The global chiller market was valued at $9.65billion in 2018, but that figure is set to be dwarfed over the next six years as demand for air comfort systems continues to grow.
Now a necessity for life for the majority of people living in the Middle East, particularly in the urban space, the popularity of chillers shows no sign of abating.
Between now and 2026, economists predict the market to grow at a CAGR of 4.1%, swelling to $13.25bn.
Closer to home, the Middle East & Africa market is predicted to generate revenue of $1.3bn by 2024, progressing at a 3.6% CAGR during the period.
The increasing demand from the transportation and hospitality sectors – as well as district cooling systems – is touted as the driving force behind the forecast.
Five years ago the MEA market took a hit owing to a slump in oil prices, but the announcement of major global events, including the FIFA World Cup and Dubai Expo, have also played their part in the revival.
Moreover, the rising adoption of inverter-based chillers is predicted to create huge opportunities.
Contributing to this latest special report is HVAC Power 20 entrant SKM Air Conditioning, who through Sales Director of Applied Business, Asim A. Hashmi, outlines the critical nature of chiller selection and performance.