As per Deloitte, in 2021, the number of hotel rooms in Saudi Arabia would increase by 4,500. Therefore, with the growth in the hospitality sector, the revenue in the Saudi Arabian heating, ventilation, and air conditioning (HVAC) market is predicted to increase from $2,709.0 million in 2019 to $3,197.4 million by 2030, at a 3.2% CAGR between 2020 and 2030. In 2019, the largest hotel of the InterContinentl Hotel Group in the kingdom, with 4,200 rooms, was opened in Mecca.
The Saudi Arabian HVAC market is witnessing slow growth on account of the COVID-19 pandemic, as the manufacturing and supply of HVAC systems have halted. Moreover, due to the ack of funds and workforce, construction activities have stopped. On the individual level, many people are facing pay or job cuts, which is why they are only purchasing essential goods, thereby leading to a reduced demand for HVAC systems and services.
Up till now, the equipment bifurcation has dominated the Saudi HVAC market, on the basis of offering. With the rapid infrastructure development, government focus on reducing its dependence on the export of oil and gas, and increasing purchasing power of people, the sale of HVAC equipment rose considerably in the kingdom in the past. The cooling category, based on equipment, would observe the highest CAGR in the Saudi Arabian HVAC market in the coming years, of 2.4%, in terms of revenue. Due to its location within the Arabian Desert, Saudi Arabia witnesses perpetually hot and dry weather, which makes cooling systems a necessity, rather than luxury.
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In the past, the largest share in the Saudi HVAC market was held by the upgradation/replacement division, under the service segment. In order to keep the systems running efficiently, people are regularly upgrading or replacing them. In addition to operational efficiency, upgradation/maintenance also ensures low energy consumption and cleaner environs, by tackling the accumulation of bacteria and mold on the systems’ vents. The commercial category, under segmentation by end user, will continue to generate the highest revenue in the Saudi Arabian HVAC market in the years to come. Along with hotels and resorts, the number of office complexes is also increasing in the country. In addition, in and around the holy Islamic cities of Mecca and Medina, a $50 billion investment has been made for the expansion of several mosques and railway lines.
The western region is expected to experience the fastest growth in the Saudi Arabian HVAC market during the next decade. Mecca and Medina are both located here, and they, along with Jeddah and Tabuk, have a number of infrastructure projects under various stages of implementation. Many of these projects are being executed under Saudi Vision 2030, which is aimed at diversifying the kingdom’s economy.
The major companies operational in the Saudi Arabian HVAC market are LG Electronics Inc., Johnson Controls International plc, Gree Electric Appliances Inc. of Zhuhai, Mitsubishi Electric Corporation, Danfoss A/S, Trane Technologies plc, Midea Group Co. Ltd., Carrier Global Corporation, Zamil Air Conditioners, Daikin Industries Ltd., and S.K.M. Air Conditioning LLC.
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Based on Offering
Based on End-User
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