The expanding food and beverages industry along with infrastructural developments is fueling the growth of the Saudi Arabia chiller market. P&S Intelligence recently estimated the 2018 market size as $252.0 million and the forecast period (2019–2024) CAGR to be 2.7%.

A chiller is an electrical device, which provides cooling to large spaces by removing the heat from the liquid contained within. The ‘chilled’ liquid, which is usually just water, is then used to cool the space.

There are several types of chillers available in the Saudi chiller market, including screw, centrifugal, absorption, scroll, and reciprocating. Among these, the revenue generated by the sale of centrifugal chillers is expected to grow the fastest during the forecast period (at a CAGR of over 3.0%), due to their increasing requirement in the manufacturing, commercial real estate, and oil and gas sectors.

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For instance, once constructed, Jazan International Airport and Hail International Airport will require such chillers in significant numbers.

Further, based on region, the domain has been categorized into central, western, southern, and eastern. Among all these, the Saudi chiller market is expected to grow the fastest in the western part of the country (at over 4.0% CAGR), as it is the location of its major cities, including Makkah, Jeddah, Tabuk, and Madinah.  A number of infrastructure projects are either planned or currently underway in the region, such as the downtown residential complex in Jeddah.

Infrastructural development is also the reason that of two types of screw chillers — air-cooled and water-cooled — the water-cooled type contributed higher revenue to the chiller market in Saudi Arabia in 2018, accounting for more than 50.0% share, and is also expected to witness the faster growth in the future. Water-cooled chillers are preferred for office buildings, hotels, and hospitals, where multiple floors need to be cooled at once.

Therefore, it is clear that rapid developments in infrastructure and the growth of the food and beverages industry in Saudi Arabia will offer key players ample opportunities to prosper during the forecast period.

Saudi Arabia Chiller Market Segmentation

Market Segmentation by Chiller Type

• Screw
  • Water-cooled
  • Air-cooled
• Centrifugal
• Scroll
  • Air-cooled
  • Water-cooled
• Absorption
  • Direct-fired
  • Hot water
  • Steam
• Reciprocating
  • Air-cooled
  • Water-cooled

Saudi Arabia chiller market is expected to reach $291.0 million by 2024, registering a CAGR of 2.7%, during the forecast period. This growth can be attributed to rising investments in the tourism-related projects, commercial infrastructure, and development in the overall hospitality sector.

Based on type, the market is segmented into centrifugal, screw, scroll, absorption, and reciprocating chillers; wherein scroll category is further segmented into air-cooled, and water-cooled. Of these categories, air-cooled category is estimated to hold a largest revenue share in the market, in 2018.

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Air cooled chillers are observed to be the mostly preferred by the end-users, owing to rising number of luxury villas, medium-sized buildings, and small industrial plants, where smaller capacity chiller unit is required.

Based on end-user, Saudi Arabia chiller market has been categorized into commercial, industrial and residential. Among these, commercial category is estimated to hold the largest revenue share in 2018. This is due to rising number of commercial offices/buildings and growing hospitality sector in Saudi Arabia.

Therefore, growing infrastructure developments in commercial sector projected to be a key driver for the growth in commercial chiller market, which is expected to exhibit a healthy growth rate during the forecast period.

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Growing tourism sector is driving the growth of Saudi Arabia chiller market. The tourism sector is a major industry in the Saudi Arabia’s Vision 2030 economic diversification plan. According to the World Travel and Tourism Council, the tourism sector in the country accounted for 9.4% of total GDP in 2017.

Further, the Government of Saudi Arabia is presently investing in developing tourism infrastructure, by opening new international airport in Jeddah that would be able to handle around 100 million passengers in a year. Moreover, due to the country’s religious significance, Saudi Arabia is one of the largest tourist destinations in the Gulf Cooperation Council (GCC) region.

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The market is led by companies such as Daikin Industries Ltd., Johnson Controls International PLC, United Technologies Corporation, Zamil Air Conditioners, and Ingersoll-Rand plc. Some of the key players operating in the Saudi Arabia Chiller market include Johnson Controls International plc, Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., S.K.M Air Conditioning LLC, Petra Engineering Industries Co., Zamil Air Conditioners, Gree Electric Appliances, Inc. of Zhuhai, Mitsubishi Electric Corporation, Thermax Limited, and Danfoss A/S.

Saudi Arabia Chiller Market Segmentation

Market Segmentation by Chiller Type

• Screw
  • Water-cooled
  • Air-cooled
• Centrifugal
• Scroll
  • Air-cooled
  • Water-cooled
• Absorption
  • Direct-fired
  • Hot water
  • Steam
• Reciprocating
  • Air-cooled
  • Water-cooled