According to a new market report published by BlueWeave Consulting, the GCC Air Conditioners Market was valued at US$ 2.73 Bn in 2017 and is expected to expand at a CAGR of 7.93% from 2018 to 2025, reaching US$ 4.66 Bn by the end of the forecast period. According to the report, Saudi Arabia was the largest contributor in terms of revenue to the GCC air conditioners market in 2017.
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Commercial and residential space-cooling demands are growing steadily all across the world. Air conditioners were once considered a luxury but are now seemingly becoming a necessity. Manufacturers of Air conditioners have played a huge part by making units more affordable and increasing their efficiency along with improved components and technology. The competitiveness of the industry has escalated with growing demand, and now there are numerous companies providing air conditioning units and systems.
The climate and weather in GCC is hot and dry, hot weather prevails throughout the year with the occasional rainfall in winter. The hot days/nights based on temperature thresholds reveals that summers are expanding and winters are shrinking. The increasing trend of intense heat may cause health problems in the region. The observed trend of temperature increase is alarming, thereby GCC region is likely to witness temperatures rise to 60 degrees in coming years if GCC climatic change and urban planning problems are not resolved. Hence, air conditioners usage and demand in residential buildings is growing enormously, protecting people indoors, increasing people efficiency and reducing child mortality rate.
The GCC Air Conditioners market is segmented on the basis of type, and application. On the basis of type, the market is segmented into Centralised AC, Split AC, Window AC, Packaged AC, Portable AC, and Others. Centralized AC was the largest segment in the GCC Air Conditioners market in 2017, and is estimated to witness the highest growth during 2018-2025. On the application basis, the market is segmented into Residential, and Commercial. Residential accounted for the largest segment in the GCC air conditioners market in 2017.
On the basis of country, the market is segmented into five parts namely Saudi Arabia, UAE, Kuwait, Qatar, Oman, and Bahrain. Saudi Arabia was the largest country in the GCC air conditioners market in 2017 with a market share of 54.3% and it is estimated to grow over a CAGR of 7.54% during 2018-2025.
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Companies, such as Daikin McQuay Middle East FZE, LG Electronics Gulf FZE, Zamil Air Conditioners Holding Co. Ltd., Samsung Gulf Electronics FZE, and Johnson Controls are the key players in manufacturing air conditioners in GCC. In terms of product offerings, Zamil Air Conditioners Holding Co. Ltd. and Johnson Controls are the major players in the market, providing various products of air conditioning systems.
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