The Middle East and Africa (MEA) chiller market is predicted to generate a revenue of $1. 3 billion by 2024, progressing at a 3. 6% CAGR during the 2019–2024 period. The increasing demand for chillers from the transportation and hospitality sectors and district cooling systems is responsible for the growth of the market.
New York, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Middle East and Africa Chiller Market" - https://www.reportlinker.com/p05796693/?utm_source=GNW
Furthermore, the rising adoption of inverter-based chillers is predicted to create huge opportunities for the players operating in the market during the forecast period.
During 2014–15, MEA market registered a fall in the revenue owing to slump in oil prices, which led to a drop in the revenue generated by the oil and gas sector in the region. But, various factors, such as upcoming events scheduled during the forecast period, including, FIFA World Cup 2022, Dubai Expo 2020, and Africa Confederation Cup 2019, are expected to revive the market. These events are leading to the increasing construction of new stadiums and hotels, which, in turn, is resulting in the growth of the chiller market in MEA. On the basis of type, the market is categorized into screw, scroll, reciprocating, centrifugal, and absorption chillers.
Out of these, in 2018, the screw category held the largest share in the market. The screw chiller category is further bifurcated into water-cooled and air-cooled, of which the water-cooled bifurcation dominated the market in terms of revenue in 2018. This is attributed to the fact that these chillers are mostly preferred when the consumption of power is over 5 MW. However, the air-cooled division led the market in terms of volume. Based on end-user, the MEA chiller market is classified into industrial, residential, and commercial.
Out of these, in 2018, the commercial classification contributed the highest revenue to the market. The commercial classification is further divided into hospitality, offices and buildings, healthcare, transportation, supermarket/hypermarket, and government. Among these, the transportation division is predicted to witness the fastest growth in the MEA chiller market during the 2019–2024 period. This is ascribed to the ongoing and upcoming metro projects in Saudi Arabia, Nigeria, Egypt, Qatar, U.A.E., and Israel. In Saudi Arabia, there are three projects that are under construction in Riyadh and Jeddah.
As compared to air conditioning systems, the inverter technology in chillers is more efficient. An inverter helps in the adjustment of the power operation automatically depending upon the actual amount required, which does away with the on/off feature of traditional systems. As a result, it lowers the energy bill by up to 50.0%. It offers several other benefits, such as quick cooling, longer life, stable temperature, and no sound disturbance. The nation is continuously aiming at the use of energy-efficient heating and cooling solutions. These factors are expected to boost the MEA chiller market growth during the forecast period.
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