The MEA chiller market is estimated to touch USD 1,227.6 million in 2023, which will reach USD 1,872.5 million, advancing at a 6.5% compound annual growth rate, by 2030.
The growth of this industry can be because of the increasing progression in the construction sector, the growing requirement for chillers for district cooling systems, and government support.
Moreover, the rising demand for chillers from the hospitality and transportation sectors is also fueling the industry. Additionally, the regional nations are concentrating on utilizing renewable energy for chillers and energy-efficient cooling and heating solutions.
Furthermore, the providers of district cooling are now emphasizing energy-efficient technologies to decrease their operational expenses and enhance the feasibility of their procedures. These strategies will further boost the progression of this industry during this decade.
The screw category, based on chiller type, is the largest contributor to the industry. This can be because of the increasing acceptance of screw chillers in industrial and commercial sectors.
Moreover, this category is further split into two parts: air-cooled and water-cooled, among these, water-cooled chillers account for a significant share. This can be because water-cooled chillers are extensively favored when the power consumption is more than 5 MW coupled with the arrival of developed water-cooled chillers.
The commercial category, based on end users, is leading the MEA chiller market. Moreover, this category comprises transportation, government, hospitality, offices and buildings, supermarket/hypermarket, healthcare, and other sectors, which together creates a high requirement for chillers.
Furthermore, between these, the transportation category will propel at a swift rate in the coming years. This will be because of the current as well as upcoming transportation developments in Nigeria, Egypt, Saudi Arabia, Qatar, Israel, and the U.A.E.
Whereas, the industrial category will advance at a remarkable rate during this decade. This is because of the increasing count of industrial projects, including oil & gas, in this region. The U.A.E., for instance, is witnessing huge funding for oil & gas plant expansion projects to increase the capacity of production.
Saudi Arabia is the largest contributor to the industry. This is because the nation is observing enlarged construction activities, which comprise metro and hotel projects, because of the enhancing tourism sector.
Moreover, the growth is also driven by government initiatives, including the National Transformation Programme (NTP) and Saudi Vision 2030.
Whereas, the U.A.E. will propel at a significant rate, of 6.7%, during this decade. This is because of the increasing count of construction projects in this nation, including hotels, because of the surging count of tourists.
With the continuous rise in construction activities, the MEA chiller industry will continue to progress in the coming years.
