The demand of regulating temperature expanded from industries to large commercial buildings and household applications. HVACR systems are gradually becoming more of a necessity rather than mere luxury products in countries across the Middle East & Africa (MEA) region, according to a report published by BMI Research and titled ‘Middle East and Africa (MEA) Heating, Ventilation, Air-Conditioning, and Refrigeration (HVACR) Market-Analysis and Forecast: 2016-2022.’
This demand is mainly driven by the factors such as rising population, developments in the residential markets, along with growing commercial and industrial units, among others.
The Middle East HVACR product market is witnessing a gradual emergence of new cost-effective and energy efficient technologies that meet the required standards and regulations, as well as attempts to fulfil growing customer demands.
The demand for HVACR products in the African market is mainly driven by factors such as increasing consumer demands for low-cost, energy efficient products as well as rise in residential, commercial and industrial developments in the region.
HVACR market possesses a range of opportunities across the MEA region which is untapped. These opportunities come at a time when there is rise in urban population and unprecedented growth in infrastructure developments.
Renewable energy resources will soon become indispensable across the MEA region. The region is famous for its rich oil reserves and the growing economy because of high revenue generations by oil export worldwide.
Green building projects in MEA region are on a high rise with growing economy and more development towards making the city smart. These projects are aimed at reducing the consumption of non-renewable resources of energy with major focus on sustainable development.
Smart city is no longer a concept limited to Europe and the Americas. It is anticipated that by 2025, half of the smart cities will be outside these regions.
With rapid growth towards smart cities and green buildings, a huge demand for products which can work more efficiently is created.