Brussels, July 2015 - The new market outlook report was prepared by TechSci Research in preparation for the new HVAC R EXPO Saudi 2016, which will be held at the Jeddah Centre for Forums & Events from 11 to 13 January. The report takes a look at all sectors of the market and forecasts growth figures as well as looking at each area of the country and the expected demands. It states:
‘The boom in the construction sector in Saudi Arabia is a major factor driving growth in the market for HVAC. Its HVAC R market grew at a CAGR of around 9,61 per cent in value terms during 2010-14, and is further projected to witness growth at around 13,73 per cent.
It continues highlighting that
"the building insulation market in Saudi Arabia is projected to grow at a CAGR of around 7,39 per cent during 2015-20, mainly on account of increasing concerns regarding energy savings. Building insulation saves around 40 per cent of energy consumed in regulating air conditioning temperatures."
The refrigeration market in Saudi is also forecasted to enjoy strong growth. The report outlines in this respect that the
"refrigeration market in Saudi Arabia grew at a CAGR of around 11,80 per cent during 2010-14, and is projected to grow at a CAGR of around 12,27 per cent over the next five years. Growth in refrigeration market is anticipated on account of rising demand, particularly from commercial and industrial sector in the country."
Standing at about USD 38,5bn, Saudi Arabia’s construction sector contributed around 8 per cent to the country’s GDP in 2014. Due to a rapidly growing population and increasing religious tourism in Saudi Arabia, the government has announced a number of construction projects valued at around USD 80bn to be implemented in the coming years. These include huge projects such as construction of Economic Cities and metro rail projects. Aside from government projects, the constantly growing food sector calls for efficient cold chain solutions that meet strictest European requirements in terms of refrigeration usage and safety.
The HVACR Expo Saudi 2016 is going to take place at the Jeddah Centre for Forums & Events from 11 to 13 January 2016. As the official supporter of the exhibition, Eurovent is not only going to organise a high-ranking industry delegation to the Kingdom in January together with key Saudi partners, but also hosts two dedicated Eurovent seminars in cooperation with its technical working groups. Manufacturers in the Eurovent network receive dedicated benefits.