reach $900 million. Moreover, the number of international tourists to Oman is expected to reach 3.7 million by 2026 with a compound annual growth rate of 36.9 percent, which would contribute to the construction of hotel projects and thereby increase the market for air conditioners. Stringent government regulations for air conditioners and affordable alternatives to air conditioners can serve as a restraint for the Oman air conditioner market.

According to Ravi Bhandari, Research Head, 6Wresearch, centralized air conditioners are anticipated to register substantial growth over the forecast period due to the variety of advantages like enabling more accurate temperature control, centralized thermostats, as well as energy management. These air conditioners are majorly used in large-scale commercial and residential buildings.

The Oman Air Conditioner Market (2023-2029) report provides an in-depth analysis with 18 figures and 17 tables, covered in 77 pages. The report comprehensively covers the market by types and applications. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.