Saudi HVAC market to hit $6 bln by 2022: report

The industry for Heating, Ventilation, Air Conditioning and Refrigeration (HVACR) solutions in Saudi Arabia is expected to reach a value of up to $6.36 billion by 2022, Saudi Gazette reported.

The total HVACR market in Saudi Arabia represents close to 2 percent of the global market, the industry experts discussed on the sidelines of HVAC R Expo Saudi 2019 that concluded recently in Riyadh.

The continuous demand for water, power and cooling are the result of Saudi Arabia’s rapidly expanding industrial base and population. This, in turn, has increased the requirement for the availability of air conditioning systems that as it stands are consuming almost 70 percent of the entire power that is generated or produced in the country.

“The vision with actual steps and foundations the Kingdom is implementing to diversify its economy are presenting new market segments for the HVACR market. With the new visions of diversified economy, we’re again looking forward for more potential HVACR projects coming out of these new market segments,” Mohammed Sami Chatila, Technical Support & Training manager at Shaker Group, said.

“The Saudi HVAC market is growing at a fast pace on account of growing construction activities in the country’s residential as well as industrial sectors. Extreme climatic conditions in Saudi Arabia, changing lifestyles and rising number of government initiatives towards restructuring the country’s oil-dependent economy are expected to boost demand for HVAC systems in the country during the forecast period,” Faizal Babu Pallathody, managing director at VTS Clima, said.

The 2019 edition of HVAC R Expo Saudi welcomed more than 7,000 visitors to the Riyadh International Convention & Exhibition Centre (RICEC) during its three days of business that ended Jan. 30.