HVAC market in GCC set to grow 7.4% until 2016
Report says that increase in construction activity is driving market
The heating, ventilation, and air conditioning (HVAC) market in the Gulf Cooperation Council (GCC) is to grow at a compound annual growth rate (CAGR) of 7.4% until 2016, according to forecasts from analysts.
The report by Infiniti Research says that one of the key factors contributing to this market growth is the increasing number of construction activities in the region.
The HVAC market in GCC has also been witnessing the increasing use of energy-efficient HVAC systems, it adds, but increasing competition from local vendors could pose a challenge to the growth of this market.
Infiniti Research’s report was prepared based on an in-depth market analysis with inputs from industry experts. The report covers the HVAC market in GCC landscape and its growth prospects in the coming years and includes a discussion of the key vendors operating in this market such as Carrier Corp., Daikin Industries Ltd., Ingersoll Rand plc, Johnson Control Inc., and Zamil Industrial Investment Co.