The political and economic stability of certain countries in the GCC region attracts new foreign investors. The increasing focus of the countries to diversify their economy from oil & gas has strongly contributed to the growth of foreign investments. The rising number of greenfield investments in the country is anticipated to boost the construction industry thereby boosting the demand for air conditioners.
According to the MarkNtel Advisors’ research report, “GCC Air Conditioner Market Analysis, 2020”, the air conditioner market is anticipated to register a CAGR of around 5% during 2020-25. The centralized and split air conditioners captured a substantial market share in the GCC air conditioner market in 2019. The highest market share is attributed to the establishment of corporate offices, hotels, residential units, retail malls, etc. Moreover, the shift from window air conditioners to split air conditioners into the residential sectors is one of the major factors for the growth of a split air conditioner market.
Moreover, the residential sector grabbed the highest market share in the GCC air conditioner market in 2019 due to the increasing initiatives of the governments to boost the development of residential units. Several housing projects have been introduced in the countries, which would increase the demand for air conditioners.
As per MarkNtel Advisors’ study, the companies that have captured a significant market share in the GCC air conditioner market include Carrier Corporation, LG Electronics Inc., Johnson Controls Inc., Daikin Industries, Trane Inc., Gree, etc. The companies are increasingly introducing new products to gain a competitive edge in the industry. In 2018, Carrier launched a new variable refrigerant flow (VRF) system at the HVACR Expo Saudi 2018. Moreover, the companies are expanding their presence in the GCC countries. In 2019, LG opened its new air conditioner showroom in Al Ain, UAE.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What would be the growth rate or CAGR GCC Air Conditioner Market during 2020-25?
A. The market size of GCC Air Conditioner Market during 2020-25 is forecast to be around 5%.
Q. Which country would grab the highest market share during 2020-25?
A. It is forecast that UAE will dominate the market with majority market share, with market size registering considerably higher CAGR.
Q. Who are the key competitors or players operating in GCC Air Conditioner Market?
A. Carrier Corporation, LG Electronics Inc., Johnson Controls Inc., Daikin Industries, Trane Inc., Gree and few others are the leading players in the GCC Air Conditioner Market.
Q. Does the report scope cover country wise market statistics also?
A. Yes, the scope of the report encompass detailed country statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which AC Type segment would emerge as an opportunity area for players in GCC Air Conditioner Market?
A. The centralized and split air conditioners captured a substantial market share in the GCC air conditioner market in 2019. The shift from window air conditioners to split air conditioners into the residential sectors is one of the major factors for the growth of a split air conditioner market.
