Oman AC market to reach 410mn by 2021 says report
Date
9/12/2015 2:48:04 PM
(MENAFN- Muscat Daily) Muscat-
The growth of sectors such as hospitality retail residential industrial and commercial would significantly boost construction activity in the sultanate and this would rapidly drive the demand for air-conditioning systems according to a research report.
India-based research and consulting firm 6Wresearch expects Oman's air-conditioner
to reach US$410mn by 2021. It said a decline of the window air-conditioner market - a pan-GCC trend - is expected in Oman over the next six years. Changing lifestyle building structures rising consumer buying power and emergence of mega infrastructure are fuelling the growth of air conditioning systems in the sultanate. The residential sector is the key consumer of air conditioners in Oman contributing the highest market revenue share in the overall market. With the growing population and rising disposable income the residential sector is expected to dominate the market over the next six years according to 6Wresearch's Oman Air Conditioner Market (2015-2021) report. Avishrant Mani senior research analyst research and consulting 6Wresearch said 'Oman air-conditioner market is exhibited to grow during the forecast period on account of various mega projects worth of more than US$50bn which are expected to be completed within next fifteen years.' 'Further the hospitality sector is set to grow in future due to the increasing number of tourists in Oman. Also private companies and government of Oman are investing in the hospitality sector to make Oman as one of the prime tourist destinations in the GCC region by adding more number of hotels' Mani added. Sathi Paul research associate research and consulting 6Wresearch said the demand for mini-split ducted spilt packaged and centralized air conditioners is surging in Oman where centralised air conditioning has captured significant market revenues. 'In the forecast period share of centralised air-conditioning systems is anticipated to increase further. Energy efficient air conditioner is one of the main trends which is being witnessed in the country. Demand for energy efficient air conditioner would surge over the next six years as the market players are taking initiatives to introduce energy saving compliant air conditioners' Paul said. The major brands active in Oman's air-conditioner market include: York Carrier Gree Trane Daikin Samsung Zamil Fujitsu General Panasonic Mitsubishi and LG.