Market Introduction
MEA is projected to witness a swift growth in new technology adoption and industrialization, further improving diverse industries. The Gulf countries are economically advanced, while the African countries still have to balance to match the economic condition of Gulf countries, such as the UAE and Saudi Arabia, due to lack of supporting infrastructure. At present, the Gulf countries are on the verge of adopting advanced HVAC systems. Several factors, such as growing population, rising middle-class income, and increasing efforts to motivate businesses other than oil & gas industries, are likely to provide ample growth opportunities to the market players in MEA. Such improvements promote the growth of the smart technologies for smart building applications. Although, the demand for HVAC sensors is low in the region, the demand would increase with growing investments in the residential construction and commercial construction sector in the coming years. In addition, various companies operating in the HVAC system market are identifying the potentials of the HVAC industry, in a bid to enhance the offering for customers in the region. HVAC systems manufacturing companies are expanding their footprint in the region to improve their support for the customers, which is ultimately driving the growth of the MEA HVAC sensor market.
Furthermore, in case of COVID-19, MEA is highly affected especially South Africa. The MEA HVAC sensors market is majorly affected by the disruption in the supply chain. Pertaining to the closure of borders of countries, the supply chain of several components and parts have been disturbed. The demand for HVAC systems and sensors has weakened since the eruption of COVID-19 in MEA countries. This has resulted in a loss of business among the HVAC systems and HVAC sensor manufacturers offering their products to various industries in the region. Countries with higher manufacturing units such as Turkey, Israel, and South Africa, among others have witnessed critical scenarios in procuring various electronics and semiconductor products including sensors which showcased fall in MEA HVAC sensors market in the region. The construction activity in the region is among the rapidly growing industry. The UAE, Saudi Arabia, and Qatar, represent the forerunners in the GCC construction industry. The outbreak of COVID-19 virus had paused several construction activities in the countries mentioned above, and some of the projects are still likely to remain halted. This parameter is among the key factors that have negatively impacted the HVAC systems industry and subsequently impaired the HVAC sensors market.
Market Overview and Dynamics
The MEA HVAC sensors market is expected to grow from US$ 308.24 million in 2019 to US$ 409.22 million by 2027; it is estimated to grow at a CAGR of 4.0 % from 2020 to 2027. Surging construction sector across MEA region is expected to escalate the MEA HVAC sensors market. The construction sector is experiencing a tremendous growth in developing economies across MEA with a heavy investment in commercial construction as well as infrastructural and institutional developments such as railway stations, bus stations, airports, and educational institutions. This rapid growth of the construction sector is attributed to the rising urban population demanding better standard of living. Further, the rise in commercial construction such as shopping malls, recreational centers, cinema halls, and office building is boosting the installation of HVAC systems. Moreover, some of these economies are also planning to boost their industrial sector by offering favorable business environment to foreign investors and support to local industries. Saudi Arabia National Industrial Development & Logistics Program, and UAE Strategy for the Fourth Industrial Revolution are among the initiatives taken by governments to support industrialization. Moreover, several foreign players are relocating their manufacturing facilities to low-cost economies in MEA region, which is anticipated to propel the industrial construction. Since, HVAC system is one of the integral systems in construction process, the deployment of HVAC systems is likely to increase with the rising construction activities, which will drive the MEA HVAC sensors market.
Key Market Segments
In terms of type, the temperature sensors segment accounted for the largest share of the MEA HVAC sensors market in 2019. In terms of end user, the commercial segment held a larger market share of the MEA HVAC sensors market in 2019.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the MEA HVAC sensors market are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Emerson Electric Co.; Honeywell International Inc.; Johnson Controls, Inc.; Schneider Electric; Sensirion AG; Siemens AG; TE Connectivity Ltd.
Reasons to buy report
MEA HVAC Sensors Market Segmentation
MEA HVAC Sensors Market - By Type
MEA HVAC Sensors Market - By End User
MEA HVAC Sensors Market - By Country
MEA HVAC Sensors Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 308.24 Million |
| Market Size by 2027 | US$ 409.22 Million |
| CAGR (2020 - 2027) | 4.0 % |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Middle East and Africa
|
| Market leaders and key company profiles |
|
The Middle East & Africa HVAC Sensors Market is valued at US$ 308.24 Million in 2019, it is projected to reach US$ 409.22 Million by 2027.
As per our report Middle East & Africa HVAC Sensors Market, the market size is valued at US$ 308.24 Million in 2019, projecting it to reach US$ 409.22 Million by 2027. This translates to a CAGR of approximately 4.0 % during the forecast period.
The Middle East & Africa HVAC Sensors Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Middle East & Africa HVAC Sensors Market report:
The Middle East & Africa HVAC Sensors Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Middle East & Africa HVAC Sensors Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Middle East & Africa HVAC Sensors Market value chain can benefit from the information contained in a comprehensive market report.
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