2028 Growth Projections for the GCC HVACR Market: Trends and Analysis

 

The GCC HVACR Market is projected to grow at a CAGR of around 5.32% during the forecast period, i.e., 2023-28. This comprehensive market research report has been recently released by Markntel Advisors, a prominent firm specializing in research, consulting, and data analytics, offering an extensive array of strategic reports across various industry sectors. The report systematically examines numerous factors that have significantly shaped the market dynamics in recent years.

GCC HVACR Market Driver:

Tourism is one of the fastest-growing sectors in the GCC region. Countries like the UAE, Oman, and Saudi Arabia, actively encourage medical tourism, business & leisure travel, etc., by providing easy visa clearance, world-class hospitality services, etc. Consequently, there's a mounting influx of foreign visitors to these countries. For instance, in 2022, the UAE welcomed nearly 14.36 million visitors, i.e., a rise of approximately 7.28 million visitors in 2021, and the hotel occupancy rate was more than 70% in 2022, cites the Dubai Department of Economy and Tourism.

These developments have been encouraging the establishment of new hotels & resorts for commercial & cultural purposes by hotel groups like Ciel, Jumeriah, and others, thereby pushing the demand for HVAC systems, eventually aiding in enhancing the GCC HVACR Market share.

Furthermore, Saudi Arabia & Qatar have set the target of increasing their tourist footfall annually by around 100 million & 6 million, respectively, by 2030 & for it, they are encouraging leisure activities, adventure sports, etc. As a result, Aman Hotel, Armani Hotels, etc., are expanding their hotel chains in these countries.

Also, as per the announcements from the Future Hospitality Summit 2023, Saudi Arabia is leading in terms of hotel construction with an investment of approximately USD1 trillion & around 315,000 hotel rooms in the pipeline, thus, likely to be completed by 2030. It would then amplify the demand for centralized air conditioners and, in turn, fuel the HVACR Market growth in the upcoming years.

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How Has the GCC HVACR Market Been Divided?

In the report, we have conducted a thorough analysis of the market by breaking it down into various high-performing segments. We aim to clarify the factors that contribute to the success and increased market share of each segment. This analysis includes an examination of their significant impact on the   GCC HVACR market in terms of sales, expansion opportunities, job creation, and other vital factors. These components are categorized as follows:

Based on Type

- Window AC

-- Up to 1 Ton

-- 1.1 to 2 Ton

-- Above 2 Ton

- Split AC

-- Up to 1 Ton

-- to1.5 Ton

-- 1.6 to 2 Ton

- Floor Standing AC

-- Up to 2 Ton

-- Above 2 Ton

- Cassette AC

- Packaged AC

- Ducted Split AC

- Centralized AC

-- FCU/AHU

-- Chillers

-- VRF

- Refrigeration

Based on End User

- Residential

- Commercial Buildings

- Retail

- Healthcare

- Hospitality

- Government & Transportation

- Oil & Gas

- Industrial Facilities

- Other Developing Industries (Hydrofarms, etc.)

Based on Sales Channel

- Direct Sales

- Online

- Authorized Distributors

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The report highlights Geographical

By Country

- Saudi Arabia

- Oman

- Qatar

- Bahrain

- Kuwait

- The UAE

where the GCC HVACR market is active to varying degrees. We place special emphasis on regions that have a predominant presence in the market, underlining their geographical significance in the context of the GCC HVACR market.

Competitive Benchmarking

In the GCC HVACR Market, prominent companies such LG Electronics, S.K.M. Air Conditioning, Carrier Corporation, Gree, Samsung, Daikin Industries, Mitsubishi, Trane Inc., Johnson Controls Inc., Zamil Air Conditioners Holding Co. Ltd., Others are subject to thorough evaluation. Each company within this industry undergoes scrutiny based on the value of their products, their capabilities, and other noteworthy attributes. Additionally, this study encompasses various mergers and acquisitions, as well as recent product launches by these firms, aimed at acquainting stakeholders with the prevailing market dynamics.

Some of the Key Questions Answered in this Report:

1.     What are the growth projections for the years 2023-2028?

2.     Which market factors will aid in developing client and business strategies?

3.     What are the critical market opportunities for each segment enlisted in the research report?

4.     What are the primary growth tactics used by the major market players?

Why You Should Choose MarkNtel Advisors for Your Market Research Needs:

Valuable Insights for Informed Decisions: Our reports offer valuable and current insights that can be easily turned into actions. Whether you're a company looking to launch a new venture or expand profitably, our reports will guide you towards success.

Numerous Benefits: Our analysis of the GCC HVACR Market provides a wide range of advantages, including market research insights, comprehensive information, industry projections, and data trends.

In-Depth Analysis: Our GCC HVACR Market report goes deep into various industries, expertly examining important market trends, consumer behavior, and competitive landscapes. Stakeholders can expect a wealth of insights to shape their business strategies.

Our approach facilitates the identification of rapidly expanding companies within the industry, scrutinizing their profound impact on the GCC HVACR market in terms of sales, expansion, employment opportunities, and other pivotal aspects. Additionally, the report places particular emphasis on key components such as the regions where the market demonstrates varying levels of activity, with a specific focus on geographically dominant areas.

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