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.

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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.

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