Key players operating in the Middle East and Africa chiller market include GAMI Air Conditioners Manufacturing Company L.L.C., Midea Group Co. Ltd., Mitsubishi Electric Corporation, Zamil Air Conditioners, Petra Engineering Industries Co., S.K.M Air Conditioning LLC, Daikin Industries Ltd., United Technologies Corporation, Ingersoll-Rand plc, and Johnson Controls International Plc.

NEW YORK, May 27, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, Middle East and Africa chiller market is expected to reach $1.3 billion by 2024, recording a CAGR of 3.6% during 2019-2024. Growing demand for chillers from the district cooling system, transportation and hospitality sectors is propelling the growth of the market. However, factors such as surging demand for inverter-based chillers is anticipated to provide huge opportunities for the market players in the coming years.

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However, during 2014-2015, Middle East and Africa chiller market recorded a dip in revenues due to slump in oil prices. This has also led to decrease in revenues generated by the oil & gas industry in the MEA region. However, factors like upcoming events, Dubai Expo 2020, FIFA World Cup 2022, and Africa Confederation Cup (AFCON) in 2019 has revived the MEA market. This has led to the construction of new stadiums and hotels, resulting in increased demand for chillers in the region.

Based on end-user, Middle East and Africa chiller market is being divided into commercial, industrial and residential where commercial category generated the highest revenue in 2018. Commercial category is further sub-categorized in hospitality, transportation, offices and buildings, supermarket/hypermarket, healthcare, and government where transportation category is expected to grow with the fastest pace during 2019-2024; this is owing to the upcoming/ongoing metro projects in countries including Saudi Arabia, U.A.E., Qatar, Nigeria, Egypt, and Israel.

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In Saudi Arabia, there are three metro projects that are under-construction in Jeddah and Riyadh. Jeddah Metro, a $8.5 billion project, would consist of three lines, with around 55 stations under-construction and is set to be operational by 2020. For instance, in U.A.E., the red line metro is under-construction. Similarly, in Egypt, the third phase of line 3 would be connected to Rod Al-Farag axis. This would link the El Dabaa and Marsa Matrouh with Greater Cario, having 15 stations in between.

On the basis of country, U.A.E. is expected to exhibit a growth rate of 5.9% during 2019-2024, predominantly ascribed to the increasing hotel projects. In U.A.E., tourists’ attraction is being built across the Dubai; some of which include, Dubai Creek Harbour 2025, Heart of Europe 2020, Jewel of the Creek 2019, Marasi Business Bay 2022, and Marsa Al Arab 2020. These attractions are expected to drive the tourism industry in the city, which in-turn growth can be witnessed in hotel construction industry in the country.

Inverter technology in chillers is highly efficient as compared to conventional AC systems. Inverter adjusts the power operation automatically depending upon the actual requirement, which eliminates the on/off operation in traditional systems. As a result, it reduces energy bill up to 50%. It provides benefits including low electricity bill, stable temperature, quick cooling, no sound disturbance, and longer life. The country is focusing on the adoption of energy efficient cooling and heating solutions.

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The rivalry in Middle East and Africa chiller market is high with moderate differentiation in the products offered by top companies. One of the top companies that has been observed in market was Ingersoll-Rand Plc, an Ireland based company. The company offers its products and services under brands such as Ingersoll Rand, Trane, Club Car, and Thermo King, where Trane caters the chiller category, and is largely popular in the region, especially in Saudi Arabia, U.A.E., Nigeria, Qatar, and South Africa.

Some of the key players in the Middle East and Africa chiller market include GAMI Air Conditioners Manufacturing Company L.L.C., Midea Group Co. Ltd., Mitsubishi Electric Corporation, Zamil Air Conditioners, Petra Engineering Industries Co., S.K.M Air Conditioning LLC, Daikin Industries Ltd., United Technologies Corporation, Ingersoll-Rand plc, and Johnson Controls International Plc.

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U.A.E. Chiller Market

Abu Dhabi is expected to provide lucrative opportunities during the forecast period. Apart from developing oil and gas sector, the government is planning to pursue Abu Dhabi 2030 plan, which is aimed at attracting at least 7.9 million tourists, annually. Following this, the government is aiming to expand office and retail spaces to 7.5 million square meters and 4 million square meters, respectively, by 2030.

https://www.psmarketresearch.com/market-analysis/uae-chiller-market

Saudi Arabia Chiller Market

Saudi Arabia chiller market is highly competitive due to the presence of large number of global and regional players. The market is led by companies such as Daikin Industries Ltd., Johnson Controls International PLC, United Technologies Corporation, Zamil Air Conditioners, and Ingersoll-Rand plc. Some of the key players operating in the Saudi Arabia Chiller market include Johnson Controls International plc, Ingersoll-Rand plc, United Technologies Corporation, Daikin Industries Ltd., S.K.M Air Conditioning LLC, Petra Engineering Industries Co., Zamil Air Conditioners, Gree Electric Appliances, Inc. of Zhuhai, Mitsubishi Electric Corporation, Thermax Limited, and Danfoss A/S.

https://www.psmarketresearch.com/market-analysis/saudi-arabia-chiller-market

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