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Chillers are the machines that are used for the cooling purpose as it removes heat from a liquid through a vapour-compression.
GCC Chillers Market Analysis, 2021 research report depicts a deep dive market analysis of statistics of GCC Chillers market which consists of regional and country-wise market size, forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end-users, applications, product type, technologies, competitive benchmarking, etc.
Market Segmentation
Absorption Chiller Accounted for Significant Market Share
Based on Compressor Type, the Absorption chiller accounted for significant market share in the GCC Chillers market in 2020. The adoption of an absorption chiller is high in the region as it consumes only 5-10% electric power, thus making it an efficient solution in the case of electric power shortage. Besides this, the increasing customer toward solar-powered absorption chiller due to the extreme weather conditions. The deployment of these chillers is mostly in building with heated swimming pools and hospitals. Therefore, this is anticipated to drive the growth of the Chillers market GCC in the near future as revealed by the MarkNtel Advisors’ research report “GCC Chillers Market Analysis, 2021”.
Market Opportunities
According to MarkNtel Advisors’ research report “GCC Chillers Market Analysis, 2021”, the GCC Chillers market is anticipated to grow at a CAGR of around 6% during 2021-2026F. The growing inclination toward district cooling to reduce the electricity consumption and increasing integration of district cooling in the various mega project is propelling the adoption of chillers in the region. The burgeoning spending toward commercial, transportation, and residential construction, strong growth in the hospitality sector due to influx of tourist on account of a host of an international event and snowballing millennial inclination toward the consumption of frozen foods are the factors leading to the growth of the market value in the forthcoming timeline. The COVID-19 impacted the market growth of the chiller market due to a halt in various ongoing mega construction projects in the region.
Competitive Landscape
According to MarkNtel Advisors’, the key players with a considerable market share in the GCC Chillers market include Daikin Middle East and Africa FZE, Johnson controls, S.K.M Air Conditioning LLC, Petra Engineering Industries Company, Midea Group, Gami Air Conditioners Manufacturing Company L.L.C., Zamil Air conditioners, Smardt Chiller Group FZE, Dunham-Bush, Carrier Corporation etc.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation and Statistics
Frequently Asked Questions:
Q. What is the historical year, base year and forecast year considered in the research report on GCC Chillers Market?
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of GCC Chillers Market during 2021-2026?
A. The growth rate of GCC Chillers Market during 2021-2026 is forecast to grow at a CAGR of 6% through 2026.
Q. Who are the key competitors or players operating in GCC Chillers Market?
A. Daikin Middle East and Africa FZE, Johnson controls, S.K.M Air Conditioning LLC, Petra Engineering Industries Company, Midea Group, Gami Air Conditioners Manufacturing Company L.L.C., Zamil Air conditioners, Smardt Chiller Group FZE, Dunham-Bush, Carrier Corporation are few of the leading players in the GCC Chillers Market.
Q. Which end-user segment would emerge as an opportunity area for players in GCC Chillers Market?
A. Hospitality segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in GCC Chillers Market?
A. UAE continues to grow at the highest CAGR, presenting immense opportunities for market players of GCC Chillers Market.
