The expanding food and beverages industry along with infrastructural developments is fueling the growth of the Saudi Arabia chiller market. P&S Intelligence recently estimated the 2018 market size as $252.0 million and the forecast period (2019–2024) CAGR to be 2.7%.
A chiller is an electrical device, which provides cooling to large spaces by removing the heat from the liquid contained within. The ‘chilled’ liquid, which is usually just water, is then used to cool the space.
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For instance, once constructed, Jazan International Airport and Hail International Airport will require such chillers in significant numbers. Further, based on region, the domain has been categorized into central, western, southern, and eastern.
Among all these, the Saudi chiller market is expected to grow the fastest in the western part of the country (at over 4.0% CAGR), as it is the location of its major cities, including Makkah, Jeddah, Tabuk, and Madinah. A number of infrastructure projects are either planned or currently underway in the region, such as the downtown residential complex in Jeddah.
Infrastructural development is also the reason that of two types of screw chillers — air-cooled and water-cooled — the water-cooled type contributed higher revenue to the chiller market in Saudi Arabia in 2018, accounting for more than 50.0% share, and is also expected to witness the faster growth in the future. Water-cooled chillers are preferred for office buildings, hotels, and hospitals, where multiple floors need to be cooled at once.
Therefore, it is clear that rapid developments in infrastructure and the growth of the food and beverages industry in Saudi Arabia will offer key players ample opportunities to prosper during the forecast period.
This post was originally published on Raleigh Recorder