The Middle East industrial refrigeration systems market revenues are projected to grow at a compound annual growth rate (CAGR) of 7.3 per cent during 2018 to 2024, according to a report by 6Wresearch.
The report, titled ‘Middle East Industrial Refrigeration Systems Market (2018-2024)’, provides an in-depth analysis and estimates and forecast the overall Middle East industrial refrigeration systems market revenues by countries, equipment types, refrigerants and applications.
Several upcoming government initiatives such as Dubai Vision 2020, Turkey Vision 2023 and Saudi Arabia National Vision 2030 are anticipated to strengthen the industrial sector across the Middle East region, paving way for the growth of industrial refrigeration systems market over the coming years.
Upcoming projects such as FIFA World Cup 2022 (Qatar) and Dubai World Expo 2020 are expected to increase the tourist footfall in the country, which would boost the growth of food processing industry across the region.
Moreover, recovering oil and gas sector would also lead to an upsurge in the production of several by-products such as petrochemicals and lubricants and are anticipated to propel the growth of Middle East industrial refrigeration systems market over the coming years.
Upcoming large-scale projects such as $50 billion Eastern Province Economic City (Saudi Arabia), $10 billion MBR City - District One (UAE), $20 billion Akkuyu Nuclear Power Plant (Turkey) and $60 billion Urban Housing Projects (Kuwait) would help to strengthen the food processing and chemical and pharmaceutical industries across the Middle East countries, which would further upsurge the industrial refrigeration systems market during the forecast period.
Ravi Bhandari, research manager, research and consulting, 6Wresearch, said: “Compressors, followed by condensers were the key revenue generating segments in the overall Middle East industrial refrigeration systems market.”
“However, controls are anticipated to witness the highest growth over the coming years owing to its better operational efficiency and a wide window for customization features,” he said.
“Upcoming national initiative programmes such Saudi Arabia Vision 2030, Qatar Vision 2030 and Bahrain Vision 2040 would further help to achieve economic diversification by increasing investment across the industrial sector, which would significantly drive the market for industrial refrigeration system over the coming years,” Bhandari added.
Devesh Kumar, research associate, research and consulting, 6Wresearch, said: “By refrigerants, the industrial refrigeration systems based on Hydrochlorofluorocarbons held the highest revenue share in the overall Middle East industrial refrigeration systems market and the segment would continue to dominate over the coming years as well.”
“However, the systems based on carbon dioxide are anticipated to witness the highest growth during 2018-24, on account of its environmental friendliness such as minimal ozone-depleting,” he added.
Some of the major companies in Middle East industrial refrigeration systems market include - Johnson Controls, Zamil Air, Daikin, Emerson, Danfoss, GEA and Guntner, it added. – TradeArabia News Service
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