The chiller market is witnessing astronomical growth owing to the
factors such as significant surge in the demand for chillers in the
residential sector on account of rapid urbanization, bolstering
government investment in mega commercial infrastructure project and
burgeoning demand for chillers district cooling systems. The boost in
government initiative to grow tourism in the countries such as UAE,
Saudi Arabia, and Qatar etc. would place a positive impact on the growth
of hospitality, commercial and transportation sector. Thus, this would
further fuel the demand for chillers in the forthcoming years.
In
addition to this, strong growth in the food & beverages industry,
growing popularity of district cooling to reduce energy consumption and
rising inclination toward inverter-based chillers are the factors is
predicted to exhibit huge revenue growth in the forecast period.
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Based
on Product, Air-cooled is projected to grow at a steady rate owing to
its application in stadiums, industrial districts, shopping centers,
hotels as it need fewer space and can be installed on roof-tops of the
buildings share. The demand for air-cooled product is high in the GCC
region as these are used to fulfill the cooling load of commercial
buildings. Moreover, increasing government investment on various
commercial infrastructure, and transportation development project is
expected to promulgate the segment growth in the near future.
Saudi Arabia is expected to register fastest growth in the GCC Chiller market
during 2021-26. The growth of the segment is attributed to burgeoning
government spending in upcoming and ongoing various transportation
development project such as airport, metro project, burgeoning demand
for inverter chiller to minimize the energy consumption and rapid
expansion in food & beverages due to boost in the consumption of
frozen food, beverages.
The key players with a
considerable market share in the GCC Chillers market are Daikin Middle
East and Africa FZE, Johnson controls, S.K.M Air Conditioning LLC, Petra
Engineering Industries Company, Midea Group, Gami Air Conditioners
Manufacturing Company L.L.C., Zamil Air conditioners, Smardt Chiller
Group FZE, Dunham-Bush, Carrier Corporation etc.
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