Press Release

GCC Air Conditioner Market Reach USD 3.9 Billion Worth in 2023, Projected to Grow at 5.0% CAGR Till 2030

The GCC Air Conditioner Market size was valued at around USD 3.9 billion in 2023 and is anticipated to grow at a CAGR of about 5.0% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The primary factor behind the growth is the harsh climate of the Gulf region and rising global temperature making it even hotter. However, there are other factors consisting of improved disposable income, improved standard of living, construction of new homes, and infrastructural improvement.

With expanded disposable income, people are spending more on luxury items together with air conditioners to adhere to their progressed standard of living. Demand for luxurious items will increase with the upward thrust in the standard of living. Besides, the large-scale creation of skyscrapers, luxurious residencies, hotels & motels, and different tourist sites as well as several commercial buildings and workplace areas to boost the commercial & industrial sector created a huge demand for air conditioning. Moreover, the fast infrastructure improvement including the development of metro traces further increases the demand for for air conditioners.

Additionally, growing concerns about the environment and awareness of the effects of indoor air quality on health have changed customer preferences, presenting opportunities for the top companies in the air conditioner industry. People are more inclined towards energy-efficient air conditioners that consume less energy decreasing their impact on the environment. Also, demand for technologically advanced air conditioners that have features beyond just cooling the area has increased. Features such as air filtration and smart connectivity are desired. These factors are anticipated to drive the demand for air conditioners during the forecast period, further states the research report, “GCC Air Conditioner Market Analysis, 2024.”

GCC Air Conditioner Market Segmentation Analysis

Split Air Conditioners Dominate the Market

Based on the type, the market is bifurcated into Window AC, Split Air, Floor Standing AC, Cassette AC, Packaged AC, Ducted Split AC, Centralized AC, etc. Split Air Conditioners command the highest demand in the GCC Air Conditioner Market. Split air conditioners have an indoor unit or a blower that is fitted on the wall of the room and blows cold air into the room and takes the hot air out. It is connected via pipes to the outdoor unit that houses the compressor and motor. This separation makes the split air conditioners quieter, making them a more desirable choice for homes, offices, hotels, and others. They are also more practical as multiple smaller indoor units can be connected to a large outdoor unit working as a central unit. Their installation is easier compared to others as it doesn’t require any changes to the structure of the building. Making them the most popular option in the market.

Saudi Arabia Emerges as the Largest Market in the Region

Among all countries in the GCC region, Saudi Arabia is the largest and richest market for air conditioners. It has launched several mega projects valuated at over USD 3 trillion in accord with its Vision 2030 strategy. These projects are expected to help diversify the economy of Saudi Arabia and boost tourism and many other industries. These large structures will require robust and efficient cooling systems to keep the large numbers of occupants cool which these mega structures are expected to accommodate. These projects will create a significant demand for the air conditioner market. Additionally, the housing projects by the Saudi Arabian government will boost the demand further during the forecast period.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including LG Electronics, S.K.M. Air Conditioning, Gree Electric Appliances, Inc., Carrier GCC Corporation, Daikin Industries, Ltd., Mitsubishi Electric Corporation, Trane Technologies Company, LLC., Johnson Controls International Plc., Zamil Air Conditioners Holding Co. Ltd., Toshiba Gulf Fze, Panasonic Marketing Middle East & Africa FZE, Samsung Gulf Electronics, Lennox EMEA, Haier Electronics, Fujitsu General (Middle East) FZE, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across various countries?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?