MEA HVAC Market - Forecast(2021 - 2026)

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MEA HVAC Market Overview

MEA HVAC market size was valued at $8.2 billion in 2020, and it is estimated to grow at a CAGR of 5.4% during 2021-2026. The growth is mainly attributed to the increasing adoption split units owing to its easier installation, high energy efficiency properties and these are driving the MEA HVAC market. Release of greenhouse gases and increasing pollution due to the presence of oil and gas industries has led to the global warming potential which is set to create opportunities for the adoption of MEA HVAC industry. 

The increasing demand in the residential and commercial infrastructure have led to the rise in urbanization. This growing demand in the construction industry will drive the HVAC equipment market. The rising adoption of split units, especially ducted split air conditioners will drive the market growth. The continuous increase in the prices and availability of these raw materials has been a major challenge for the HVAC equipment market.

MEA HVAC Market Report Coverage

The report: “MEA HVAC Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the MEA HVAC Market.

By Cooling: Cooling Towers (Evaporative Cooling Tower, Hybrid Cooling Tower), Air Conditioners (Split Unit, Central, Window and Others), Chillers (Centrifugal, Absorption, Screw, Water Cooled and Others), Coolers (Ducted, Windowed) and Others
By Heating: Heating Pump (Air to Water, Air to Air, Water to Air), Boilers (Gas Condensing, Oil Condensing, Steam, Water and Others), Furnaces (Oil, Gas, Electric and Others), Space Heaters, Unitary Heaters and Others
By Ventilation: Ventilation Fans, Draft Inducers, Humidifiers, Air Filtration, Air Purification, Humidifiers, Dehumidifiers and Others
By Components: Compressor, Control Systems (Sensors, Controller, Others), Expansion Valve, Evaporator Coils, Ventilation Fan and Blower Unit, Filters, Dampers and Others.
By Application: New Fit (Residential, Commercial (Hospitality, Retail Building, Others), Industrial, Government and Public Services); Retrofit (Residential, Commercial (Hospitality, Retail Building, Others), Industrial, Government and Public Services).
By Country: Saudi Arabia, U.A.E., Qatar, Turkey, Egypt, Iran, South Africa, Nigeria and Others.

Key Takeaways

  • Saudi Arabia dominated the MEA HVAC market in term of revenue in 2020 owing to the setup of international HVAC exhibitions.
  • Integration of IoT technology has been pushing the MEA HVAC industry with growing trend of smart homes in Middle East and Africa regions.
  • Increasing adoption of variable refrigerant technology HVAC systems in commercial sector provide opportunities for the MEA market.
  • High initial investment and stiff competition are the major challenges that hamper the growth of the market.

MEA HVAC Market, By Application, 2020

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MEA HVAC Market Segment Analysis – By Cooling

Air Conditioners held the major market share of 55.3% in 2020 owing to high adoption of HVAC systems in residential sector. There is high adoption of split type HVAC systems as it involves in easier installation process compared to traditional systems. It is of more efficient and customizable as there are two components to a split system. It also offers less maintenance and value added services as the energy efficiency of HVAC split system is high compared to other types. This is poised to propel the market.

MEA HVAC Market Segment Analysis – By Application

Commercial sector is the fastest growing segment in MEA HVAC market and estimated to grow at a CAGR of 7.0% during forecast period 2021-2026. Increasing adoption of ventilation and air cooling systems in offices, retail shops, shopping malls, hotels and others set to boost the demand of HVAC market. With the increase in investments of IT sector, there is high adoption of HVAC systems in IT offices. Thus, the adoption of HVAC systems is anticipated to increase in commercial buildings, thereby driving the market during forecast period.

MEA HVAC Market Segment Analysis – By Geography

Saudi Arabia dominated the MEA HVAC market in 2020 with a market share of 18.6%, followed by U.A.E and South Africa. In 2019, World’s first wind free AC had been launched in Saudi Arabia. Such developments have propelled adoption of new technology in the market. In 2020, Saudi Arabia had conducted largest event which is related to HVAC and refrigeration industry. This event hosts more than 80 local and international exhibiting brands. Setting up of this type events provide huge opportunities to various number of players, thereby driving the market.

MEA HVAC Market Drivers

Increasing Demand for Energy Efficient Solutions and Smart Homes

Adoption of energy efficient appliances has become a major trend. As HVAC systems consume less energy, the pressure on power plants is lessened, which, in turn, reduces the burning of fossil fuels. HVAC system has become a prime choice of equipment that could easily become the backbone for smart homes. This has increased the demand for HVAC systems in industries. Integration of intelligent HVAC system equipped with sensors allow users in controlling the temperature in every room of their house at any point of time. This is poised to drive the market.

Advancements in Technology

Adoption of Internet of Things (IoT) Technology in industries have been driving the MEA HVAC market. HVAC and building automation systems can be used for analyzing sensor data to run systems more efficiently and provide more comfortable environments. Incorporation of the HVAC industry and IoT provides for vast superior customer-centric services, enabling remote appliance control. Integration of IoT and IoT in HVAC benefits the industry in various applications such as real time monitoring, preventive maintenance, remote diagnosis, inter-operability in buildings and increased efficiency. This is poised to drive the market.

MEA HVAC Market Challenges

Stiff Competition and High Cost of HVAC Systems

As there are huge number of players, there is stiff competition existing between the players. Due to intense competition, some HVAC companies offer them at low prices. Additionally high capital investment and lack of skilled labor which restricts the new players to enter into market. HVAC maintenance requires constant filter change, and regular check which involves huge cost. Therefore, the maintenance costs also become a major a major challenge for HVAC end users which hampers the growth of the market.

MEA HVAC Market Landscape

Product Launches, Acquisitions, and R&D activities are key strategies adopted by players in the MEA HVAC market. MEA HVAC major 10 companies include Johnson Controls International plc, United Technologies Corporation, Ingersoll-Rand plc, Daikin Industries Ltd, Mitsubishi Electric Corporation, Toshiba Carrier Corporation, LG Electronics Inc, Fujitsu Limited, Midea Group Co. Ltd and others.

Acquisitions/Technology Launches

  • In November 2019, Johnson Controls had acquired EasyIO Building and Energy Management System (BEMS) product line in order to expand its HVAC and refrigeration systems, thereby driving the market.
  • In September 2019, Daikin Industries Ltd had launched a split AC GTL28 3 on the occasion of its 95th anniversary. This new AC draws electricity less than 3.5 ampere which is less than operating a hair dryer or microwave. Introduction of advanced products se t to increase MEA HVAC market share.

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1. MEA HVAC Market Overview
    1.1 Definitions and Scope
2. MEA HVAC Market - Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key trends By End Use Industry
    2.3 Key trends segmented by Geography
3. MEA HVAC Market – Market Landscape
    3.1 Comparative Analysis
        3.1.1 Product/Company Benchmarking-Top 5 Companies
        3.1.2 Top 5 Financial Analysis
        3.1.3 Market Value Split by Top 5 Companies
        3.1.4 Patent Analysis
        3.1.5 Pricing Analysis (Comparison of General Price of Industry Solutions)
4. MEA HVAC Market – Industry Market Entry Scenario Premium (Premium)
    4.1 Regulatory Scenario
    4.2 Ease of Doing Business Index
    4.3 Case Studies
    4.4 Customer Analysis
5. MEA HVAC Market – Startup Company Scenario (Premium)
    5.1 Venture Capital and Funding Scenario
    5.2 Startup Company Analysis
6. MEA HVAC Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. MEA HVAC Market – By Strategic Analysis (Market Size -$Million/Billion)
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Product Life Cycle/Market Life Cycle Analysis
8. MEA HVAC Market – By Component (Market Size -$Million/Billion)
    8.1 Compressor
    8.2 Control System
    8.3 Expansion Valves
    8.4 Evaporator Coils
    8.5 Ventilation Fans
    8.6 Blower Units
    8.7 Filters
    8.8 Dampers
    8.9 Others
9. MEA HVAC Market – By Ventilation Equipment (Market Size -$Million/Billion)
    9.1 Draft Inducers
    9.2 Ventilation Fans
    9.3 Humidifiers
    9.4 Air Filtration
    9.5 Air Purification
    9.6 Humidifiers
    9.7 Dehumidifiers
    9.8 Others
10. MEA HVAC Market – By Heating Equipment (Market Size -$Million/Billion)
    10.1 Heating Pumps
        10.1.1 Air to Air
        10.1.2 Water to Air
        10.1.3 Air to Water
    10.2 Boilers
        10.2.1 Gas Condensing
        10.2.2 Oil Condensing
        10.2.3 Water
        10.2.4 Steam
        10.2.5 Others
    10.3 Furnaces
        10.3.1 Oil
        10.3.2 Gas
        10.3.3 Electric
        10.3.4 Others
    10.4 Space Heaters
    10.5 Unitary Heaters
    10.6 Others
11. MEA HVAC Market – By Cooling Equipment (Market Size -$Million/Billion)
    11.1 Cooling Towers
        11.1.1 Evaporative Cooling Tower
        11.1.2 Hybrid Cooling Tower
    11.2 Air Conditioners
        11.2.1 Split Unit
        11.2.2 Central
        11.2.3 Window
        11.2.4 Others
    11.3 Chillers
        11.3.1 Centrifugal
        11.3.2 Absorption
        11.3.3 Screw
        11.3.4 Water Cooled
        11.3.5 Others
    11.4 Coolers
        11.4.1 Ducted
        11.4.2 Windowed
    11.5 Others
12. MEA HVAC Market – By End User (Market Size -$Million/Billion)
    12.1 New Fit
        12.1.1 Commercial
            12.1.1.1 Hospitality
            12.1.1.2 Retail Buildings
            12.1.1.3 Others
        12.1.2 Residential
        12.1.3 Industrial
        12.1.4 Government and Public Service
    12.2 RetroFit
        12.2.1 Commercial
            12.2.1.1 Hospitality
            12.2.1.2 Retail Buildings
            12.2.1.3 Others
        12.2.2 Residential
        12.2.3 Industrial
        12.2.4 Government and Public Service
13. MEA HVAC Market - By Geography (Market Size -$Million/Billion)
    13.1 Saudi Arabia
    13.2 UAE
    13.3 Qatar
    13.4 Turkey
    13.5 Egypt
    13.6 South Africa
    13.7 Nigeria
    13.8 Israel
    13.9 Others
14. MEA HVAC Market - Market Entropy
    14.1 New product launches
    14.2 M&A's, collaborations, JVs and partnerships
15. MEA HVAC Market – Industry Competitive Landscape (Premium)
    15.1 Market Share – Global
    15.2 Market Share by Region
    15.3 Market Share By End Use Industry
16. MEA HVAC Market – Key Company List by Country Premium (Premium)
17. MEA HVAC Market - Company Analysis
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10