Market Definition
Air conditioners are machines that remove warm air from a defined area and replace it with cooler air through a refrigeration cycle.
Market Insights
The Saudi Arabia Air Conditioner Market is projected to grow at a CAGR of around 5.0% during the forecast period, i.e., 2023-28. The growing commercialization, along with the diversification of the economy due to extensive development in residential, commercial, hospitality, and industrial sectors, is one of the few factors expected to drive the Saudi Arabia Air Conditioner market growth through 2028. In addition, this drift towards infrastructural development has attracted substantial investment from the government and the private market players, leading to more installation of air conditioners in the coming years. For instance, in 2018, The ‘wind-free’ wall-mounted air-conditioner, the first of its kind, was launched at the HVACR Expo to be constructed in Jeddah. Besides, the rising greenfield investments in the country would positively impact the demand for air conditioners in the coming years.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 5.0% |
| Region Covered | Central, East, West, South |
| Key Companies Profiled | LG - Shaker Co. Ltd, Fujitsu General (Middle East) FZE, Carrier Saudi Services Company Ltd, S.K.M. Air Conditioning LLC, Al Salem Johnson Control (York), GREE - BASIC ELECTRONICS COMPANY LTD., Daikin Air Conditioning Saudi Arabia LLC, Zamil Air Conditioner Holding Company Ltd., Dallah Trading Co. (Trane), Petra Engineering Industries, Others |
| Unit Denominations | USD Million/Billion |
Moreover, the active participation of the government in allocating funds for an affordable housing facility has multiplied the number of residential units, thus resulting in maximized sales of AC in the nation. However, as an aftermath of the pandemic, the overall economic growth of Saudi Arabia got hampered as the authorities banned international pilgrims, which subsequently restricted the air conditioner industry expansion.
On the contrary, the initiatives like Saudi Vision 2030, aiming to reinvigorate the dipping economy, might further boost the kingdom's economy, swiftly hinting at more infrastructural advancements across Saudi Arabia in the coming years. Such robust improvements, paired with mounting sustainability concerns, particularly in the commercial and residential sectors, might encourage the need for more energy-efficient and smart AC for air conditioners between 2023 and 28.
