Press Release Description
HVAC Rental Services to Scale Up Owing to the Infrastructural Development in the GCC
The GCC HVAC Rental market is projected to grow at a CAGR of 3.48% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. This is because the area experiences hot & harsh weather, which makes air conditioning a need for all residents, making HVAC systems necessary to maintain cozy indoor climates in residential, commercial, and industrial settings, which is bolstering the need for rental HVAC systems in the area.
Additionally, the ongoing efforts of governments in nations like the UAE, Saudi Arabia, Oman, and others to diversify their revenue streams against the backdrop of the oil & gas industry's volatility are having a positive impact on the development of various sectors' infrastructure, including manufacturing, healthcare, tourism, and hospitality.
Additionally, as a result of the expansion of employment opportunities for both blue-collar & white-collar workers as well as the ease with which professional & student visas are made available, regional countries are seeing an increasing influx of expatriates, which is driving up the rate of construction in the area. Due to the substantial need for rental air conditioners during construction, this would significantly surge the demand for HVAC rental equipment in the ensuing years.
Also, efforts made by governments of nations such as the UAE, Qatar, Kuwait, the kingdom of Saudi Arabia, etc., to entice investments into their respective countries are leading to a spike in the number of national & international events, exhibitions, and fairs across the GCC. These events attract a lot of tourists, students, business professionals, and owners, and are related to a wide range of industries, including the automotive, healthcare, agricultural, and textile sectors, among others. The predicted period would witness an upsurge in revenue for the companies due to the temporary need for air conditioner equipment for such shows & events, further states the research report, “GCC HVAC Rental Market Analysis, 2023.”
Centralized Air Conditioners to Create Significant Demand for HVAC Rental Market
On the basis of type, the market is divided into Room Air Conditioners, Centralized Air Conditioners, and other types of products, including heating equipment, etc. Due to the substantial short-term need for such air conditioners during various events, exhibitions, and conferences held in all of the nations in the region, Centralized Air Conditioners have historically created a significant demand for rental HVAC equipment in the GCC.
The need for such systems in vast spaces & halls to provide comfort to participants & spectators in an increasing number of sporting events & cultural programs in nations such as Qatar & the UAE is also expanding the market in the region. Together, with the growing number of economic, social, and cultural events, and corporate & international conferences, the necessity for such systems in commercial & public areas like hospitals, complexes, stations, and manufacturing & industrial facilities would also create rental revenue.
The UAE to Lead the HVAC Rental Market Growth in GCC
Geographically, the UAE saw the highest level of demand for HVAC system rentals from 2018 to 2022. This is because the country's infrastructure has developed quickly & due to the increasing demand for HVAC rental services in the building industry. Additionally, the UAE has developed into a center for international exhibitions & events, which calls for temporary HVAC systems to guarantee participant comfort.
Also, the UAE is a significant producer & exporter of oil & gas and numerous oil & gas companies need temporary HVAC solutions to keep workers' working environments safe & comfortable. The demand for HVAC rental solutions that are both energy-efficient & cost-effective in the UAE is expected to surge in the near future due to attention to energy efficiency & lowering energy consumption.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Johnson Controls (York), Aggreko, Ingersoll Rand (Trane), Byrne Equipment Rental, Andrews Sykes Climate Rental, Rental Solutions & Services, Foster International, GAMI, GEO Rental Solutions, Energia, and Prime Chiller Cooling Systems PLC are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from Products manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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