BURNABY, Canada, July 21, 2015 /PRNewswire/ --
Extreme temperature coupled with growing construction of residential and commercial units to drive air conditioners market in Saudi Arabia
According to recently published TechSci Research report, "Saudi Arabia Air Conditioners Market Forecast & Opportunities, 2020", air conditioners market in the country is projected to grow at a CAGR of more than 9% during 2015-20. Major factors contributing to growth in the market are growing construction of residential and commercial units, extreme climatic conditions, high population growth and increasing urbanization. In addition, the boom in tourism sector is resulting in an increase in the number of hotels and resorts in the country, further driving the demand for air conditioners in Saudi Arabia. Air conditioner sales in the country are being driven primarily by cities such as Riyadh, Madinah and Jeddah, due to high population density and increasing infrastructural development in these cities. Further, with increasing purchasing power, demand for advanced air conditioners equipped with new features such as air purification, app control, etc., is also growing.
Air conditioning market is mainly divided into two segments - Residential air conditioners (Split and Window air conditioners) and Commercial air conditioners (VRF air conditioners and Chillers). While growing urbanization and tourism are fueling the market for residential air conditioners, the demand for commercial air conditioners in the country is emanating from commercial complexes and industrial units. Further, government infrastructure development projects are the other major drivers of the country's air conditioners market.
"The demand for air conditioners in Saudi Arabia is witnessing a continuous rise. Long summers with high temperatures continue to boost air conditioner sales in the country. In terms of revenue contribution, residential air conditioning systems dominated the market in 2014. The segment is expected to maintain its dominance through the forecast period, however, its share is anticipated to decline on account of high anticipated growth of commercial air conditioning systems, particularly chillers, in the country.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Saudi Arabia Air Conditioners Market Forecast & Opportunities, 2020" has evaluated the future growth potential of air conditioners market in Saudi Arabia, and provides statistics and information on market structure, size, share and future growth. This report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in Saudi Arabia air conditioners market.
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