U.A.E. Chiller Market Will Reach USD 191.5 Million By 2030
The value of the U.A.E. chiller market stood at USD 129.8 million in 2023, and this number is projected to reach USD 191.5 million by 2030, advancing at a CAGR of 6.0 % during the projection period. This growth can be credited to the increasing hospitality industry, overall development in the industry of construction, and the rising need for chillers from the transport sector in the nation.
Furthermore, the industry is rising in the nation because of the thriving business opportunities in metropolises like Abu Dhabi and Dubai, the rising need for inverter chillers and district cooling units, quick industrialization, and the panoramic growth in the sector of construction.
During the projection period, based on chiller type, the centrifugal category is projected to showcase immense opportunities in the industry. The gaining of high-power productivity magnetic centrifugal chillers with a lower energy footprint instead of conventional centrifugal chillers is the utmost extraordinary trend being witnessed in the industry.
On the basis of end-users, the commercial category generates the largest income share in the industry. This is mainly due to the high acceptance of chillers in numerous commercial applications, like commercial buildings, hotels, hospitality, offices, hypermarkets/ supermarkets, government buildings, and healthcare facilities, and huge expenditure for the growth of hotels and hike in figures of hotel construction projects.
On the basis of commercial end users, the hospitality sector leads the industry. This is mainly because the industry has attained noteworthy development in recent years. For example, according to the World Travel and Tourism Council, the industry of travel and tourism has contributed significantly to the GDP of the nation.
Also, chillers are gaining resistance in the sector of hotels for the aim of chilling. In the U.A.E., Dubai reports a huge number of hotel construction projects. Considerable hospitality companies, like Accor S.A., Hilton Hotels & Resorts, and Marriott International are emerging
for the upcoming invasion of travelers.
On the basis of region, Dubai is considered the principal industry in the nation for chillers. This is due to the high development in building activities because of the World Expo event that occurred in 2020.
Furthermore, the Dubai government has undertaken to decrease the dependency on oil and gas in the long term while at the same time taking a more holistic method for the growth of additional sectors such as hospitality and tourism.
In response to the upcoming key events in Dubai, where it is vital that there be an imminent tourist invasion, the government envisages a range of over 150 important hotel projects. Therefore, demand for cooling equipment in this area is propelled by these reasons.
