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NEW YORK, May 19, 2021 /PRNewswire/ The $23-billion Riyadh metro project, which is 109 miles long, was 83% complete in 2019. Similarly, the three-line Jeddah metro network is under construction, which was set to be completed in 2020. Due to such rapid infrastructure development, the Saudi Arabian heating, ventilation, and air conditioning (HVAC) market is set to grow from $2,476.1 million in 2020 to $4,821.8 million by 2030, at an 8.1% CAGR between 2021 and 2030.
This is because cooling and ventilation systems are a necessity in the stations and underground tunnels of such networks. Another major government project that is boosting the Saudi Arabian HVAC market advance is the NEOM megacity, the first phase of which was completed in mid-2019. In addition, a large number of HVAC systems have been installed at Vox Cinemas, which was opened to the public in May 2019.
Saudi HVAC sector eyes $4.8bn revenue by 2030, says report
RIYADH, 9 hours, 17 minutes ago Saudi Arabia s heating, ventilation, and air conditioning (HVAC) market is set for significant growth over the next 10 years with its revenue surging to over $4.8 billion by 2030 from $2.5 billion in 2020, growing at a 8.1 per cent CAGR, according to research firm P&S Intelligence. This growth is mainly due to the ongoing metro work in Riyadh and Jeddah and other clean energy projects, said a report. With cooling and ventilation systems now becoming a necessity in the stations and underground tunnels of such networks, the demand for HVAC is growing at a rapid pace, it stated.