Saudi AC market set for growth: study
Burnaby, British Columbia, February 25, 2014
Saudi Arabia's air conditioners market revenues are set to grow at an average of around 10 per cent during 2013 to 2018, said a report.
The rising temperature levels, coupled with high per capita income levels and rapidly growing population has made Saudi Arabia one of the largest air conditioners markets in the Middle East, said the recently published report by the global management consulting firm TechSci.
The report, entitled ‘Saudi Arabia Air Conditioners Market Forecast & Opportunities, 2018,’ pointed out that the kingdom faces extreme climatic conditions throughout the year, due to which cooling and ventilation become a necessity for the people.
It said that the central region accounts for the largest revenue share of the kingdom’s AC market.
The demand for various air conditioners such as split, cassette, centralised and window continues to rise in Saudi Arabia, with split air conditioners accounting for the highest demand, it revealed.
Karan Chechi, research director with TechSci, said: "Education, residential and healthcare sectors will be the major demand generators for air conditioners market, due to increasing government initiatives directed towards these sectors.”
“Moreover, the kingdom’s air conditioners market is going to be highly competitive over the forecast period due to emergence of large number of players in the market. Expected technological advancements, coupled with introduction of new energy efficient air conditioners models will continue to propel the demand in coming years," he said.
The air conditioners that feature inbuilt air purification functionalities are anticipated to gain more market share due to rising air pollution concerns in the kingdom, said the report.
The leading players in the market are overseas manufacturers including LG Shaker, Daikin, Samsung Electronics, Gree Electric and Hitachi, it added.
The report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in the air conditioners market in Saudi Arabia. - TradeArabia News Service
