Skip to main content

Middle East and Africa HVAC Market To Generate $10.1 Billion Revenue by 2024

A number of factors, such as the increasing requirement for energy-efficient heating, ventilation, and air conditioning (HVAC) systems, expanding construction industry, rising number of strict government regulations, growing tourism sector, and upcoming major events, are projected to boost the growth of the MEA HVAC industry at a CAGR of 4.9% in the forecast period (2019–2024). At this growth rate, the market size is expected to reach $10.1 billion by 2024 from $7.8 billion in 2018.

The Middle East and Africa HVAC market is witnessing the increasing need for energy-efficient HVAC systems, as these are very crucial to control the greenhouse gas emission and limit the impact of global warming. Moreover, the Gulf Cooperation Council (GCC) countries are introducing sustainable development policies and have strict regulations for energy-efficient solutions.


Hence, to obey the regulations and support policies, market players are introducing energy-efficient systems in the region. For instance, due to violating the standards of Saudi Energy Efficiency Center, the customs department of Saudi Arabia seized 759,000 products in 2017. The primary factor improving the market growth prospects is the growing construction industry.

International events like the World Expo 2022 in the U.A.E. and the FIFA World Cup 2022 in Qatar are projected to fuel the tourism sector, which, in turn, drives the construction industry. For instance, as per the Ministry of Development Planning and Statistics, Qatar, eight football stadiums are under construction, which are likely to be completed by 2022. Thus, with the increasing construction activities, the demand for HVAC systems is surging in the region.

Labels:

Comments

Post a Comment

Popular posts from this blog

Increasing Internet Penetration Fueling Demand for Product Analytics

With the increasing penetration of the internet in both developing countries such as China and India and developed countries such as Singapore and the U.S., the worldwide demand for product analytics is rising rapidly. For example, according to the Office for National Statistics, in 2018, 90% of all households in Great Britain had access to the internet. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/product-analytics-market/report-sample Additionally, the total percentage of adults who used the internet daily grew from 35% to 86% from 2006 to 2018 in the country. The rapid digital transformation in various countries is pushing up the requirement for product analytics solutions. Moreover, businesses all over the world are increasingly adopting advanced technologies such as product analytics for building a holistic understanding and delivering greater customer engagement. Apart from this, rapid advancements and innovations being made in various cog
Post a Comment
Read more

Conversational AI Market Worldwide Opportunities, Driving Forces, COVID-19 Impact Analysis, Future Potential 2030

There are two ways in which conversational AI solutions are deployed, namely cloud and on-premises. Of these, the conversational AI solutions deployed through cloud recorded higher demand in 2018, and this deployment method is expected to remain more popular in the coming years. This is primarily attributed to the ballooning demand for scalability and easier maintenance features and 24*7 services offered by these solutions. Furthermore, many major companies are adopting cloud-based solutions for increasing their operational flexibility and reducing their operational costs. Coherent with these facts, the biggest phenomenon currently being observed in the conversational AI market is the mushrooming implementation of chatbots, as well as IVA, in various healthcare applications. Geographically, the highest demand for conversational AI market share has been witnessed in North America in the last few years, and the next few years will witness a similar situation. For instance, a Mahara
Post a Comment
Read more

Battery Management System Market Size, Status, Top Players, Trends in Upcoming Years

The International Energy Association (IEA) predicts that the sale of battery electric vehicles (BEV) (trucks) and plug-in hybrid electric vehicles (PHEV) (trucks) will reach around 96,555 units and 107,571 units, respectively, by 2025. The organization also forecasts that the global stock of BEV cars and PHEV cars will reach 29,626,576 units and 16,335,941 units, respectively, by 2025. The surging electric vehicle (EV) sales will create an extensive requirement for battery management systems (BMSs) in the coming years, as batteries are the most important component of such vehicles. Besides, the surging use of rechargeable batteries in consumer electronic products is expected to drive the battery management system market at a vigorous CAGR of 15.0% during the forecast period (2021–2030).   The market revenue is expected to surge from $5,661.0 million in 2020 to $22,279.6 million by 2030. BMSs are installed in consumer electronics to control the operation of batteries and manage recharg
Post a Comment
Read more