The Value of Saudi Arabia HVAC Market is Estimated to Soar Higher During 2024

The Saudi Arabia HVAC market is expected to reach $2.4 billion by 2024, registering a CAGR of 4.5%, during the forecast period. The market is buoyed by several factors predominantly, growing investments in the tourism-related projects, commercial infrastructure, and development in the overall hospitality sector.

In terms of fan coil units (FCU) type, the market is classified into four-pipe FCU and two-pipe FCU. Of these, four-pipe FCU sub-category is estimated to hold a larger revenue share in 2018, owing to increasing number of high-rise commercial offices and buildings, large scale hospital buildings, and airport expansion projects.

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However, the two pipe FCUs are increasingly being deployed for residential applications. In 2018, Saudi Ministry of Housing, awarded contracts for 19,000 housing units, which are to be built in cities like Jeddah, Al Khobar, and Riyadh.

Based on ventilation type, the market is divided into ventilation fans, humidifiers/dehumidifiers, air handling units & fan coil units, and air cleaners. Of these, ventilation fans category is estimated to hold the largest revenue share in 2018.

For instance, in 2018, Marriott International planned to open around 29 new hotels and nearly 6,000 guestrooms in line with Saudi Vision 2030. Further in 2019, Hilton Worldwide Holdings Inc., is planning to build around 35 new hotels in the next 3-5 years.

Saudi Arabia is registering positive growth in demand for HVAC systems on account of rising hospitality sector. Due to religious significance, Saudi Arabia is one of the largest tourism destinations, globally, which is primarily fueling the hospitality sector in the country. In 2017, the country witnessed nearly 14% annual rise in the number of rooms as compared to 2016.

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Some of the key players operating in the Saudi Arabia HVAC market include Johnson Controls International plc, LG Electronics Inc., Mitsubishi Electric Corporation, Gree Electric Appliances Inc. of Zhuhai, Ingersoll-Rand plc, Danfoss A/S, United Technologies Corporation, Midea Group Co. Ltd. Daikin Industries Ltd., Zamil Air Conditioners, and S.K.M Air Conditioning LLC.

Saudi Arabia HVAC Market Segmentation

Market Segmentation by HVAC Type

Heating
- Heat Pumps
  - Air source
  - Water source
  - Ground source
- Furnaces
  - Gasoline
  - Propane
  - Electric
- Boilers
  - Water-tube
  - Fire-tube
- Unitary Heaters
Ventilation
- Ventilation Fans
  - Centrifugal fans
  - Axial fans
  - Domestic exhaust fans
  - Power roof fans
- Air Handling Units
  - Terminal units
  - Makeup air units
  - Rooftop units
- Fan Coil Units
  - Two-pipe
  - Four-pipe
- Humidifiers/Dehumidifiers
- Air Cleaners
  - Type 1: HEPA + Carbon
  - Type 2: HEPA + Carbon + Ionizer
  - Type 3: HEPA + Carbon+ UV
  - Type 4: HEPA + Carbon + Ionizer+ UV
  - Type 5: Other Technologies
Cooling
- Room ACs
  - Mini splits
  - Window ACs
- Split Units
- Ducted Split/Packaged Unit
  - Packaged unit with water cooled condenser
  - Packaged units with air cooled condenser
- Variable Refrigerant Flow
  - Heat pump systems
  - Heat recovery systems
- Chillers
  - Centrifugal
  - Screw
  - Scroll
  - Absorption
  - Reciprocating

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