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In GCC, the air conditioners market has reached a saturated state, due to the hot and humid weather in the region. However, the launch of a number of mega projects, such as Dubai Metro, Doha Metro, and Yas Island Development Project, are likely to fuel the supply for ACs in the region over the forthcoming years. Also, upcoming events in the UAE and Qatar, chiefly the World Expo 2020 (to be held in 2021 due to COVID-19) and the FIFA World Cup 2022, are expected to raise the demand and, consequently, add to the growth of the GCC air conditioners market in the years to come.
According to a recent report published by Astute Analytica, titled, “GCC Air Conditioners Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027,” the GCC Air Conditioners Market registering a growth at a CAGR of ~8% from 2023 to 2031.
Demand for Split AC to Continue to Rise; Hospitality Sector to Offer Lucrative Growth Opportunities
Split AC, window AC, portable AC, packaged AC, and centralized AC are the main types of air conditioners available in the GCC market. Currently, the demand for split AC is higher than other types of ACs, owing to ease of installation, noise-free functioning, and simultaneous cooling of many spaces with multi-split system that lets one outdoor unit support multiple indoor units. The segment is anticipated to remain at the top over the next few years. Window air conditioners are also expected to register a high demand rate in the near future.
Air conditioners find extensive application in the residential, commercial, healthcare, education/institutional, public/government, retail, hospitality, and the industrial sectors. Over the years, the commercial sector has surfaced as the most prominent end users of air conditioners in GCC. Expanding at a significant growth rate, the demand for ACs in the commercial sector is likely to remain rising over the next few years. In addition, the hospitality industry is anticipated to emerge as a lucrative prospect for market players on the back of proliferating the tourism industry in the UAE.
Expansion in Corporate and Residential Sectors Boosts Saudi Arabia Air Conditioners Market
UAE, Saudi Arabia, Kuwait, Qatar, Oman, and Bahrain are the prominent country markets for air conditioners in GCC. Saudi Arabia is reporting a significant rise in the demand for air conditioners. The increasing need for office spaces, thanks to the expanding corporate and residential sectors in the country, is adding to this demand substantially. Other countries are also expected to witness a spike in the demand for ACs in the near future, mostly due to the surge in the disposable income of consumers that is enabling them to spend over luxurious items.
Leading Players Focus on Increasing Visibility
The GCC air conditioners market is marked by intense competition among key players. The leading participants, including Daikin McQuay, LG Electronics, Samsung, Hitachi, Panasonic, Electrolux, Haier Electronics, and several others, are aggressively focusing on increasing their visibility in the market. For this, they continue to take up new strategies, such as innovation and new product launches. For instance, Samsung recently announced the launch of its new range of split ACs in Bahrain. This range is specially designed for architecture, real estate, and mechanical, electrical, and plumbing (MEP) enterprises. With this, Samsung aims at tapping new areas and expanding its consumer base. Apart from new launches, market players are also concentrating on mergers, acquisitions, and partnerships to cut out competition and add new products to their portfolios.
The GCC air conditioners market is as follows:
By Cooling Technology
By End User
By Distribution Channel
Key Players in GCC Air Conditioners Market