P&S Intelligence credits this construction boom while forecasting that the U.A.E. chiller market will grow from $134.7 million in 2018 to $186.4 million by 2024, at a 5.9% CAGR between 2019 and 2024 (forecast period). Chillers are a popular choice of cooling systems in large settings, such as factories, hotels, office complexes, and shopping malls. In 2019, Dubai alone had over 3,000 under-construction projects valued at around $245 million, with many more under various stages of implementation.
Presently, most chiller sales in the country take place in Dubai, which is a major financial and tourist hub in the Middle East. In addition, with the government trying to reduce its oil dependence, it is giving a boost to other sectors, such as tourism, manufacturing, and education. Apart from the metro red line extension, other important construction projects underway in the metropolis are the Jebel Ali Port Container Terminal 4 expansion, Museum of the Future, Royal Atlantis Resort and Residences, MBR City – District One, and Jewel of the Creek.
Till 2024, the highest CAGR in the U.A.E. chiller market is expected to be seen in the Abu Dhabi & Al Ain category, under segmentation by region. Under the Abu Dhabi 2030 program, the city government is planning to cater to 7.9 million tourists each year, for which massive infrastructure development is underway. For instance, the Midfield Terminal Complex is under-construction at Abu Dhabi International Airport, which, upon completion, will increase the airport’s annual passenger handling capacity by 30 million.
This market research report provides a comprehensive overview of the market
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As per to the World Travel and Tourism Council, the tourism and hospitality sector generated 11.3% of the U.A.E.’s gross domestic product (GDP) in 2017. Moreover, government initiatives, including the Sharjah Tourism Vision 2021, Dubai Tourism Strategy 2020, and Ajman Tourism Plan for Tourism 2015-2021, were launched to give this sector a further boost. By 2025, Ras Al Khaimah is expected to receive 3 million tourists every year, for which hotels and resorts are being rapidly constructed. On account of all such factors, the country had 233 hotels, equaling 63,734 rooms, under construction in November 2018.
As per to the World Travel and Tourism Council, the tourism and hospitality sector generated 11.3% of the U.A.E.’s gross domestic product (GDP) in 2017. Moreover, government initiatives, including the Sharjah Tourism Vision 2021, Dubai Tourism Strategy 2020, and Ajman Tourism Plan for Tourism 2015-2021, were launched to give this sector a further boost. By 2025, Ras Al Khaimah is expected to receive 3 million tourists every year, for which hotels and resorts are being rapidly constructed. On account of all such factors, the country had 233 hotels, equaling 63,734 rooms, under construction in November 2018.
Presently, most chiller sales in the country take place in Dubai, which is a major financial and tourist hub in the Middle East. In addition, with the government trying to reduce its oil dependence, it is giving a boost to other sectors, such as tourism, manufacturing, and education. Apart from the metro red line extension, other important construction projects underway in the metropolis are the Jebel Ali Port Container Terminal 4 expansion, Museum of the Future, Royal Atlantis Resort and Residences, MBR City – District One, and Jewel of the Creek.
Till 2024, the highest CAGR in the U.A.E. chiller market is expected to be seen in the Abu Dhabi & Al Ain category, under segmentation by region. Under the Abu Dhabi 2030 program, the city government is planning to cater to 7.9 million tourists each year, for which massive infrastructure development is underway. For instance, the Midfield Terminal Complex is under-construction at Abu Dhabi International Airport, which, upon completion, will increase the airport’s annual passenger handling capacity by 30 million.
This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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