The GCC Chillers market is predicted to exhibits substantial growth in the forecast period. The factors escalating the market growth are coastal environment and high temperature, increasing government investment in various commercial infrastructure, and transportation development project and a significant surge in the demand for chillers in the residential sector on account of rapid urbanization. Moreover, the growing popularity of district cooling to reduce energy consumption, the adoption of chillers in the region has witnessed huge revenue growth. In addition to this, the burgeoning demand for inverter chiller to minimize energy consumption along with strong industrial growth and snowballing inclination toward solar-powered absorption chillers are the driving factors projected to fuel the growth of the market in the forthcoming timeline.
Key questions answered in the study:
According to MarkNtel Advisors’ research report “GCC Chillers Market Analysis, 2021”, the market is anticipated to grow at a CAGR of around 6% during 2021-2026. Based on End-User, the Hospitality sector is projected to attain the highest CAGR in the forthcoming timeline due to increasing government funding in the travel and tourism sectors. The host of an international event such as Expo 2021, FIFA world cup 2022 is expected to increase massive growth in the adoption of chillers in the region for cooling purposes in the hotel industry. This is due to a significant soar in the number of hotel construction projects and commercial infrastructure such as cafes and restaurant etc.
“GCC Chillers Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Chillers providers across various countries. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
UAE Acquired the Majority Share
UAE has acquired the majority share in the market in 2019. The growth of the segment is attributed to the launch of a new energy-efficient air-cooled screw chiller, the rising presence of international hotel chains such as Hilton Hotels & Resorts, Marriott International due to the host of an international event which would influx the tourist and burgeoning investment in the various mega construction project. The surging consumption of electricity due to inefficient cooling system, mounting demand for energy-efficient chiller technologies, and harsh climate condition are strongly contributing towards the growth of the Chillers Market in the forthcoming period as stated in MarkNtel Advisors’ research report “GCC Chillers Market Analysis, 2021”.
According to MarkNtel Advisors’, the key players with a considerable market share in the GCC Chillers market are Daikin Middle East and Africa FZE, Johnson controls, S.K.M Air Conditioning LLC, Petra Engineering Industries Company, Midea Group, Gami Air Conditioners Manufacturing Company L.L.C., Zamil Air conditioners, Smardt Chiller Group FZE, Dunham-Bush, Carrier Corporation etc.