GCC Air Conditioner Market to Post 7.3% CAGR to 2023, Projects 6Wresearch in Its In-demand Report Now Available at MarketPublishers.com12 Apr 2017 • by Natalie Aster
LONDON – Over the past ten years, the GCC region witnessed a surge in government investments into the construction sector. However, during 2014-2016 there was a sharp drop in government expenditures on the construction industry. Over the same period, the decreasing construction industry observed a major drop in project value for novel contracts. The construction industry has played an essential part in shaping the air conditioner marketplace in the GCC region. Owing to the weakening construction industry, air conditioner marketplace saw negative growth from 2014 to 2016. Nevertheless, in the years to come, the market for air conditioners is anticipated to gain momentum across the GCC countries on the back of oil price recovery.
Through to 2023, the GCC air conditioner market is expected to register a 7.3% CAGR. Saudi Arabia and the UAE are the key revenue contributors to the entire regional market.
By type, centralised air conditioners captured the lion’s share of the overall market revenue as of 2016, with Saudi Arabia being the leader in this respect. The centralised air conditioner sector is poised to keep its leadership position in the years to come.
Split air conditioners grabbed the major share in the region’s air conditioner market owing to increased demand from light commercial and residential applications. Furthermore, the VRF market is gaining prominence in the region due to high efficiency that allows for consuming less energy and reducing electricity bills.
In-demand research report “GCC Air Conditioner Market (2017-2023)” drawn up by 6Wresearch offers a comprehensive analysis of the market across the region, categorising it by types, application areas, and major countries. The study presents detailed historical and forecast data for the regional market and for each of its key country markets. It presents an unbiased and granular analysis of the market dynamics, current market trends and opportunities and high growth areas, market drivers and restraints. The study looks at the competitive scene and profiles the top 12 players. Furthermore, detailed information on the key upcoming projects is included.
More in-demand market research reports by 6Wresearch are available at its page.