BURNABY, Canada, December 2, 2014 /PRNewswire/ --
Extreme climatic conditions, rising income levels and rapidly growing infrastructure to boost the demand for air conditioners in Saudi Arabia through 2013
Over the past few years, Saudi Arabia's air conditioner market has witnessed a significant growth in demand across diverse sectors. Rising number of housing units, expansion of commercial and institutional spaces, and extreme climatic conditions are the major growth drivers for the country's air conditioner market. In Saudi Arabia, summers stretch to around nine months in a year with maximum temperatures reaching 55°C in some parts of the country. According to a recently published report by TechSci Research "Saudi ArabiaAir Conditioner Market Forecast & Opportunities, 2019", the country's air conditioners market is projected to cross USD2.5 billion by the year 2019. The report reveals that centralized air conditioning units such as Chillers and VRF are expected to gain stronger foothold in Saudi Arabia over the next five years. However, the share of window air conditioners is expected to witness a decline during the same period.
Government and private companies have announced various mega development projects such as educational institutions, hotels, office spaces, and expansion & development of cities in the country, which is expected to create a lucrative market for air conditioner manufacturers and suppliers over the next five years. The rapidly expanding affluent population base in the country is increasingly opting for luxury housing units, which is boosting the demand for centralized air conditioning units in the country's residential sector. In addition, booming hospitality and tourism industry in the country is also anticipated to trigger the demand for air conditioners in Saudi Arabia during 2014-19.
"Major Saudi Arabian cities such as Riyadh, Jeddah and Makkah are witnessing rapid infrastructural development, thereby providing a huge growth opportunity for air conditioner companies to offer complete air conditioning solutions to their customers in these cities. Moreover, as Saudi Arabia experiences very hot climate for majority of the year, air conditioner has become more of a necessity product rather than a luxury item, and with growing income levels, the demand would continue to grow over the next five years." said Mr. Karan Chechi, Research Director with TechSci Research, a global management consulting firm.
"Saudi Arabia Air Conditioner Market Forecast & Opportunities, 2019" has evaluated the future growth potential of air conditioner market in Saudi Arabia and provides statistics and information on market structure, size, trends, etc. The report includes air conditioner market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities prevailing in Saudi Arabia's air conditioner market.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research