MENA HVAC Market to grow at a Significant Rate through 2026
Increasing demand for energy efficient solutions and extreme weather conditions is expected to drive the demand for MENA HVAC market in the forecast period.
According to TechSci Research report, “MENA HVAC Market By Product Type (Direct Expansion Systems and Central Air Conditioning Systems) By Direct Expansion Systems (Split, Window, Ductable Split, VRF, Cassette and Others) By Central Air Conditioning Systems (Chillers, Boilers, Cooling Towers, Air Handling Units, Fan Coil Units, HVAC Control System and Others) By End-user (Commercial, Residential, Institutional, Marine & Offshore, Oil & Gas, Power and Others), By Region, Company Forecast & Opportunities, 2026”, The MENA HVAC market is expected to witness significant growth in the forecast period. MENA region faces environmental and socio-economic challenges such as an abundance of fossil fuels, harsh climatic conditions, water scarcity, among others. The residential and commercial buildings consume a lot of energy therefore they require constant air conditioning owing to the presence of scorching heat and the use of glass exteriors in buildings and homes. The high demand for VRF systems as they are more economical, thereby, is gaining popularity in commercial spaces like offices, stadiums, supermarkets/hypermarkets, amongst others.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. Leading authorities of the MENA region imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Ongoing construction activities and the upcoming projects were temporarily suspended which negatively affected the sales of the HVAC system in the MENA region. Manufacturing units were shut down during this period and the workers moved back to their native places which created a shortage of the workforce in the manufacturing units. Disruption in the supply chain was observed due to restrictions on import and export activities. Therefore, the COVID-19 pandemic had a negative effect on the growth of the MENA HVAC market.
However, the shortage of skilled workforce and high upfront cost may restrain the growth of the MENA HVAC market.
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MENA HVAC market is segmented into product type, end-user, regional distribution, and company. Based on the product type, the market can be bifurcated into direct expansion systems and central air conditioning systems. The direct expansion systems can be further divided into the split, window, ductable split, VRF, cassette, and others and the central air conditioning systems can be divided into chillers, boilers, cooling towers, air handling units, fan coil units, HVAC control system, and others. The ductable split product type segment is expected to dominate the HVAC market in the forecast period, 2022-2026. To ensure the controlled distribution of the air in the manufacturing units and data centers/server rooms, the packaged unit is combined with the duct to provide proper ventilation and air distribution services. The presence of a large number of high-rise buildings in UAE and Saudi Arabia is contributing to the surge in the need to install ductable split HVAC units in the MENA region. On the basis of country analysis, Saudi Arabia is expected to hold the major market share in the next five years. The rise in the prices of crude oil prices that is contributing significantly to the growth of the economy and the flourishing tourism industry in Saudi Arabia majorly for religious purposes is accelerating the need to install HVAC units to provide better hospitality services to the tourists. Supportive government policies such as Saudi Vision 2030 and the construction of Neom city which is expected to run on clean energy infrastructure are expected to create lucrative opportunities for the HVAC market growth.
Johnson Controls International PLC, Toshiba Carrier Corporation, United Technologies Corporation, Daikin Industries Ltd., Ingersoll-Rand plc, Mitsubishi Electric Corporation, LG Electronics Inc, Midea Group Co. Ltd, Gree Electric Appliances, Inc. of Zhuhai, Danfoss A/S, Fujitsu Limited, Panasonic Corporation, Samsung Electronics, Trane Technologies plc, Zamil Air Conditioners are the leading players operating in MENA HVAC market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several HVAC manufacturers are coming up with their technologically advanced offerings.
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“The growing construction of green buildings in the MENA region to achieve lower development costs, improved indoor air quality, reduced maintenance, and operating costs are fueling the development of smart urbanization in the next five years. Green buildings ensure energy security, climatic change mitigation and create a plethora of economic as well as employment opportunities for the residents of the region. Green buildings are installing energy-efficient HVAC systems to provide improved ventilation of air coupled with the high-end investments by the market players for technological advancements to improve efficiency and performance of the systems is expected to propel the HVAC market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“MENA HVAC Market By Product Type (Direct Expansion Systems and Central Air Conditioning Systems) By Direct Expansion Systems (Split, Window, Ductable Split, VRF, Cassette and Others) By Central Air Conditioning Systems (Chillers, Boilers, Cooling Towers, Air Handling Units, Fan Coil Units, HVAC Control System and Others) By End-user (Commercial, Residential, Institutional, Marine & Offshore, Oil & Gas, Power and Others), By Region, Company Forecast & Opportunities, 2026” has evaluated the future growth potential of MENA HVAC market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of MENA HVAC market.
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