Market Research Report

GCC Air Conditioner Aftermarket Market Research Report: Forecast (2023-2028)

By Type (Service, Spare Parts & Retrofit), By End Users (Residential, Commercial & Retail, Healthcare, Government & Transportation, Hospitality, Oil & Gas, Others), By Country (UAE..., Saudi Arabia, Oman, Qatar, Bahrain, Kuwait), By Company (Carrier, Aftron, Trane, Daiken, LG, Mitsubishi, etc.) Read more

  • Environment
  • Jul 2023
  • 153
  • ET33017

Market Definition

The air conditioner aftermarket indicates the market for products, parts, and services related to air conditioning systems after the initial sale & installation. It encompasses the diverse activities & offerings supporting the maintenance, repair, replacement, and enhancement of air conditioning systems once they are already in use or have been installed.

Market Insights & Analysis: GCC Air Conditioner Aftermarket (2023-28):

The GCC Air Conditioner Aftermarket is valued at USD 2.5 billion in 2022 & is estimated to grow at a CAGR of 5.2% during the forecast period, i.e., 2023-28. The market growth is attributed owing to the soaring demand & installation of air conditioners in the various countries of the region, as the GCC region experiences very hot & humid climatic condition. The regional countries have a very high demand for air conditioners & owing to it extreme weather condition the existing & installed air conditioners require proper maintenance & repair, which also creating substantial demand for aftermarket services. Several countries of the GCC region are moving towards advancements & development, due to which there is a rise in the infrastructure, construction of the residential & commercial buildings, and various other sectors. This, in turn, is generating a need for air conditioner, which is eventually driving the GCC Air Conditioner Aftermarket.

Report Coverage Details
Study Period Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
Region Covered Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman
Key Companies Profiled Carrier, Trane, Daikin, SKM, LG, Johnson Control (York), GAMI, Emrill, Imdad, Etisalat, and Others
Market Value (2022) USD 2.5 Billion

 

As the country is trying to not complete be dependent on the oil & gas sector for the economy, therefore some of the nations like, UAE, Saudi Arabia, and etc. are inclining towards building a strong market in the travel & tourism and hospitality sector. In line with this, the countries are working on renovating the existing structure & constructing new ones, which is further predicted to create demand for aftermarket services for repair & maintenance of the old ones & the high deployment of the new ACs. Also, the aftermarket in the GCC region offers a wide range of replacement parts & components for air conditioning systems, including filters, compressors, coils, fans, motors, thermostats, and other essential components, needed for repairs & maintenance.

Additionally, the increasing government spending toward the transportation & healthcare sector by the introduction of metro projects due to the upcoming World Expo & a significant degree of construction of commercial spaces such as malls & hotels as well as the development of new hospitals due to rise in tourists for medical treatment. Besides these, the launch of energy-efficient air conditioners & rapid urbanization are also strongly contributing to the growth of the market in the forecast period. With the growing emphasize on sustainability & energy efficiency the region is moving towards adopting several eco-friendly services. With this rising influence, the aftermarket is offering numerous upgrades & enhancements to improve the energy efficiency of the existing air conditioners, by installing energy-efficient components, retrofitting older or traditional units with newer technologies, and smart controls in the existing or old ACs.

Furthermore, the extreme heat & high temperatures in the GCC region create a high demand for cooling solutions. This propels the requirement for reliable aftermarket services & products to keep air conditioning systems running effectively in the residential, commercial, and industrial sectors. Consequently, with the growing emphasis on the construction & restructuring of the existing infrastructure would upgrade the demand for air conditioner, eventually positively impacting the growth of the GCC Air Conditioner Aftermarket in the future years.


GCC Air Conditioner Aftermarket Market Research Report: Forecast (2023-2028)

GCC Air Conditioner Aftermarket Driver:

Booming Construction and Rising Renovation & Retrofitting Projects to Augment the Market Growth – The GCC region has been witnessing substantial building & infrastructure expansion, including residential buildings, commercial complexes, hotels, hospitals, and industrial facilities. As construction is emerging, the demand for air conditioners would also fuel, subsequently driving the GCC Air Conditioner Aftermarket for installation, maintenance, and replacement services. Additionally, there has been a surge in retrofitting & remodeling or renovation projects in the GCC region with the objective of optimizing the energy efficiency of existing structures. These projects frequently entail replacing or upgrading air conditioning systems, which fuels the need for aftermarket products & services.

GCC Air Conditioner Aftermarket Challenge:

Lack of Domestic Skilled Workforce to Hinder the Market – As most of the countries in the GCC region are dependent on migrants for an effective & qualified workforce & they lack domestic workers. Therefore, the shortage of skilled workers in the region is a challenging factor in the market. The lack of skilled technicians can result in a limited pool of specialists available to deliver timely & efficient service & supervision for air conditioning systems. This can lead to longer wait times for consumers seeking repairs or maintenance, affecting customer satisfaction & potentially leading to delays in resolving issues.

The air conditioning industry is constantly evolving with the introduction of the latest technologies, energy-efficient systems, and smart controls. However, most of the workers who have dealt with the traditional process & are not advanced or qualified lack expertise in handling these cutting-edge technologies. This would act as a barrier to the growth of the GCC Air Conditioner Aftermarket. Also, there is no or limited availability of training & development programs in the air conditioning industry. Hence, the lack of comprehensive training can inhibit the development of a skilled workforce, hindering the overall competence & expertise of aftermarket service providers in the forthcoming years.

GCC Air Conditioner Aftermarket Trend:

Energy Efficiency Regulations & Sustainability Initiatives to be Trending in the Market – With the soaring awareness regarding the harmful effects of carbon emissions, many countries are moving towards eco-friendly solutions to reduce emissions in the forthcoming years. The GCC countries have executed energy efficiency regulations & sustainability initiatives to reduce energy consumption & environmental impact. These regulations encourage consumers & enterprises to seek energy-efficient solutions & upgrades, boosting the aftermarket for energy-efficient components & system enhancements, in turn becoming a trending factor in generating a positive outlook for the GCC Air Conditioner Aftermarket in the forecast years.

GCC Air Conditioner Aftermarket (2023-28): Segmentation Analysis

The GCC Air Conditioner Aftermarket study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the regional & national levels. Based on the analysis, the market has been further classified as:

Based on End User

  • Residential
  • Commercial & Retail
  • Healthcare
  • Hospitality
  • Oil & Gas
  • Government & Transportation
  • Industrial & Manufacturing Facilities

The Hospitality sector gained a considerable share in the GCC Air Conditioner Aftermarket during the historical years & is anticipated to follow the same trend in the forecast years. The growth of the segment is attributed to escalating government initiatives to boost tourism in the wake of the upcoming events & exhibitions and also due to ascending expenditure toward the hospitality sector, which is promoting the growth of the market. The hospitality sector places a firm emphasis on visitor convenience & experience. Keeping an optimal indoor climate is crucial to providing a pleasant stay for guests. Hence, properly functioning air conditioning systems, along with regular maintenance & repairs, are necessary to meet visitor expectations & assuring a flattering impression. This would aid in contributing to the revenue growth of the GCC Air Conditioner Aftermarket.

GCC Air Conditioner Aftermarket (2023-28): Regional Projections

Geographically, the GCC Air Conditioner Aftermarket expands across:

  • The UAE
  • Saudi Arabia
  • Qatar
  • Kuwait
  • Oman
  • Bahrain

Saudi Arabia is predicted to be the most prominent region owing to the soaring construction activities in all sectors, like commercial, residential, etc. The country has a large demand for air conditioners & also has a strong presence of aftermarket due to the very hot climate. With a growing population and a high demand for cooling, residential buildings such as houses, apartments, and villas require reliable air conditioning systems and aftermarket services for installation, maintenance, and repairs, thus creating a demand, further upscaling the GCC Air Conditioner Aftermarket.

GCC Air Conditioner Aftermarket Industry Recent Development:

  • August 2022: SKM, one of the leading air conditioner & aftermarket companies, announced the signing of a contract with Azizi, a company in the UAE, to supply, install, and handle the maintenance of the air conditioners in its new park avenue project.

Gain a Competitive Edge with Our GCC Air Conditioner Aftermarket Report

  • GCC Air Conditioner Aftermarket Report by Markntel Advisors provides a detailed & thorough analysis of market size, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
  • This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  • GCC Air Conditioner Aftermarket Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The GCC Air Conditioner Aftermarket is poised to record a CAGR of around 5.2% in the forecast period.

   A. Booming construction and rising renovation & retrofitting projects to augment the GCC Air Conditioner Aftermarket growth during 2023-28.

   A. Carrier, Trane, Daikin, SKM, LG, Johnson Control (York), GAMI, Emrill, Imdad, Etisalat, and Others are the leading companies in the GCC Air Conditioner Aftermarket.

   A. Hospitality sector is the most prominent sector that is aiding in enhancing the market growth.

   A. Saudi Arabia would present growth prospects in the GCC Air Conditioner Aftermarket during 2023-28.

   A. Energy efficiency regulations & sustainability initiatives to be trending in the GCC Air Conditioner Aftermarket.

   A. Lack of domestic skilled workforce to hinder the GCC Air Conditioner Aftermarket.

GCC Air Conditioner Aftermarket Research Report (2023-2028) - Table of Contents

 

  1. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
    4. Market Segmentation
  2. Executive Summary
  3. Impact of COVID-19 on GCC Air Conditioner Aftermarket 
  4. Expert Verbatim-Interview Excerpts of industry experts
  5. GCC Air Conditioner Aftermarket Analysis, 2018-2028F
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Type
        1. Service
        2. Spare parts & Retrofit
      2. By End-User
        1. Residential
        2. Healthcare
        3. Commercial & Retail
        4. Government & Transportation
        5. Hospitality
        6. Oil & Gas
        7. Others
      3. By Country
        1. Saudi Arabia
        2. UAE
        3. Qatar
        4. Kuwait
        5. Bahrain
        6. Oman
      4. By Company
        1. Market Shares, By Revenue
        2. Strategic Factorial Indexing
        3. Competitor Placement in MarkNtel Quadrant
    3. Market Attractiveness Index
      1. By Type
      2. By End User
      3. By Region
      4. Saudi Arabia Air Conditioner Aftermarket Analysis, 2023
    4. Market Size & Analysis
      1. Revenues
    5. Market Share & Analysis
      1. By Type
      2. By End-User
  6. UAE Air Conditioner Aftermarket Analysis, 2023
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By End-User
  7. Qatar Air Conditioner Aftermarket Analysis, 2023
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By End-User
  8. Bahrain Air Conditioner Aftermarket Analysis, 2023
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By End-User
  9. Kuwait Air Conditioner Aftermarket Analysis, 2023
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By End-User
  10. Oman Air Conditioner Aftermarket Analysis, 2023
    1. Market Size & Analysis
      1. Revenues
    2. Market Share & Analysis
      1. By Type
      2. By End-User
  11. GCC Air Conditioner Aftermarket Regulations, Policies, Regulation, Product Benchmarks
  12. GCC Air Conditioner Aftermarket Trends & Insights
  13. GCC Air Conditioner Aftermarket Dynamics
    1. Drivers
    2. Challenges
    3. Impact Analysis
  14. GCC Air Conditioner Aftermarket Hotspot & Opportunities
  15. GCC Air Conditioner Aftermarket Key Strategic Imperatives for Success & Growth
  16. Competition Outlook
    1. Competition Matrix
      1. Product Portfolio
      2. Target Markets
      3. Research & Development
      4. Strategic Alliances
      5. Strategic Initiatives
    2. Company Profiles of Top Companies (Business Description, Product Segments, Business Segments, Financials, Strategic Alliances/ Partnerships, Future Plans)
      1. Carrier
      2. Aftron
      3. Trane
      4. Daiken
      5. LG
      6. Mitsubishi
  17. Disclaimer


GCC Air Conditioner Aftermarket Segmentation