Posted On: 2022-05-05
Industrial application acquired the largest market revenue share in the Qatar, UAE, and Oman air conditioner services market in the year 2021 – 6Wresearch
Industrial application acquired the majority revenue size in 2021 in Qatar, UAE, and Oman air conditioner services market owing to the fact that industrial air conditioners require more frequent air conditioner servicing and the average cost of servicing is higher than air conditioners used in other applications.
Owing to the outbreak of coronavirus in 2020, the government of all 3 countries announced a complete lockdown in Q2 to prevent the spread of the virus. The lockdown negatively impacted the construction sector, supply chain, and operations of numerous companies, which in turn affected the revenues of the air conditioner market in the countries. However, the air conditioner services market witnessed a slowdown of growth as when the lockdown limitations were alleviated, the existing deployed air conditioners were being serviced by the technicians in the countries.
According to 6Wresearch, Qatar, UAE, and Oman Air Conditioner Services Market revenue size is projected to grow at a CAGR of 2.9% during 2022-2028. The market grew the period 2018-2021 due to the rising focus of the countries, after the oil price crisis of 2014, on diversifying the economy by falling reliance on the oil sector and capitalizing heavily in non-oil sectors which resulted in the setting up of large-scale commercial establishments like economic cities, medical cities, hotels, offices among others.
According to Bhawna Singh, Research Analyst, 6Wresearch, “By countries, UAE emerged as a major shareholder in the market in 2021 due to huge market capitalization of air conditioners. Additionally, UAE’s Dubai expo 2020 which has now been moved to October 2021 due to covid-19, is expected to provide a platform for economic recovery after pandemic-related disruptions. Growing tourist footfall coupled with rising investment in the hospitality sector would result in the building of resorts, malls, and restaurants among others which would drive the air conditioner market in the country in coming years. This would assist in the increase of air conditioner service market as well, as service market is directly related to the new and existing sales of air conditioners.”
“By applications, commercial application is expected to witness maximum growth in the coming years owing to increasing construction of hotels, restaurants, malls among others, due to upcoming mega-events in the countries.”, Bhawna further added.
Some of the major companies in Qatar, UAE, and Oman air conditioner services market include Carrier Corporation, Daikin Industries, Johnson Controls International PLC, LG, York, Mitsubishi, O General, Gree, Oasis Investment Company LLC's Leminar, among others.
“Qatar, UAE, and Oman air conditioner services market report (2022-2028)” report provides an in-depth analysis with 46 figures and 13 tables, covered in 91 pages. The report estimates and forecast the overall Qatar, UAE, and Oman air conditioner services market by applications and regions. The report provides an unbiased and detailed analysis of the ongoing 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.