Saudi Arabia set for record growth in HVAC sector for five years. Key facts include:
- HVAC sector set for growth of up to 14 per cent every year until 2020
- About 70% of electricity consumption in the Kingdom is used powering of air conditioners and with another half million homes needed in the country the demand for energy is also set to double.
- HVAC R market grew at a CAGR of around 9.61% in value terms during 2010-14, and is further projected to witness growth at around 13.73%.
- The building insulation market in Saudi Arabia is projected to grow at a CAGR of around 7.39% during 2015-20, mainly on account of increasing concerns regarding energy saving.
- Building insulation saves around 40% of energy consumed in regulating air conditioning temperatures.
- Refrigeration market in Saudi Arabia grew at a CAGR of around 11.80% during 2010-14, and is projected to grow at a CAGR of around 12.27% over the next five years.
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