Middle East and Africa HVAC Chillers Market
Market Introduction
Saudi Arabia, South Africa, and the UAE are among the major contributors to the HVAC chillers market in the Middle East & Africa. Saudi Arabia, Iraq, the UAE, Iran, and Kuwait are the top 5 revenue economies in the region. The proliferation of the construction industry, with a prime focus on hotels and restaurants, is a major factor driving the HVAC chillers market growth in the Middle East & Africa. Extreme weather conditions, increasing population, growth in infrastructure/urban development projects, and escalating food industry operations are other key factors encouraging the global as well regional players to invest in the HVAC business in the Middle East and Africa. Moreover, strict government regulations, encouraging the adoption of energy-efficient systems, is likely to support the HVAC chiller market growth in the coming years. The Vision 2021 of the UAE government opened new avenues for the HVAC chillers market to introduce energy efficient systems consuming less energy. The adoption of energy-efficient systems is very crucial to curb the levels of CO2 emissions and reduce the impact of global warming. In 2017, Saudi Arabia’s custom team seized 759,000 products for violating the standards of Saudi Energy Efficiency Center. Such strict government regulations promote the adoption of energy-efficient HVAC chiller in MEA. The Leadership in Energy & Environmental Design (LEED) certification, Arab Energy Efficiency Building Regulations, and GCC Standardization Council (GSO) are among the major HVAC-related regulations in the MEA. The HVAC chiller market in the region is also expected to grow with the flourishment of industrial, commercial, and construction sectors. The increasing research and development activities of major players, and rising construction of green building projects, such as King Abdullah Financial District (KAFD) in Saudi Arabia, which is a new financial hub in the country, are providing additional push to the HVAC chillers market.
Countries in MEA, especially South Africa, are highly affected due to the COVID-19 outbreak. The Middle East is an important oil-producing region in the world that comprises countries such as South Africa, Saudi Arabia, and the UAE. The COVID-19 pandemic has exposed the economies in the region to many additional challenges as most of countries faced a slack in the transportation operations, dip in goods demands, and disruptions in supply chain operations in FY 2020. Moreover, the UAE was estimated to be the largest market for HVAC chillers in the Middle East & Africa in FY 2020, according to the research study. The MEA market is majorly impacted owing to supply chain disruption. Further, as country boarders were closed, the supply chain of several industrial equipment and components were disturbed. This has led to a decline in revenue of the HVAC chiller manufacturers and distributors offering their products to different sectors, such as industrial, commercial, and residential applications. However, the restrictions are eased in 2021, and manufacturing of HVAC chillers gained traction as the demand for cooling devices across commercial and industrial facilities is growing.
Market Overview and Dynamics
The MEA HVAC chillers market is expected to grow from US$ 350.53 million in 2021 to US$ 404.35 million by 2028; it is estimated to grow at a CAGR of 2.1% from 2021 to 2028. Rise in the count of data centers is anticipated to drive the growth of HVAC chillers market in near future all over the region. Data centers need a lot of energy and the main driver of data center design engineers’ work is to offer reliable, energy-efficient, and cost-effective HVAC systems. The newest commercial chiller equipment provides proven reliability, competitive energy performance and integral controls in a modular package without the requirement for water. Efficiency is a crucial factor while selecting the chiller for the data center. So, when it comes to finalizing the chiller for this application, the selection of a unit having the right compressor is a primary task. In data centers, free cooling doesn’t always need an extremely cold climate. Whenever the outdoor temperature is sufficient cold, these chillers turn off the compressors and take advantage of the favorable outdoor temperature. Now-a-days, many companies are outsourcing their data operations to the third-party providers which have got expertise in data center operations. Colocation data centers are particularly famous because they offer power, physical space, and cooling systems for local communication systems. So, increasing no. of data centers is expected to fuel the demand of HVAC chillers, thereby driving the MEA HVAC chillers market.
Key Market Segments
In terms of technology, the air-cooled segment accounted for the largest share of the MEA HVAC chillers market in 2020. In terms of type, the screw chillers segment held a larger market share of the MEA HVAC chillers market in 2020. Further, the industrial segment held a larger share of the MEA HVAC chillers market based on application in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the MEA HVAC chillers market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are AIREDALE INTERNATIONAL AIR CONDITIONING LTD.; Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Johnson Controls, Inc.; Kaltra; LG Electronics; Mitsubishi Electric Corporation; SKM Air Conditioning; and Trane.
Reasons to buy report
MEA HVAC Chillers Market Segmentation
MEA HVAC Chillers Market - By Technology
MEA HVAC Chillers Market -
By Type
MEA HVAC Chillers Market -
By Application
MEA HVAC Chillers Market - By Country
MEA HVAC Chillers Market - Company Profiles
Strategic insights for the Middle East and Africa HVAC Chillers provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 350.53 Million |
| Market Size by 2028 | US$ 404.35 Million |
| Global CAGR (2021 - 2028) | 2.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | Middle East and Africa
|
| Market leaders and key company profiles |
The geographic scope of the Middle East and Africa HVAC Chillers refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
1. AIREDALE INTERNATIONAL AIR CONDITIONING LTD.
2. Carrier Global Corporation
3. DAIKIN INDUSTRIES, Ltd.
4. Johnson Controls, Inc.
5. Kaltra
6. LG Electronics
7. Mitsubishi Electric Corporation
8. SKM Air Conditioning
9. Trane
The Middle East and Africa HVAC Chillers Market is valued at US$ 350.53 Million in 2021, it is projected to reach US$ 404.35 Million by 2028.
As per our report Middle East and Africa HVAC Chillers Market, the market size is valued at US$ 350.53 Million in 2021, projecting it to reach US$ 404.35 Million by 2028. This translates to a CAGR of approximately 2.1% during the forecast period.
The Middle East and Africa HVAC Chillers Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East and Africa HVAC Chillers Market report:
The Middle East and Africa HVAC Chillers Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East and Africa HVAC Chillers Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East and Africa HVAC Chillers Market value chain can benefit from the information contained in a comprehensive market report.
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