GCC Chillers market is likely to exhibit substantial growth in the forecast period. It is primarily due to the coastal environment & high temperature, increasing government investments in various commercial infrastructures & transportation projects, and the surging demand for chillers in the residential sector owing to rapid urbanization. Moreover, the growing popularity of district cooling to reduce energy consumption, the adoption of chillers in the region has witnessed massive revenue growth. Additionally, the burgeoning demand for inverter chillers to minimize energy consumption, robust industrial growth, and snowballing inclination toward solar-powered absorption chillers are also some critical factors likely to fuel the overall market growth in the forecast period.
Key questions answered in the study:
According to MarkNtel Advisors' research report "GCC Chillers Market Analysis, 2021," the market is likely to grow at a CAGR of around 6% during 2021-2026. Based on End-User, the Hospitality sector shall attain the highest CAGR in the forecast period due to increasing government funding in the travel & tourism sectors. The hosts of international events, such as Expo 2021, FIFA World Cup 2022, shall also propel massive growth in the adoption of chillers in the region for cooling purposes in the hotel industry. It owes to the significantly soaring number of hotel construction projects and commercial infrastructures, such as cafes, restaurants, 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 Chiller providers across various countries. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
UAE Acquired the Majority Share
UAE acquired the majority share in the market in the previous few years. The growth of the segment attributes 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 systems, mounting demand for energy-efficient chiller technologies, and harsh climate conditions are factors strongly contributing to the overall market growth in the forthcoming period, states MarkNtel Advisors in their 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 & Africa FZE, Johnson Controls, SKM Air Conditioning LLC, Petra Engineering Industries Company, Midea Group, Gami Air Conditioners Manufacturing Company LLC, Zamil Air conditioners, Smardt Chiller Group FZE, Dunham-Bush, Carrier Corporation, etc.