Saudi Arabia HVAC Market Trends, Growth, Key Players, Application & Forecast
Posted by Devanshu Shrivastava on November 25th, 2020
Makkah is home to the Kaaba, the holiest relic of Islam. People from across the globe come together to offer their prayers here. This thrust of tourists and pilgrims offers a great prospect for the hospitality industry, thus becoming the driving force for the growth of the Saudi Arabia HVAC market. The increasing aspirations for luxury and user-friendly technologies will propel HVAC sales in the country, while the increasing demand for energy efficiency will result in the requirement for regular maintenance.
The Saudi Arabian HVAC market is categorized into Central, Western, Eastern, and Southern, under segmentation by region. The Central region held the largest share in 2019, as it is home to millions of people. Due to the recent economic advancements in this area, people are opting for better living conditions, which has led to rapid urbanization. Numerous commercial projects are under construction, with many more in the future pipeline, which is why this region would continue supporting the market growth during the forecast period.
However, it is the Western region that is being projected as the frontrunner for the expansion of the Saudi Arabian HVAC market, displaying the fastest growth during 2020–2030. All the major cities, such as Makkah, Madinah, Jeddah, and Tabuk, with large-scale infrastructure development projects, are located in the west. These developments are part of Saudi Vision 2030, via which the government aims to diversify the economy and reduce its dependence on crude oil.
Thus, with new infrastructure projects under the ambit of Saudi Vision 2030 and a surge in the hospitality industry, the market is set to grow tremendously in the decade of 2020–2030. This market research report provides a comprehensive overview of the Saudi Arabian HVAC market
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About the AuthorDevanshu Shrivastava
Joined: January 31st, 2020
Articles Posted: 105
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