Report : Middle East and Africa HVAC Chillers Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Technology (Air-Cooled, Water-Cooled, and Steam-Fired), Type (Process Chillers, Scroll Chillers, Screw Chillers, Centrifugal Chillers, and Absorption Chillers), and Application (Industrial, Commercial, and Residential)
Water-Cooled Segment is Expected to be Fastest Growing During Forecast Period for MEA Region
According to a new market research study on “MEA HVAC Chillers Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Technology, Type, and Application” is expected to reach US$ 404.35 million by 2028 from US$ 350.53 million in 2021. The market is estimated to grow at a CAGR of 2.1% from 2021 to 2028. The report provides trends prevailing in the MEA HVAC chillers market along with the drivers and restraints pertaining to the market growth. Surging economic growth in developing countries of the region and growing development of IoT enabled HVAC chillers are the major factor driving the growth of the MEA HVAC chillers market. However, less efficiency in humid environment and high maintenance cost hinders the growth of MEA HVAC chillers market.
Countries in MEA, especially South Africa, are highly affected due to the COVID-19 outbreak. The Middle East is an important oil-producing region in the world that comprises countries such as South Africa, Saudi Arabia, and the UAE. The COVID-19 pandemic has exposed the economies in the region to many additional challenges as most of countries faced a slack in the transportation operations, dip in goods demands, and disruptions in supply chain operations in FY 2020. Moreover, the UAE was estimated to be the largest market for HVAC chillers in the Middle East & Africa in FY 2020, according to the research study. The MEA market is majorly impacted owing to supply chain disruption. Further, as country boarders were closed, the supply chain of several industrial equipment and components were disturbed. This has led to a decline in revenue of the HVAC chiller manufacturers and distributors offering their products to different sectors, such as industrial, commercial, and residential applications. However, the restrictions are eased in 2021, and manufacturing of HVAC chillers gained traction as the demand for cooling devices across commercial and industrial facilities is growing.
The MEA HVAC chillers market is segmented based on technology, type, application, and country. The market, based on technology, is segmented into air-cooled, water-cooled, and steam-fired. The air-cooled segment dominated the market in 2020 and water-cooled segment is expected to be fastest growing during forecast period. On the basis of type, the market is segmented into process chillers, scroll chillers, screw chillers, centrifugal chillers, and absorption chillers. The screw chillers segment dominated the market in 2020 and absorption chillers segment is expected to be fastest growing during forecast period. The market, by application, is segmented into commercial, industrial, and residential. The industrial segment dominated the market in 2020 and commercial segment is expected to be fastest growing during forecast period. Based on country, the market is segmented into the UAE, Saudi Arabia, South Africa, and rest of MEA.
AIREDALE INTERNATIONAL AIR CONDITIONING LTD.; Carrier Global Corporation; DAIKIN INDUSTRIES, Ltd.; Johnson Controls, Inc.; Kaltra; LG Electronics; Mitsubishi Electric Corporation; SKM Air Conditioning; and Trane are among the leading companies in the MEA HVAC chillers market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Daikin has agreed a joint venture with Singapore Electric Power to supply a centralized cooling system in Singapore’s first smart city. Company is also believed to have signed maintenance contract for the chillers.
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