HVAC after-market is the industry providing after-sales services, such as repair, maintenance, spare parts, etc., for the HVAC systems installed. Stakeholders like OEMs, Facility Management Companies, and In-house Maintenance play a crucial role in the market.
The Kuwait HVAC After-Market is projected to grow at a CAGR of around 12.7% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. The market is driven primarily by the increasing investments in the commercial & hospitality sectors, coupled with various government initiatives toward building Smart cities across Kuwait. Moreover, with new servicing methods, the number of participating companies increased, thereby driving the market.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Key Companies Profiled||Carrier Kuwait Air Conditioning K.S.C, Trane, Daikin Middle East & Africa FZE, SKM Refrigeration, Air Conditioning & Contracting Co. Ltd., United Facility Management, EFS Facilities Services, Fawaz Group, Ecovert FM Kuwait|
|Unit Denominations||USD Million/Billion|
COVID-19 Outbreak Minimally Impacted the Kuwait HVAC After-Market
Last year, the Covid-19 pandemic had a minimal impact on the Kuwait HVAC After-Market industry. The imposition of lockdown and movement restrictions halted the servicing of HVAC systems across the hospitality & commercial sectors. However, HVAC systems being an absolute necessity in the country, revenue losses got covered with the ease of norms and lockdown upliftment.