Rapid Infrastructural Development Activities Coupled with Expanding Consumer Base Will Drive the Growth of Air Conditioner Market in Qatar - 6Wresearch
Despite slump in oil prices in 2016, Qatar economy has witnessed growth in recent years primarily attributed to development of non-oil sectors such as construction, manufacturing and financial services. Qatar's transportation and infrastructure sector registered healthy investment of around $11.54 billion in 2018 financial budget. Additionally, investment in several other projects such as development of economic zones, stadiums, hotels and other public and private infrastructures to host the FIFA World Cup in 2022 has led to the growth of air conditioner market in the country.
According to 6Wresearch, Qatar Air Conditioner Market is projected to grow at a CAGR of 7.7% during 2018-24. Demand for air conditioners in near-future is anticipated to grow owing to ongoing and upcoming construction projects coupled with rapid expansion of tourism sector and development of real estate buildings following the World Cup and Qatar National Vision 2030 (QNV 2030). The government has also planned to spend over $200 billion as a part of a major infrastructural investment scheme during 2016-22. Additionally, Qatar's National Tourism Sector Strategy 2030 (QNTSS) is set to increase the demand for tourism by developing and diversifying its leisure and cultural offerings including expansion of retail space over the coming years.
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According to Rishi Malhotra, Senior Research Analyst - IT & Electronics, Research and Consulting, 6Wresearch, "Qatar's air conditioner market is highly import driven, where majority of the demand is fulfilled through imports from UAE and other neighboring countries. With mega infrastructure projects being implemented across the country, the centralized air conditioning system is expected to witness higher adoption over the coming years."
"Soaring temperature and new regulations are likely to pave the way for the growth of energy efficient air conditioners. Demand for energy efficient air conditioners have significantly increased despite of higher pricing as compared to traditional models. Split air conditioners are further likely to foresee higher adoption primarily in the residential application. Moreover, growing tourism and hotel development in the Southern region of Qatar have led to the growth of air conditioners market in the country," Rishi further added.
According to Akshay Thakur, Research Associate - IT & Electronics, Research and Consulting, 6Wresearch, With Qatar diversifying its economy and focusing on achieving viable growth by fostering private sector, substantial amount of sales for air conditioning units is anticipated primarily from the residential, commercial and retail applications."
Additionally, "the demand from Government & Transportation and Hospitality applications is expected to increase during the forecast period attributed to rise in the construction projects in these sectors.
Apart from substantial investment in the infrastructure and transportation projects, Qatar is in the process of building new hotels and hotel apartments over the next six years in advance of the expected surge in the number of visitors during the event.
Additionally, Qatar is bent on enhancing spending on certain key sectors, primarily the educational sector which has been allocated $5.2 billion worth of investment in 2018 budget. Further, Qatar's Northern region is planning a major expansion of healthcare facilities which would further drive the growth in this region," Akshay further added.
Key contributing vendors in Qatar Air Conditioner Market include - AHI Carrier Fzc, Daikin McQuay Middle East and Africa FZE, Fujitsu General (ME) FZE, GREE Electric Appliances Inc., Johnson Controls (York), LG Electronics, Inc., Mitsubishi Electric Corp., Petra Engineering Industries Co., Samsung Electronics Co. Ltd. and Trane INC.
"Qatar Air Conditioner Market (2018-2024)" provides in-depth analysis with 74 figures and 9 tables covered in more than 135 pages. The report estimates and forecast the overall Qatar air conditioner market by revenues, by air conditioner types such as Window AC, Split AC, Ceiling Concealed AC, Packaged AC, Floor Standing AC, Cassette AC, Ceiling Suspended AC and Centralized AC as well as by applications and by regions. The report also offer insights on market share by companies, company profiles, market drivers and restraints.
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