Report Ocean recently published an extensive intelligence report titled “GCC HVAC Rental Market Report: Size, Share, Competitive Landscape, Technology, Latest Updates, and Forecasts to 2030.” This report provides a comprehensive analysis of the market at a micro-level, focusing on insurers, major market sectors, products, and distribution methods within the industry.
The competitive segment of the report offers a summary of key competitors, their financial conditions, recent developments, competitive analysis, and market advancements. This analysis enables market participants to effectively identify relevant opportunities by assessing the strengths and weaknesses of major competitors.
Insights into the Market During the Forecast Period (from 2023 to 28), the GCC HVAC Rental Market is anticipated to expand at a CAGR of approximately 3.48 percent.
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Heating, ventilation, and air conditioning are all included in the HVAC market definition. It includes everything that controls the temperature, humidity, and purity of the air, like air conditioners, heating equipment, and so on. The rental services for HVAC systems include renting the entire system as well as the parts that go with it for short- and long-term use in industries, homes, and commercial buildings. Labor accommodations at construction sites, events and exhibitions, and commercial spaces as a backup air conditioning system in the event of system failure or breakdown are typically sources of demand for such services.
This is because of the region’s extreme heat and harsh climate, which necessitates air conditioning for all residents. Because of this, the market for rental HVACs in the region is being further supported by the fact that HVAC systems are necessary for ensuring that comfortable indoor environments are maintained in residential, commercial, and industrial settings.
Additionally, the ongoing involvement of governments from countries like the United Arab Emirates, Saudi Arabia, Oman, etc., diversifying their sources of income in the face of the volatility in the oil and gas industry is resulting in the development of infrastructure in a variety of industries, including manufacturing, healthcare, tourism, hospitality, and others.
Additionally, provincial nations are seeing a rising flood of exiles because of the making of business open doors for both authentic and middle class laborers, joined easily of visa accessibility for understudies and experts, further taking off up the pace of development in the locale. Due to the significant demand for rental air conditioners during construction for labor in GCC nations, this would further increase demand for the equipment in the coming years.
In addition, initiatives taken by governments of countries like Saudi Arabia, Qatar, Kuwait, the United Arab Emirates, etc., a growing number of national and international events, exhibitions, and fairs are taking place across the GCC in an effort to attract investments in their respective nations. Automotive, healthcare, agriculture, textile, and other industries are just a few of the many that are connected to these events. and see a lot of tourists, college students, business professionals, and business owners. The anticipated increase in revenue for HVAC rental companies would result from the need for temporary air conditioning systems for such exhibitions and events.
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As a result, the current economic developments in the countries of the region, in addition to the expansion that is planned under a variety of government visions, such as Saudi Vision 2030, Abu Dhabi Vision 2030, Kuwait Vision 2035, Oman Vision 2040, etc., would also create a promising growth opportunity for the HVAC system rental market in the GCC region between 2023 and 2028.
Key driver: Market Dynamics Rising Infrastructure Projects to Help the Market The GCC region saw a significant increase in construction activity due to the development of transportation, residential, and commercial spaces, among other things. The UAE, Saudi Arabia, Kuwait, and other important regional economies, are more focused on building commercial structures like airports and metro malls. As a result, the region’s rental HVAC market is being driven by an increase in construction activity. In addition, the expanding tourism industry in nations like Saudi Arabia, Egypt, the United Arab Emirates, and others, has resulted in the construction of commercial structures like resorts, retail malls, extravagant hotels, and other structures.
Furthermore, the states of the nations like the UAE, Saudi Arabia, and Oman, among others, have been broadly associated with helping the travel industry by laying out sporting centers, lavish shopping centers, and so on., and also by preserving and upkeep cultural heritage sites and historical landmarks. As a result, HVAC rental demand will rise during the forecast period as a result of the growing construction of commercial buildings in the GCC region.
Possible Limitation: The GCC Rental HVAC market is susceptible to market growth disruptions caused by disruptions in the global market because it is heavily reliant on efficient and dependable imports. The delivery of HVAC equipment and spare parts to GCC nations is impacted by any disruptions to shipping and transportation, such as natural disasters, strikes, or political instability, resulting in delays and increased costs for businesses. As a result, the market’s expansion in the coming years may be hampered by HVAC rental companies’ reliance on imports from other nations.
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Learning experience: Due to the presence of some of the most holy pilgrimages, such as Hajj and Umrah, the GCC region sees an increase in the number of religious tourists. This will help the market for rental HVAC systems. in the Arabian Gulf. These tourists also travel to other countries in the region to see different religious mosques and places, like the Sheikh Zayed Grand Mosque in the United Arab Emirates, among other places. Regional governments provide additional services and facilities to accommodate the increased number of pilgrims during Ramadan, such as extended shopping hours, specialized Ramadan tents for Iftar meals, and additional public transportation services.
This also includes providing campers with temporary air conditioning equipment. The demand for the HVAC rental market in the GCC will rise in the coming years if the government places an increased emphasis on increasing the number of such pilgrims in the region following the pandemic in order to transform the area into a center for religious tourism.
Key Pattern: Rise of Long haul Tenant agreements in the GCC Rental Market
Central air rental clients in the GCC nations to get solid and practical air conditioning answers for expanded periods have begun enjoying long haul tenant agreements lately. Customers are looking to secure their HVAC needs for several years rather than just renting equipment for short-term projects because these contracts allow them to avoid the high capital expenditures associated with purchasing HVAC equipment because they only have to pay a fixed rental fee for the duration of the contract. Furthermore, it frees up capital for other investments and assists customers in better managing their cash flows. As a result, businesses in the GCC region are benefiting from these long-term contracts by increasing their revenue potential.
Type-Based Market Segmentation:
Room air conditioners, central air conditioners, and other air conditioners (such as heating equipment)
Among these, the large short-term demand for centralized air conditioners at various events, exhibitions, and conferences held in all of the countries in the region led to a significant demand for rental HVAC equipment in the GCC over time. In addition, a growing number of sports events and cultural programs in countries like Qatar and the United Arab Emirates are requiring such systems in halls and large spaces to provide players and audiences with comfort. This is expanding the market for rental HVAC systems in the region.
Further, the requirement for such frameworks in business and public spaces like clinics, buildings, stations, fabricating, and modern units, alongside the rising number of monetary, social, and social projects, and business and global gatherings, would create the rental central air framework interest in the figure years.
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Based on the Use:
Breakdown of Equipment at Construction Events Among these, Construction has gained a significant share of the GCC Rental market over the past few years due to the extensive development of infrastructure in nations like the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, and others. The need to provide air-cooling equipment for such labor was prompted by the region’s hot and humid climate and the availability of a large number of low-cost laborers to work at these construction sites. The countries that are present throughout the GCC are the primary market for rental HVAC equipment because it is less expensive for builders to meet the air conditioning requirements at the accommodation for such labor thanks to the availability of rental HVAC solutions. Additionally, the region’s rising construction rate will increase demand for this category in the foreseeable future.
Regional Projection The market expands geographically across:
The UAE
Saudi Arabia
Qatar
Kuwait
Oman
Bahrain
Among every one of the nations, the UAE saw a colossal interest for rental central air frameworks during 2018-2022. This is because of the country’s rapid urbanization and infrastructure development, which increased construction sector demand for HVAC rental solutions. Additionally, the United Arab Emirates has emerged as a major hub for international exhibitions and events, which necessitate temporary HVAC solutions to ensure the comfort of attendees.
Additionally, because the United Arab Emirates is a significant producer and exporter of oil and gas, numerous oil and gas operations require short-term HVAC solutions to ensure that employees can work safely and comfortably. In addition, the demand for HVAC rental solutions that are both energy-efficient and cost-effective in the UAE in the upcoming period would be driven by an increasing focus on energy efficiency and lowering energy consumption.
Recent Developments by Leading Businesses Andrews Sykes Climate Rental added dehumidifier rental services to its customer base in 2022, expanding its rental fleet. In order to incorporate cutting-edge technologies and offer customers enhanced performance at lower operating costs, this was done.
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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