Increasing Investment in Saudi Commercial Sector Responsible for Rising Demand for HVAC Systems
From 1960 to 2020, the Saudi Arabian population increased from 4.09 million to 34.81 million, which was a growth of 751.9% in 60 years! Moreover, around 84% of the inhabitants live in big cities. This rising trend of urbanization is increasing by 1.8% yearly. With the Increasing population and growing infrastructure improvements in the commercial sector, the demand for HVAC systems is also on the rise in the kingdom.
The size of the Saudi Arabian HVAC market was estimated at $2,390.4 million in 2021, and it is likely to propel at an 8.1% CAGR from 2021 to 2030 and reach $4,821.8 million by 2030. The industry is primarily driven by the snowballing spending on infrastructure, the rising need to lessen the wastage of food, and the budding hospitality industry. It also has a lot to do with the increasing urbanization rate in the country.
Get More Insights: Saudi Arabia HVAC Market Revenue Estimation and Growth Forecast Report
One of the key trends in the industry is the rising inclination of people toward the adoption of smart VRF systems. Many people have started using...
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