MarkNtel Advisors, a leading market research firm, has showed its latest study titled “GCC HVACR Market“, offering a detailed industry overview and market perspective. This comprehensive research provides insights into the current state of the market, highlighting recent advancements and emerging trends.
The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.
Analysis and Insights into the GCC HVACR Market: 2023-2028
The GCC HVACR Market size is valued at around USD 6.2 billion in 2022 & is estimated to grow at a CAGR of about 5.32% during the forecast period, i.e., 2023-28.
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What are the primary factors driving the growth of the GCC HVACR market?
GCC HVACR Market Driver: Expansion of Tourism Sector to Augment the Market Growth
Tourism is one of the fastest-growing sectors in the GCC region. Countries like the UAE, Oman, and Saudi Arabia, actively encourage medical tourism, business & leisure travel, etc., by providing easy visa clearance, world-class hospitality services, etc. Consequently, there’s a mounting influx of foreign visitors to these countries. For instance, in 2022, the UAE welcomed nearly 14.36 million visitors, i.e., a rise of approximately 7.28 million visitors in 2021, and the hotel occupancy rate was more than 70% in 2022, cites the Dubai Department of Economy and Tourism.
These developments have been encouraging the establishment of new hotels & resorts for commercial & cultural purposes by hotel groups like Ciel, Jumeriah, and others, thereby pushing the demand for HVAC systems, eventually aiding in enhancing the GCC HVACR Market share.
Furthermore, Saudi Arabia & Qatar have set the target of increasing their tourist footfall annually by around 100 million & 6 million, respectively, by 2030 & for it, they are encouraging leisure activities, adventure sports, etc. As a result, Aman Hotel, Armani Hotels, etc., are expanding their hotel chains in these countries.
Also, as per the announcements from the Future Hospitality Summit 2023, Saudi Arabia is leading in terms of hotel construction with an investment of approximately USD1 trillion & around 315,000 hotel rooms in the pipeline, thus, likely to be completed by 2030. It would then amplify the demand for centralized air conditioners and, in turn, fuel the HVACR Market growth in the upcoming years.
GCC HVACR Market Segmentation:
The GCC HVACR market is categorized in to different segments. Analyzing growth across these segments enables a comprehensive understanding of key growth areas within the industry. This segmentation provides valuable market insights, empowering stakeholders to make strategic decisions and identify primary market applications effectively.
By Type
-Window AC
–Up to 1 Ton
–1.1 to 2 Ton
–Above 2 Ton
-Split AC
–Up to 1 Ton
–to1.5 Ton
–1.6 to 2 Ton
-Floor Standing AC
–Up to 2 Ton
–Above 2 Ton
-Cassette AC
-Packaged AC
-Ducted Split AC
-Centralized AC
–FCU/AHU
–Chillers
–VRF
-Refrigeration
By End User
-Residential
-Commercial Buildings
-Retail
-Healthcare
-Hospitality
-Government & Transportation
-Oil & Gas
-Industrial Facilities
-Other Developing Industries (Hydrofarms, etc.)
- The residential sector accounted for a considerable market share owing to the mounting expansion of residential buildings in countries like the UAE, Saudi Arabia, etc., backed by the upgrade in the expatriate population.
By Sales Channel
-Direct Sales
-Online
-Authorized Distributors
Geographical Analysis into the GCC HVACR Market:
- Saudi Arabia
- Oman
- Qatar
- Bahrain
- Kuwait
- The UAE
Read Detailed Index of full Research Study at – https://www.marknteladvisors.com/research-library/gcc-hvacr-market
Competitive Landscape and GCC HVACR Market Share Analysis:
The competitive landscape of the GCC HVACR market includes comprehensive details about competitors. These details encompass company overviews, financial performance, revenue generation, market potential, investments in research and development, new market strategies, production facilities, strengths and weaknesses, product launches, ongoing trials, approvals, patents, product range, dominant applications, and technology life cycle.
The report features major players including:
LG Electronics, S.K.M. Air Conditioning, Carrier Corporation, Gree, Samsung, Daikin Industries, Mitsubishi, Trane Inc., Johnson Controls Inc., Zamil Air Conditioners Holding Co. Ltd., Others
Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address.
Questions Addressed in this Study
- What factors are driving the GCC HVACR Market growth?
- How is the GCC HVACR Market expected to grow over the next five years?
- What are the key insights into the current trends in the GCC HVACR Market?
- What is the current size of the GCC HVACR Market, and how is it projected to change in the future?
- What is the future outlook for the GCC HVACR Market in terms of technological advancements and market expansion?
Why choose MarkNtel?
MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.
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