NEW YORK, Dec. 8, 2022 /PRNewswire/ — According to the latest market research report published by P&S Intelligence, the total size of the Saudi Arabian HVAC TAB services market was $45.0 million in 2021, which will touch $94.6 million by 2030, with a CAGR of 8.6% during 2021–2030. This is because of the growing tourism industry, rapid installation of HVAC appliances, and increasing development activities in the nation’s industrial and residential sectors.
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Balancing Category To Dominate Market
The balancing service category had the largest share, of about 64%, in 2021, and it will maintain its dominance in the near future.
Air balancing is a significant part of the planning of large commercial projects, but the principles of balancing can be applied to apartment complexes and individual homes too.
HVAC issues that can be identified through an air balancing examination include perforated or damaged air ducts, blockages, loose duct joints, undersized ducts, extremely long ductwork, and sharply turning ductwork.
Service Demand in Commercial Sector To Increase in Future
The commercial industry dominates the market, and it will have the highest growth rate in the future. This is due to the increasing count of commercial offices and buildings and the budding hospitality industry.
Additionally, because of the sustained growth in FDI into Saudi Arabia, the rental value of office spaces classified as Grade A in Jeddah and Riyadh is continuously on the rise.
Rising Spending on Infrastructure Boosts Market Growth
The increasing spending on construction is supporting the growth of the industry. The nation has planned a trillion-dollar pipeline of infrastructure projects, for the diversification of its economy beyond oil and gas and to place itself as an international hub for logistics and investments.
Tourism, smart cities, and sustainable energy are a few key areas the development strategy emphasizes.
Eastern Saudi Arabia has some of the most-important infrastructure projects underway, such as Red Sea International Airport, Riyadh Metro, and AlUla International Airport. Much of this construction is supported by the NIF, the government’s mega investment plan for financial development.
Western Region Most Widely Uses HVAC TAB Services
The western region dominated the industry, with an around 40% share, in the past. This was because of the numerous key construction projects completed and underway in Jeddah, Madinah, Makkah, and Neom.
Browse detailed report on Saudi Arabia HVAC TAB Services Market Size, Share, and Growth Forecast Report 2022-2030
Additionally, the central region follows the western region in revenue generation. With the speedy development of tourist spots, introduction of more entertainment options, and growth of the hospitality industry, the region has numerous growth opportunities for HVAC TAB service providers.
Saudi Arabia HVAC TAB Services Market Report Coverage
By End Use
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SOURCE P&S Intelligence