UAE HVAC Market Size Set to Grow at Steady CAGR of 4.6% Touching USD 2.5 Billion by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the UAE HVAC market size at USD 1,893 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the UAE HVAC market size to grow at a CAGR of 4.60% reaching a value of USD 2,476 million by 2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the UAE HVAC market size at USD 1,893 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the UAE HVAC market size to grow at a CAGR of 4.60% reaching a value of USD 2,476 million by 2029. The flourishing construction industry and rising government investment to raise the standard of the country's transportation sector are key development drivers for the UAE HVAC market. The UAE HVAC market will likely be strengthened overall by public-private investments in commercial infrastructure development projects to support the growth of the country's tourism industry.
UAE HVAC Market – Overview
Heating, ventilation, and air conditioning, or HVAC, is a system for maintaining and controlling the temperature, humidity, and purity of the air in a room or enclosed space. These systems are used in a wide range of commercial, residential, and industrial facilities, such as family homes, apartments, hotels, hospitals, trains, airplanes, ships, etc. Ventilation is a key aspect of HVAC as it helps in maintaining indoor air quality, which involves the removal of moisture, odors, smoke, and dust, temperature control, and oxygen replenishment.
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UAE HVAC Market
Segmental Information
UAE HVAC Market – By Offering
Based on offering, the UAE HVAC market is split into equipment and service segments. The equipment segment is further classified into heating, ventilation, and cooling. The services segment is also sub-segmented into upgrade/replacement, maintenance and repair, installation, and consulting. Due to the country's subtropical arid climate with hot summers and warm winters, room air conditioners hold the most significant market share. UAE’s approximate average temperature is 32°C, however, it may frequently reach 37.2°C. Furthermore, the high disposable income of UAE consumers also plays a crucial factor in propelling market growth.
Impact of COVID-19 on UAE HVAC Market
The COVID-19 pandemic interrupted resource availability in the country and had a negative effect on the construction industry. Construction projects were delayed due to several issues, including schedule delays, disrupted cash flows, delayed permits, approvals, and inspections, travel restrictions, serious health and safety concerns, and material and equipment shortages. The restrictions on the manufacturing activities and supply chain of HVAC equipment, along with limited operations in the construction industry due to the shortage of labor, are linked to the stagnation of the UAE HVAC market.
Competitive Landscape
Major players operating in the UAE HVAC market include Johnson Controls International plc, LG Electronics Inc., Mitsubishi Electric Corporation, Gree Electric Appliances Inc. of Zhuhai, Trane Technologies plc, Danfoss A/S, Carrier Global Corporation, Midea Group Co. Ltd., Daikin Industries Ltd., Zamil Air Conditioners, and S.K.M. Air Conditioning LLC.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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