The Latin America, Middle East and Africa HVAC Systems Market would witness market growth of 7.4% CAGR during the forecast period (2021-2027).
Factors like the high requirement for comfort, surge in disposable income, and the growing global warming are expected to fuel the demand for HVAC systems across sectors like commercial, real estate, and service industries. One of the major consumers of HVAC systems is the real estate industry. Retail, hospitality, and commercial are the four subcategories of this sector. The development of the real estate sector is rising due to the surge in demand for office space, urban & sub-urban accommodations, and the development of the corporate sector, eventually boosting the demand for the HVAC systems market.
The region is home to many underdeveloped as well as developing countries. Population in these countries usually has low disposable income due to which they are less inclined towards the adoption of HVAC systems. However, the region is witnessing a rising trend of electric vehicles which is expected to boost the demand for these systems in the upcoming years.
Moreover, demand for zero-emission vehicles is boosting with an aim to address the issue of a deteriorating environment, thereby creating a positive outlook for the growth of the HVAC systems market in the upcoming years. Therefore, the demand for HVAC systems is expected to grow in this region on the basis of the above-mentioned factors in the upcoming years.
The Residential market dominated the Saudi Arabia HVAC Systems Market by End User 2020, thereby, achieving a market value of $812.6 million by 2027. The Commercial market is estimated to grow at a CAGR of 7.6% during (2021 - 2027). The Industrial market is expected to witness a CAGR of 9% during (2021 - 2027).
Based on Product, the market is segmented into Cooling, Heating and Ventilation. Based on End User, the market is segmented into Residential, Commercial, and Industrial. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global HVAC Systems Market is Predict to reach $191.1 Billion by 2027, at a CAGR of 5.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Carrier Global Corporation, Johnson Controls International PLC, Hitachi, Ltd., Emerson Electric Co., Mitsubishi Electric Corporation, Trane Technologies PLC, Samsung Electronics Co., Ltd., Daikin Industries, Ltd., LG Electronics, Inc. and Lennox International, Inc.
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