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Due to Saudi Arabia's rapidly rising population and increased religious tourism, the government has launched a host of construction projects with billions of dollars in cost, including massive projects such as the building of economic cities, metro rail projects, and so on. Over the next few years, these megaprojects with large investments are expected to boost demand for HVAC systems in both the commercial and residential sectors. Various laws, financial, and tax incentives were introduced in the last 5-10 years to draw investors from all over the world. Saudi Arabia is an excellent location for projects that require a lot of resources because of the country's large oil reserves and low energy prices.
According to market research, the cooling segment dominated the Saudi Arabia HVAC industry in terms of appliance type. During the forecast period, the consulting division, based on service type, is projected to rise at the fastest rate in the Saudi Arabia HVAC industry. According to the service class, the consulting division in the HVAC market in Saudi Arabia is projected to rise at the fastest rate. Due to the country's growing religious tourism, the commercial segment held the largest share of the market by end-user. The Saudi Arabia HVAC business is expanding due to the rising hospitality industry. Saudi Arabia is one of the most popular tourist destinations in the world, owing to its religious importance, which is mainly fueling the country's hospitality industry.
One of the leading players in the industry, LG Electronics (KRX: 066570), which is a South Korean MNC primarily dealing in electronic appliances, announced in September 2020 that its Air Solution business division is planning on expanding in the Middle East and Africa. The company also introduced a new portfolio of air purification solution products for office, residential, and commercial environments. Such expansions by key players in the industry are expected to boost the market growth over the forecast period.
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The major players in the Saudi Arabia HVAC market are Zamil Air Conditioners, AirTech Riyadh, Green Air Electro-Mechanical Contracting Company, and LG Electronics Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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