GCC Air Conditioners Market to Grow at 8% CAGR by 2031 – Astute Analytica
An air conditioner is a device that uses heat and humidity to cool down a room or other enclosed space. The heat and humidity are then sent outdoors. By maintaining the proper temperature, they are utilized to improve comfort and offer adequate indoor air quality in enclosed places, such as homes, businesses, halls, and transportation systems. A compressor, a condenser coil, and an evaporator coil are the three essential mechanical parts of a standard air conditioner, which employs a refrigerant. It functions similarly to a typical refrigerator and draws warm air from the surrounding space into the appliance.
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Market Dynamics
The GCC Air Conditioners market is being driven by shifting climatic conditions and consumer lifestyles. All around the world, there is a steady rise in the requirement for residential and commercial space cooling. Previously regarded as a luxury, air conditioners now seem to be a need.
Due to the hot and humid weather in the GCC, the air conditioner market has reached saturation. However, the start of several massive projects, like the Yas Island Development Project, the Doha Metro, and the Dubai Metro, is projected to increase the supply of air conditioners in the region over the ensuing years. Additionally, future events in Qatar and UAE, particularly the World Expo 2020 and FIFA World Cup 2022 (scheduled for 2021 due to COVID-19), are anticipated to boost demand and, as a result, contribute to the expansion of the GCC air conditioners industry during the forecast period.
Manufacturers of air conditioners have significantly contributed by lowering the cost of units, raising their efficiency, and using better materials and technology. With rising demand, the industry's level of competition has increased, and there are now many businesses offering air conditioning systems and units. In order to advance its Riyadh facility, for instance, LG Electronics (LG) partnered with Al Hassan Ghazi Ibrahim Shaker Co., a Saudi Arabian manufacturer, importer, and distributor of air conditioners, in 2022. The two companies used AI technology and industrial robots to improve operational efficiency and automate production.
In the GCC, the temperature and weather are hot and dry. The hot weather lasts the entire year, with sporadic wintertime rain. According to hot days and nights based on temperature thresholds, summers are getting longer and winters are getting shorter. Health issues in the area could be brought on by the region's rising trend of extreme heat. Unless GCC climate change and urban planning issues are addressed, the observed pattern of temperature increase is troubling, and temperatures in the region may rise as high as 60 degrees within a few years. As a result, there is a tremendous increase in the demand for the use of air conditioners in residential structures, which protects occupants indoors, boosts productivity, and lowers the infant mortality rate.
Segmentation Summary
Type Segment Insights
Due to their ease of installation, quiet operation, and ability to simultaneously chill various spaces with a multi-split system, split air conditioners are currently in higher demand than other types of air conditioners. Over the following few years, the segment will likely continue to lead. Additionally, a high demand rate for window air conditioners is likely in the near future.
Cooling Technology Segment Insights
Variable Refrigerant Flow (VRF) segment is likely to record a maximum growth rate during 2021-2027. Relying on the need, variable refrigerant flow systems alter the refrigerant flow to interior units. The VRF technology is best suited for applications with variable loads or where zoning is essential owing to its capability to handle the quantity of refrigerant supplied to fan coil units spread across a building.
End-User Segment Insights
The commercial sector has emerged over time as the GCC's most significant end-user of air conditioners. The demand for ACs in the commercial sector is growing rapidly and is anticipated to continue doing so over the coming few years. The expansion of the tourism sector in the UAE is also expected to make the hospitality sector a lucrative opportunity for market players.
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Country Insights
The demand for air conditioners has significantly increased, according to Saudi Arabia. Due to the country's growing business and residential sectors, there is a significant increase in the need for office space. A rise in the demand for air conditioners is anticipated in other nations as well, largely as a result of consumers' rising disposable income and ability to buy upscale goods.
Notable Competitors
Some of the established competitors in the GCC air conditioners market are:
Fujitsu General Middle East FZE
Electrolux Middle East
Hitachi Sales Middle East FZE
Daikin McQuay Middle East FZE
Samsung Gulf Electronics FZE
Lennox EMEA
Panasonic Marketing Middle East & Africa FZE
LG Electronics Gulf FZE
Air-conditioning & Heating International Carrier FZC
Trosten Industries Company LLC
Carrier UAE
Gree Electric Appliances Inc.
GAMI Air Conditioners Manufacturing Company LLC
York Air-conditioning & Refrigeration FZE
Trane Middle East
Johnson Controls
Haier Electronics Middle East
SKM Air Conditioning LLC
Others
Segmentation Outline
The GCC air conditioners market segmentation focuses on Type, Cooling Technology, End-User, Distribution Channel, and Country.
By Type
Split AC
Window AC
Portable AC
Packaged AC
Centralized AC
By Cooling Technology
Chiller
Variable Refrigerant Flow (VRF) or Variable Refrigerant Volume (VRV)
Fan Coil Units (FCU)
By End-User
Residential
Commercial
Healthcare
Education/Institutional
Public/Government
Retail
Hospitality
Industrial (Manufacturing)
Other
By Distribution Channel
Exclusive Stores
Multi-brand Stores
Online
Others
By Country
UAE
Saudi Arabia
Kuwait
Qatar
Oman
Bahrain
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About Astute Analytica
Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well-calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment-wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Aamir Beg
Astute Analytica
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