Saudi Arabia's heating, ventilation, and air conditioning (HVAC) market is set for significant growth over the next 10 years with its revenue surging to over $4.8 billion by 2030 from $2.5 billion in 2020, growing at a 8.1 per cent CAGR, according to research firm P&S Intelligence.

 

This growth is mainly due to the ongoing metro work in Riyadh and clean energy projects, said a report. 

 

With cooling and ventilation systems now becoming a necessity in the stations and underground tunnels of such networks, the demand for HVAC is growing at a rapid pace, it stated. 

 

The $23-billion Riyadh metro project, which is 109 miles long, was 83% complete in 2019. Similarly, the three-line Jeddah metro network is planned. 

 

Another major government project that is boosting the Saudi Arabian HVAC market advance is the Neom megacity, the first phase of which was completed in mid-2019. 

 

In addition, a large number of HVAC systems have been installed at Vox Cinemas, which was opened to the public in May 2019.

 

Key Findings of Saudi Arabia HVAC Market

•Cooling system sales highest in kingdom

•Demand for consulting services to increase fastest

•Industrial end users to observe highest market CAGR in coming years

•Smart HVAC systems biggest industry trend

•Ground-source and clean-energy HVAC systems becoming rapidly popular

•HVAC companies launching advanced equipment for larger industry share

 

According to the report, the big players in the Saudi Arabian HVAC market are Johnson Controls International, Carrier Global Corporation, SKM Air Conditioning, Trane Technologies, Daikin Industries, Midea Group, Mitsubishi Electric Corporation, Danfoss A/S, Zamil Air Conditioners, LG Electronics and Gree Electric Appliances of Zhuhai.-TradeArabia News Service