Infrastructure development projects including metros & airports, construction of new hotels & malls along with government initiatives to build world class infrastructures have led for the growth of air conditioner market in overall GCC countries.
Air Conditioner Market is projected to grow at a CAGR of 7.3% during the coming years (2017-2023). Saudi Arabia and UAE are the key revenue generating countries in the entire GCC region. Centralized air conditioner market accounted for major revenue share in the overall market, with Saudi Arabia being the largest contributor.
Centralized air conditioner market is exhibited to maintain its dominance throughout the forecast period. Split air conditioner market has also captured key share in the overall GCC’s air conditioner market due to high demand from residential and light commercial applications. Also, VRF market is expanding in the region owing to high efficiency feature which helps to consume less energy and reduce the electricity bill.
Some of the key players operating in this market include AHI Carrier FZC, Daikin Middle East FZE, Fujitsu General (ME) FZE, GREE Electric Appliance Inc., Johnson Controls (YORK), LG Electronics, Mitsubishi Electric Corp., Petra Engineering Industries Co., S.K.M Air Conditioning LLC, Samsung Electronics Co. Ltd., TRANE Inc. and Zamil Air Conditioners (ZAC)
The market is segmented on the basis of product type, end-user, and geography. Products are divided into Window AC, Spilt AC, Floor Standing, Cassette Type, Suspended Type, Packaged, Ceiling Concealed/ Ducted Split, Centralized, Chiller, VRF, Condensing Unit and , AHU/FCU.
Air conditioner market is expected to be the faster growing during the coming years by countries include Saudi Arabia, UAE, Qatar, Kuwait, Oman & Bahrain and end user segment such as residential, healthcare, commercial building & retails, hospitality, transportation and others.
Upcoming events such as Dubai Expo 2020 in UAE and FIFA World Cup 2022 in Qatar, infrastructure development activities and government initiatives towards providing housing units can also be some of the major drivers for growth in GCC air conditioner market.