Riyadh – Mubasher: The Saudi Arabian heating, ventilation, and air conditioning (HVAC) market is expected to reach more than $4.82 billion by 2030 from $2.47 billion in 2020, marking a compound annual growth rate of 8.1% between 2021 and 2030, according to a P&S Intelligence report.
This predicted surge is attributed to rapid infrastructure development in the Kingdom, including the $23 billion Riyadh metro project as well as the three-line Jeddah metro network.
NEOM megacity is another government project that is enhancing the HVAC market in Saudi Arabia. In addition, “a large number” of HVAC systems have been installed at Vox Cinemas since May 2019.
During the COVID-19 pandemic, Saudi Arabia’s HVAC market was affected by government-imposed lockdowns and movement restrictions. And as the pandemic impacted global trade, import of the systems and components to Saudi Arabia from around the world was hampered.
In addition, demand for such equipment was reduced due to shutting down a large number of industrial units and commercial spaces.
“The service bifurcation is set to witness the faster growth in the Saudi Arabian HVAC market in the coming years, on the basis of offering,” according to P&S Intelligence.
The report expected the western region to hold the largest share in the Kingdom’s HVAC market over the coming years “due to the extensive infrastructure development in this region.”
