Middle East and Africa (MEA) region is at the outset of infrastructure development and the Heating, Ventilation Air-conditioning and Refrigeration (HVACR) market in this region is being driven owing to this large scale infrastructural development. HVACR has become a necessity for countries like Saudi Arabia and the United Arab Emirates (U.A.E.), which account for the major share of HAVCR in the MEA region. The increased demand of HVACR in the MEA region is due to the perennial hot climate, growing population, infrastructure, along with urban development among others. Because of this, leading manufacturers in the HVACR market are taking various steps to tap this market by introducing cost effective, energy efficient products in the region.
The Middle East HAVCR market is expected to reach a volume of 6,490.83 thousand units by 2022. The Middle East is at the convergent point where growing commercial and industrial units are creating a large scale impact on the economy and with the rising population, the developments in the residential market has been remarkable. All of these factors are driving the growth of HVACR market in the Middle East. Now, with the increasing demand of HVACR, there has been a gradual increase in cost-effective and efficient technologies which meet the standard regulations with regards environment conservation.
As compared to MEA HVACR market, Africa HVACR market is estimated to register lesser growth in terms of volume. It is expected to reach a volume of 3,595.48 thousand units by 2022. The main factors which are driving the HVACR market in the African region are increasing consumer demands for low-cost, energy efficient products as well as rise in residential, commercial and industrial developments in the region.
The volume of mini split market was the largest in Middle East in 2015 owing to the rise in demands of mini split. The rise in demand of mini splits was driven by the factors such as ease of installation, small size, and less energy consumption in residential and commercial buildings. Among Middle Eastern countries, Qatar HVACR market is expected to grow at the highest rate during 2016 to 2022. This growth is due to the higher demand of HVACR from hospitality and tourism industry because of the upcoming FIFA world cup in 2022. Saudi Arabia was the largest volume acquirer in 2015, due to the year round harsh climactic conditions, and rising residential sector is helping in the growth of the HVACR market.
Saudi Arabia was followed by U.A.E in terms of growth in volume. This can be attributed to the purchasing power of the population including the foreign resident workers living in this country. Whereas, the HVACR market in Iran is expected to remain flat, without any significant growth in the coming years.
In North African region, Morocco is expected to grow with the highest rate during 2016 to 2022, due to increasing residential projects in the country. However it was Egypt which dominated the market in 2015, owing to its accessibility with Middle East, its strategic location and a large number of young demographics.
BIS Research has compiled an extensive market research report on ‘Middle East and Africa (MEA) Heating, Ventilation, Air-Conditioning, and Refrigeration (HVACR) Market-Analysis and Forecast: 2016-2022’. The market analysis report provides an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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