The Saudi Arabian chiller market value stood at $252.0 million in 2018, and it is predicted to surge to $291.0 million by 2024. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 2.7% from 2019 to 2024 (forecast period). The market is being propelled by the increasing number of infrastructure and construction projects and burgeoning need for chillers in the food and beverage industry in the country.
With the implementation of various government initiatives, construction and infrastructural development activities are soaring in Saudi Arabia. This is pushing up the requirement for cooling systems, especially chillers, at supermarkets, buildings, and metro stations. For example, railway projects, such as the Madinah High-Speed Railway, Makkah Metro Rail, Riyadh Dammam High-Speed Rail, and Eastern Province Municipality-Dammam Metro, are predicted to begin in the coming years.
Since chillers are extensively used at metro stations and railway stations, these projects will augment their sales in the years to come. Besides, the booming tourism sector is also creating lucrative growth opportunities for the players operating in the Saudi Arabian chiller market. The country is actively focusing on improving the tourism sector in order to diversify its economy and reduce its economic reliance on oil and gas, under the Saudi Arabian Vision 2030 economic diversification plan.
As per the World Travel and Tourism Council, the tourism industry in the country accounted for as much as 9.4% of the total gross domestic product (GDP) in 2017. Hence, the sales of chillers will shoot up in Saudi Arabia in the upcoming years, majorly because of the surging infrastructure and construction activities and increasing tourist footfall in the country.
This market research report provides a comprehensive overview of the market
- The Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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