Positive Outlook
Oman Economic Review|April 2018

Government spending on infrastructure development projects such as airports and seaports, construction of new hotels and malls as well as the preparations for the upcoming World Expo 2020 and FIFA World Cup 2022 have propelled the growth of air conditioner market in the GCC region

Residential and commercial sectors, coupled with rising disposable income, are augmenting demand for air conditioners across the globe. Growing acceptance of air conditioners as a utility product, rather than a luxury product, is anticipated to boost growth in the global air conditioners market. A major share in the demand for air conditioners is emanating from Asia-Pacific due to rapid infrastructure developments and increasing penetration of air conditioners in the residential sector. Development of major cities, growing construction activities in hospitality and tourism sectors, coupled with increasing investments by governments across various countries, are anticipated to propel demand for air conditioners across the globe.

According to “Global air conditioners market by product type, by region, competition forecast and opportunities”, the global market for air conditioners is projected to cross exceed $155bn by 2022. Increasing disposable incomes, changing climatic conditions, booming construction sector, and technological innovations are driving air conditioners sales across the globe. Further, a major portion of the growth in demand for air conditioners across the globe is anticipated to emanate from residential and commercial sectors. Moreover, Asia Pacific dominated the global air conditioners market, followed by North America. Light commercial air conditioners dominated global air conditioners market due to their increasing use in residential and commercial buildings.

A major share in the demand for air conditioners is emanating from Asia- Pacific due to rapid infrastructure developments and increasing penetration of air conditioners in the residential sector. Development of major cities, growing construction activities in hospitality and tourism sectors, coupled with increasing investments by governments across various countries, are anticipated to propel demand for air conditioners across the globe during the forecast period.

GCC air conditioner market is projected to grow at a CAGR of 7.3 per cent during 2017-2023, driven by the changing lifestyle, proliferation of building structures, rising consumer buying power and emergence of mega infrastructure.

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