Published: March 2020 | Report Code: SE11910 | Available Format: PDF | Pages: 156
Heat Pumps to Witness Fastest Revenue Growth in U.A.E. Heating Equipment Market till 2030
Valued at $89.5 million in 2019, the U.A.E. heating equipment market is expected to grow at a CAGR of 2.9% during 2020–2030 (forecast period) to ultimately reach $121.4 million by 2030. The key reasons behind the increasing demand for such equipment are the expanding hospitality industry in Dubai and the surging number of construction projects in the country’s transportation domain.
Segmentation Analysis of U.A.E. Heating Equipment Market
Heat pumps, on the basis of equipment type, are projected to witness the highest CAGR in the market, in terms of revenue, during the forecast period. This is credited to the fact that compared to boilers and furnaces, heat pumps are more cost-effective.
In 2019, the commercial category, based on end user, held the largest revenue share in the U.A.E. heating equipment market, as a result of the increasing number of hotels & restaurants, commercial offices & buildings, healthcare facilities, and other commercial spaces in the nation.
During the historical period (2014–2019), Dubai dominated the market for heating systems in the country, as it is the most densely populated metropolis here and its financial center. With the upcoming Dubai Expo 2020 and government efforts to promote tourism, the emirate would witness large-scale construction activities in the coming years.
Energy-Efficient Heating Systems Trending in the U.A.E.
The major trend in the U.A.E. heating equipment market is the use of energy-efficient systems. Compared to conventional variants, they use a lot less energy, which helps in reducing the emission of greenhouse gases. Another advantage of energy-efficient equipment is a significant decrease in the expenditure on electricity. The country is strongly encouraging residents to use as less energy as possible, so that valuable resources, such as crude oil and natural gas, can be conserved for the future. For instance, under the Energy strategy 2050, launched in 2017, the government aims to achieve a 70% reduction in its carbon emissions by 2050.
Demand for Heating Equipment Rising with Growing Hospitality Sector
The key factor leading to the advance of the U.A.E. heating equipment market is the robust expansion of the country’s hospitality domain. This is itself a result of the increasing tourism activities here, which contributed $18.6 billion to the national gross domestic product (GDP) in 2016. By 2027, the travel and tourism sector is expected to generate $116.1 billion for the country’s economy. Numerous projects have been launched to attract 20 million tourists to Dubai, annually, by 2020 and 10 million travelers to Sharjah, every year, by 2021. To cater to the increasing number of people coming here from around the world, lots of hotels are being constructed, where heating systems will be installed in high numbers.
Market Players Collaborating with Each Other to Gain a Larger Industry Share
In the recent years, a number of major players in the U.A.E. heating equipment market have collaborated with regional firms to work together on new products, in a bid to gain more customers and revenue. For instance, in February 2020, Groupe Atlantic, which offers water heater solutions, heat pumps, calorifiers, and ventilation solutions via its office in Dubai, announced a collaboration with Auqaplex to introduce energy-efficient water heaters for people in the Persian Gulf region.
Johnson Controls International plc, LG Electronics Inc., Mitsubishi Electric Corporation, Ingersoll-Rand plc, Gree Electric Appliances Inc. of Zhuhai, Danfoss A/S, United Technologies Corporation, Midea Group Co. Ltd., Daikin Industries Ltd., Thermax Ltd., Zamil Air Conditioners, and S.K.M Cooling LLC are the key U.A.E. heating equipment market players.
U.A.E. Heating Equipment Market Size Breakdown by Segment
The U.A.E. heating equipment market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on End User
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