The air conditioning market in Saudi Arabia is set for growth of up to 14 per cent every year until 2020, according to a new report, which is free to download here.
About 70% of electricity consumption in the kingdom is used powering of air conditioners and with another half million homes needed in the country the demand for energy is also set to double.
The new market outlook report was prepared by TechSci Research for dmg events, the organiser of a new HVAC R EXPO Saudi 2016.
The new show will be held at the Jeddah Centre for Forums & Events, January 11 to 13.
The report takes a look at all sectors of the market and forecasts growth figures as well as looking at each area of the country and the expected demands.
It says: “The Boom in the construction sector in Saudi Arabia is a major factor driving growth in the market for HVAC. Its HVAC R market grew at a CAGR of around 9.61% in value terms during 2010-14, and is further projected to witness growth at around 13.73%.
“The building insulation market in Saudi Arabia is projected to grow at a CAGR of around 7.39% during 2015-20, mainly on account of increasing concerns regarding energy saving.
“Building insulation saves around 40% of energy consumed in regulating air conditioning temperatures.”
The refrigeration market in Saudi is also forecast to enjoy strong growth. The report says: “Refrigeration market in Saudi Arabia grew at a CAGR of around 11.80% during 2010-14, and is projected to grow at a CAGR of around 12.27% over the next five years.
“Growth in refrigeration market is anticipated on account of rising demand, particularly from commercial and industrial sector in the country.”
Standing at about $38.5 billion, Saudi Arabia’s construction sector contributed around 8% to the country’s GDP in 2014.
Due to rapidly growing population and increasing religious tourism in Saudi Arabia, the government has announced a number of construction projects valued at around $80 billion to be implemented in the coming years. These include huge projects like construction of Economic Cities, metro rail projects, etc.”
The report was prepared by TechSci Research is a global market research and consulting company with offices in Canada, the UK and India.
TechSci Research provides market research reports in a number of areas to organisations. The company uses innovative business models that focus on Improving productivity, while ensuring creation of high-quality reports. It is the official knowledge partner for the new Saudi HVAC R Show 2016 at the Jeddah Centre for Forums & Events, January 11 to 13.
Click on the right-hand side to download a FREE copy of this market analysis.