The Middle East and Africa region is expected to invest up to $10.1 billion in heating, ventilation and air condition (HVAC) systems by 2024.
Factors driving the Middle East and Africa to expand investments in HVAC systems include:
- Surging religious tourism
- Growing construction industry and increased adoption of green buildings
- Upcoming major events
- Climate change, which is boosting the HVAC market growth year-over-year
- Increasing income and economic stability in countries like Uganda, Kenya and Nigeria is leading to a rise in spending by citizens
For instance, the construction of green buildings, such as the King Abdullah Financial District in Saudi Arabia, is fueling the demand for high-efficiency HVAC systems.
Climate change is further increasing the average temperatures in the two regions such that HVAC systems are no longer luxuries but a necessity.
In 2017, countries including Kuwait, Iran, and Iraq recorded the highest temperature of 54C! According to the Max Planck Institute for Chemistry, the summer temperature in the MEA region is slated to rise twice as fast as the global average.
For more information about the report, visit "Middle East and Africa (MEA) HVAC Market (2014-2024)"