MENA HVAC Solutions Market: Current Analysis and Forecast (2023-2030)

Report Description

The MENA HVAC solutions market was valued at USD 8,182.20 Million in 2022 and is expected to grow at a strong CAGR of around 6.6% during the forecast period (2023-2030). The HVAC solutions market in the Middle East and North Africa (MENA) region has experienced significant growth in recent years. The rising demand for air purifiers and primarily due to a confluence of energy-efficient regulations and a booming construction industry. For instance, in May 2021, Daikin announced the launch of its new series of Air Purifiers for the Middle East and African (MEA) region. The move follows the company’s recent directive to introduce key solutions designed to further enhance Indoor Air Quality (IAQ) and comfort levels. In recent years, governments across the region have become increasingly focused on environmental sustainability and energy conservation, prompting the introduction of stringent energy efficiency standards and regulations for buildings. This has compelled developers and contractors to adopt advanced HVAC technologies that not only comply with these regulations but also offer substantial energy savings. Therefore, in this dynamic environment, HVAC companies have responded with innovative products and services, and factory expansion, including energy-efficient heating and cooling systems, smart building automation, and renewable energy integration that will drive the growth of the market. For instance, on October 17, 2022, Daikin announced the opening of its first factory in the Kingdom of Saudi Arabia.

Some of the major players operating in Carrier; DAIKIN INDUSTRIES, Ltd.; Johnson Controls; LG Electronics; Zamil Air Conditioners; Fujitsu; Mitsubishi Electric Corporation; Samsung Electronics; Trane; Midea. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report

“Amongst products, the cooling segment held a significant share of the market in 2022.”

Based on the product, the market is segmented into heating, ventilation, and cooling. Smart washing machines held a significant share of the market. Cooling held a significant share of the market in 2022. The rising demand for cooling equipment due to the desert climate of the country is driving the growth of the MENA market. In fact, more than 80 percent of the region is desert that receives less than 25 centimeters of rainfall a year. Moreover, due in large part to extremely high and rising temperatures, as well as a growing population, the region is slated to face a 50% increase in energy demand by 2040.

“Amongst end-use, commercial is expected to grow with a significant CAGR during the forecast period (2023-2030).”

By end-use, the market is segmented into residential, commercial, and industrial. The commercial is expected to grow with a significant CAGR during the forecast period (2023-2030). This is mainly due to the adoption of HVAC solutions driven by the burgeoning hospitality, retail, and office sectors. As the MENA region attracts tourists and businesses, the demand for hotels, shopping malls, and corporate offices has soared. These commercial spaces require sophisticated HVAC systems to ensure a comfortable environment for occupants and customers.

“Saudi Arabia dominated the market.”

The HVAC solutions industry holds a significant share in Saudi Arabia is witnessing rapid urbanization and industrialization. The nation’s Vision 2030 plan is aimed at diversifying the economy and reducing dependency on oil which has led to massive infrastructure development that is boosting the demand for HVAC systems in commercial, residential, and industrial sectors. Additionally, the government’s stringent regulations on energy efficiency have prompted businesses and homeowners to adopt modern and eco-friendly HVAC technologies. The Board of Directors meeting No.179 has approved the technical regulation on 28/01/2021.

MENA HVAC solutions Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The MENA HVAC solutions market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the MENA HVAC Solutions Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the MENA HVAC solutions market were the three major steps undertaken to create and analyze the adoption of MENA HVAC solutions in major countries. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the MENA HVAC solutions market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the MENA HVAC solutions market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the MENA HVAC solutions market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & and sub-segments for major regions. Major segments are included in the report as product and end-use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the MENA HVAC solutions market. Further, we conducted factor analysis using dependent and independent variables such as product and end-use of the MENA HVAC solutions market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the MENA HVAC solutions market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the MENA HVAC solutions market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the MENA HVAC solutions market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the MENA HVAC solutions market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Key Stakeholders of HVAC solutions Market in the MENA Region

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the MENA HVAC solutions market. The data was split into several segments & and sub-segments post studying various parameters and trends in the areas of the product and end-use of the MENA HVAC solutions market.

The main objective of the MENA HVAC solutions Market Study

The current & future market trends of the MENA HVAC solutions market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional and country level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the MENA HVAC solutions market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the product and end-use
• Define and analysis of the regulatory framework for the MENA HVAC solutions industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the MENA HVAC solutions market for the major region
• Major countries of regions studied in the report include Saudi Arabia, UAE, Egypt, Iran, and the Rest of MENA
• Company profiles of the MENA HVAC solutions market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team