The market for HVAC-R systems in Saudi Arabia is estimated to reach $3.33 billion in 2017, and is expected to double to $6.36 billion by 2022 at a CAGR of around 13 percent. This was revealed by the latest TechSci Research in the lead up to the HVACR Saudi Expo, Saudi Arabia’s largest dedicated indoor climate and refrigeration event.
Favorable market drivers such as the rapid development of new economic zones seeing a surge in construction as well as the need to manage extreme climate conditions are reported in “An overview of the Heating, Ventilation, Air Conditioning and Refrigeration (HVAC-R) Market in Saudi Arabia.”
Other forces generating a surge in the HVAC-R market include the increasing demand for cold chain infrastructure to support food imports, as well as the call from government for more energy-efficient solutions, which are replacing conventional cooling systems across the country.
One of the biggest HVAC projects in the world, the overview lists the installation of air conditioning systems in the Holy Mosques of Makkah and Madinah carried out by Al-Salem Controls, highlighting the impact that religious tourism has upon the HVAC-R market.
On the back of the Saudi Vision 2030 plan to diversify the country’s economy, the government has initiated many construction projects valued at around $80 billion, which are also anticipated to increase the demand for HVAC-R systems. A part of the Saudi Vision 2030 will be to create avenues for new energy-saving technologies in the local HVAC-R industry.
The event director for HVACR Expo Saudi, Roni El-Haddad, said: “Saudi Arabia has emerged as the largest market for indoor cooling and refrigeration in the GCC, making up close to 50 percent by value. The lucrative market has attracted many top companies from across the globe to expand their operations in the region.”
“With that said, it is no surprise that next month’s HVACR Expo Saudi will be 20 percent larger than the last edition in terms of exhibitors. The products on display will show a clear shift toward green and smart technology in the Saudi Arabia HVAC-R market,” he added.
HVACR Expo Saudi runs from Jan. 14-16 at the Jeddah Center for Forums & Events.
Favorable market drivers such as the rapid development of new economic zones seeing a surge in construction as well as the need to manage extreme climate conditions are reported in “An overview of the Heating, Ventilation, Air Conditioning and Refrigeration (HVAC-R) Market in Saudi Arabia.”
Other forces generating a surge in the HVAC-R market include the increasing demand for cold chain infrastructure to support food imports, as well as the call from government for more energy-efficient solutions, which are replacing conventional cooling systems across the country.
One of the biggest HVAC projects in the world, the overview lists the installation of air conditioning systems in the Holy Mosques of Makkah and Madinah carried out by Al-Salem Controls, highlighting the impact that religious tourism has upon the HVAC-R market.
On the back of the Saudi Vision 2030 plan to diversify the country’s economy, the government has initiated many construction projects valued at around $80 billion, which are also anticipated to increase the demand for HVAC-R systems. A part of the Saudi Vision 2030 will be to create avenues for new energy-saving technologies in the local HVAC-R industry.
The event director for HVACR Expo Saudi, Roni El-Haddad, said: “Saudi Arabia has emerged as the largest market for indoor cooling and refrigeration in the GCC, making up close to 50 percent by value. The lucrative market has attracted many top companies from across the globe to expand their operations in the region.”
“With that said, it is no surprise that next month’s HVACR Expo Saudi will be 20 percent larger than the last edition in terms of exhibitors. The products on display will show a clear shift toward green and smart technology in the Saudi Arabia HVAC-R market,” he added.
HVACR Expo Saudi runs from Jan. 14-16 at the Jeddah Center for Forums & Events.
