Saudi Arabia HVAC Market, By Offering (Equipment, Service); By Implementation Type (New Constructions, Retrofits); By End-User (Residential, Commercial, Industrial), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Saudi Arabia HVAC Market Size Set to Touch USD 4.1 Billion by 2029
Saudi Arabia HVAC market is gaining traction because of the rising demand for energy-efficient HVAC systems and rising transportation-related construction projects.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia HVAC market size at USD 2,821 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Saudi Arabia HVAC market size to grow at a CAGR of 7% reaching a value of USD 4,121 million by 2029. Rapid infrastructure development as a result of economic diversification and increased demand for commercial facilities like hotels and airports as a result of booming tourism are two major growth factors for the Saudi Arabia HVAC industry. The Saudi government has invested in creating new factories as a result of the rising industrial sector, which is expected to boost demand for HVAC systems throughout the forecast period.
Saudi Arabia HVAC Market – Overview
Heating, ventilation, and air conditioning, or HVAC, is a system for maintaining and controlling the temperature, humidity, and purity of the air in a room or enclosed space. These systems are used in a wide range of commercial, residential, and industrial facilities, such as family homes, apartments, hotels, hospitals, trains, airplanes, and ships. Ventilation is a vital aspect of HVAC as it helps in maintaining indoor air quality, which involves the removal of moisture, odors, smoke, and dust, temperature control, and oxygen replenishment.
Saudi Arabia HVAC Market
Segmental Information
Saudi Arabia HVAC Market – By Implementation Type
Based on implementation type, the Saudi Arabia HVAC market is segmented into new construction and retrofits. The new construction segment accounts for the largest share of the Saudi Arabia HVAC market owing to the extensive line of ongoing construction projects. A study by the Royal Institution of Chartered Surveyors (RICS) indicates that construction activity in Saudi Arabia is at its highest level since 2018. Several construction projects, including Riyadh Metro, Qiddi, an entertainment city, and the Red Sea Project, a luxury tourism destination, will directly influence the demand for HVAC in the Saudi Arabia market.
Impact of COVID-19 on Saudi Arabia HVAC Market
The unprecedented COVID-19 pandemic affected the growth of the Saudi Arabia HVAC market. The implementation of the lockdown resulted in stagnation in construction activities, which caused a significant decline in the demand for HVAC systems in the Kingdom. Furthermore, restrictions on cross-border trade to prevent the spread of the virus prompted a shortage of HVAC equipment and its parts. The decline in the purchasing power of consumers also led to limited demand for retrofitting and repairs, which caused significant losses to the industry players in Saudi Arabia during the COVID-19 pandemic.
Competitive Landscape
Major players operating in the Saudi Arabia HVAC market include Johnson Controls International plc, LG Electronics Inc., Mitsubishi Electric Corporation, Gree Electric Appliances Inc. of Zhuhai, Trane Technologies plc, Danfoss A/S, Carrier Global Corporation, Midea Group Co. Ltd., Daikin Industries Ltd., Zamil Air Conditioners, and S.K.M. Air Conditioning LLC.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Saudi Arabia HVAC Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia HVAC Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. Saudi Arabia HVAC Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Growing Preference Toward Smart HVAC Systems
- 3.2.1.2. Rising Investment in Sustainable Energy Technologies
- 3.2.2. Restraints
- 3.2.2.1. Phasing out of HCFC Refrigerant
- 3.2.3. Opportunities
- 3.2.3.1. Increasing Infrastructure Spending
- 3.2.3.2. Growing Hospitality Industry
- 3.2.4. Challenges
- 3.2.4.1. High Initial Cost of HVAC System Installation And Maintenance
- 3.2.4.2. Lack of Experienced Labor
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. Saudi Arabia HVAC Market Overview
- 4.1. Market Size & Forecast, 2019–2029
- 4.1.1. By Value (USD Million)
- 4.2. Market Share & Forecast
- 4.2.1. By Offering
- 4.2.1.1. Equipment
- 4.2.1.1.1. Heating
- 4.2.1.1.1.1. Heat Pumps
- 4.2.1.1.1.1.1. Air-source
- 4.2.1.1.1.1.2. Water-source
- 4.2.1.1.1.1.3. Ground-source
- 4.2.1.1.1.2. Furnaces
- 4.2.1.1.1.2.1. Gasoline
- 4.2.1.1.1.2.2. Propane
- 4.2.1.1.1.2.3. Electric
- 4.2.1.1.1.3. Boilers
- 4.2.1.1.1.3.1. Water-tube
- 4.2.1.1.1.3.2. Fire-tube
- 4.2.1.1.1.4. Unitary heaters
- 4.2.1.1.2. Ventilation
- 4.2.1.1.2.1. Air-Handling Units (AHUs)
- 4.2.1.1.2.1.1. Terminal units
- 4.2.1.1.2.1.2. Makeup air units
- 4.2.1.1.2.2. Ventilation Fans
- 4.2.1.1.2.2.1. Centrifugal fans
- 4.2.1.1.2.2.2. Axial fans
- 4.2.1.1.2.2.3. Domestic exhaust fans
- 4.2.1.1.2.2.4. Power roof fans
- 4.2.1.1.2.3. Fan Coil Units (FCUs)
- 4.2.1.1.2.3.1. Two-pipe
- 4.2.1.1.2.3.2. Four-pipe
- 4.2.1.1.2.4. Humidifiers/dehumidifiers
- 4.2.1.1.2.5. Air cleaners
- 4.2.1.1.2.5.1. Type 1: High-efficiency particulate air (HEPA) + carbon
- 4.2.1.1.2.5.2. Type 2: HEPA + carbon + ionizer
- 4.2.1.1.2.5.3. Type 3: HEPA + carbon + ultraviolet (UV)
- 4.2.1.1.2.5.4. Type 4: HEPA + carbon + ionizer + UV
- 4.2.1.1.2.5.5. Type 5: Other technologies
- 4.2.1.1.3. Cooling
- 4.2.1.1.3.1. Room air conditioners (ACS)
- 4.2.1.1.3.1.1. Mini splits
- 4.2.1.1.3.1.2. Window ACs
- 4.2.1.1.3.2. Split units
- 4.2.1.1.3.3. Ducted splits
- 4.2.1.1.3.3.1. Water-cooled condensers
- 4.2.1.1.3.3.2. Air-cooled condensers
- 4.2.1.1.3.4. Packaged units
- 4.2.1.1.3.4.1. Water-cooled condensers
- 4.2.1.1.3.4.2. Air-cooled condensers
- 4.2.1.1.3.5. Variable refrigerant flow (VRF) systems
- 4.2.1.1.3.5.1. Heat Pump Systems
- 4.2.1.1.3.5.2. Heat Recovery Systems
- 4.2.1.1.3.6. Chillers
- 4.2.1.1.3.6.1. Centrifugal
- 4.2.1.1.3.6.2. Screw
- 4.2.1.1.3.6.3. Scroll
- 4.2.1.1.3.6.4. Absorption
- 4.2.1.1.3.6.5. Reciprocating
- 4.2.1.2. Service
- 4.2.1.2.1. Upgradation/replacement
- 4.2.1.2.2. Maintenance and repair
- 4.2.1.2.3. Installation
- 4.2.1.2.4. Consulting
- 4.2.2. By Implementation Type
- 4.2.2.1. New Constructions
- 4.2.2.2. Retrofits
- 4.2.3. By End User
- 4.2.3.1. Residential
- 4.2.3.2. Commercial
- 4.2.3.3. Industrial
- 5. Competitive Landscape
- 5.1. List of Key Players and Their Range
- 5.2. Saudi Arabia HVAC Company Market Share Analysis, 2022
- 5.3. Competitive Benchmarking, By Operating Parameters
- 5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
- 6. Impact of Covid-19 on Saudi Arabia HVAC Market Industry
- 7. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, SWOT Analysis)
- 7.1. Johnson Controls International plc
- 7.2. LG Electronics Inc.
- 7.3. Mitsubishi Electric Corporation
- 7.4. Gree Electric Appliances Inc. of Zhuhai
- 7.5. Trane Technologies plc
- 7.6. Danfoss A/S
- 7.7. Carrier Global Corporation
- 7.8. Midea Group Co. Ltd.
- 7.9. Daikin Industries Ltd.
- 7.10. Zamil Air Conditioners
- 7.11. S.K.M. Air Conditioning LLC
- 7.12. Other prominent players
- 8. Key Strategic Recommendations
- 9. Research Methodology
- 9.1. Qualitative Research
- 9.1.1. Primary & Secondary Research
- 9.2. Quantitative Research
- 9.3. Market Breakdown & Data Triangulation
- 9.3.1. Secondary Research
- 9.3.2. Primary Research
- 9.4. Breakdown of Primary Research Respondents
- 9.5. Assumption & Limitation
- *Financial information of non-listed companies can be provided as per availability.
- **The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
- List of Figures
- Figure 1 Saudi Arabia HVAC Market Segmentation
- Figure 2 Saudi Arabia HVAC Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2022
- Figure 4 Saudi Arabia HVAC Market Size, By Value (USD Million), 2019–2029
- Figure 5 Saudi Arabia HVAC Market Share, By Offering, By Value, 2019–2029
- Figure 6 Saudi Arabia HVAC Market Share, By Implementation Type, By Value, 2019–2029
- Figure 7 Saudi Arabia HVAC Market Share, By End User, By Value, 2019–2029
- List of Tables
- Table 1 Saudi Arabia HVAC Market Size, By Offering, By Value, 2019−2029
- Table 2 Saudi Arabia HVAC Market Size, By Implementation Type, By Value, 2019−2029
- Table 3 Saudi Arabia HVAC Market Size, By End User, By Value, 2019−2029
- Table 4 Johnson Controls International plc Company Overview
- Table 5 Johnson Controls International plc Financial Overview
- Table 6 LG Electronics Inc. Company Overview
- Table 7 LG Electronics Inc. Financial Overview
- Table 8 Mitsubishi Electric Corporation Company Overview
- Table 9 Mitsubishi Electric Corporation Financial Overview
- Table 10 Gree Electric Appliances Inc. of Zhuhai Company Overview
- Table 11 Gree Electric Appliances Inc. of Zhuhai Financial Overview
- Table 12 Trane Technologies plc Company Overview
- Table 13 Trane Technologies plc Financial Overview
- Table 14 Danfoss A/S Company Overview
- Table 15 Danfoss A/S Financial Overview
- Table 16 Carrier Global Corporation Company Overview
- Table 17 Carrier Global Corporation Financial Overview
- Table 18 Midea Group Co. Ltd. Company Overview
- Table 19 Midea Group Co. Ltd. Financial Overview
- Table 20 Daikin Industries Ltd. Company Overview
- Table 21 Daikin Industries Ltd. Financial Overview
- Table 22 Zamil Air Conditioners Company Overview
- Table 23 Zamil Air Conditioners Financial Overview
- Table 24 S.K.M. Air Conditioning LLC Company Overview
- Table 25 S.K.M. Air Conditioning LLC Financial Overview
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