Saudi Arabia HVAC Market Outlook

Transcription

1 7. Sustainability and Energy Saving in Saudi HVAC R Market Saudi Arabia HVAC Market Outlook Market Intelligence. Consulting

2 T a b l e o f C o n t e n t S. No. Contents Page No. 1. Saudi Arabia HVAC Projects to watch out for 5 2. Insulation Market in Saudi Arabia Market Size & Forecast By Value District Cooling Market in Saudi Arabia Market Size & Forecast By Value & Volume Refrigeration Market in Saudi Arabia Market Size & Forecast By Value 15 5 Saudi Arabia HVAC R Market Outlook Market Size & Forecast By Value 17 6 Sustainability and Energy Saving in Saudi HVAC R Market 23 7 About Us & Disclaimer 27 2

3 List of Figures S. No. Figure Title Page No. Figure: 1 Saudi Arabia Building Insulation Market Size, By Value, F (USD Billion) 11 Figure: 2 Saudi Arabia District Cooling Market Size & Forecast, By Value (USD Billion) & Volume (Million TR), F 13 Figure: 3 Saudi Arabia District Cooling Market Share in GCC, By Value, Figure: 4 Saudi Arabia Refrigeration Market Size & Forecast, By Value, F (USD Billion) 15 Figure: 5 Saudi Arabia HVAC R Market Size & Forecast, By Value, F (USD Billion) 19 Figure: 6 Saudi Arabia Market Share, By Region, By Volume, 2014 & 2020F 21 Figure: 7 Saudi Arabia Hotel Chains, By City, By Volume,

4 List of Tables S. No. Table Title Page No. Table: 1 Upcoming Mega Economic Cities in Saudi Arabia 5 Table: 2 Ongoing Mega Construction Projects in Saudi Arabia 6 Table: 3 Ongoing Metro Rail & Railway Projects in Saudi Arabia 7 Table: 4 Upcoming HVAC Projects/Tenders in Saudi Arabia 8 Table: 5 Saudi Arabia Major Upcoming Hotels & Other Details 9 Table: 6 Saudi Arabia Residential Insulation, By City, 2014 (Percentage) 12 Table: 7 Saudi Arabia HVAC R Major Players & Other Details 16 Table: 8 Saudi Arabia EER and Star Ratings for Air Conditioners 25 Table: 9 Saudi Arabia Mandatory Energy Efficiency Ratio, Table: 10 Saudi Arabia Building Thermal Insulation Regulations 27 4

5 1. Saudi Arabia H VAC Projects to watch out for Standing at about USD38.5 billion, Saudi Arabia s construction sector contributed around 8% to the country s GDP in Due to rapidly growing population and increasing religious tourism in Saudi Arabia, the government has announced a number of construction projects valued at around USD80 billion to be implemented in the coming years. These include huge projects like construction of Economic Cities, metro rail projects, etc. These mega projects with huge investments are set to increase the demand for HVAC systems in both Commercial as well as Residential sectors over the next five to fifteen years. Table 1: Upcoming Mega Economic Cities in Saudi Arabia Economic Cities Location Year of completion Investment Area King Abdullah Economic City (KAEC) Knowledge Economic City (KEC) Rabigh 2030 USD74.5 billion 168 sq. km Madinah 2020 USD6.67 billion 8 sq. km Jazan Economic City (JEC) Jazan 2035 USD25 billion 100 sq. km Prince Abdul-Aziz Bin Mousaed Economic City (PABMEC) Ha il 2025 USD6.67 billion 156 sq. km 5 Source: Organis ation for Economic Co-operation and Development

6 1. Saudi Arabia HVAC Projects to watch out for Apart from these economic cities, there are various other mega projects that would offer huge opportunities for HVAC market in Saudi Arabia. These projects include construction of industrial cities, Skyscrapers and various housing projects across Saudi Arabia. The housing ministry of Saudi Arabia is set to implement its plan to build 500,000 homes across the country to address growing housing demand due to the country s rising population. This is expected to positively affect the demand for HVAC systems in the coming years. Table 2: Ongoing Mega Construction Projects in Saudi Arabia Projects Location Year of completion Investment Kingdom Tower Jeddah 2019 USD1.2 billion King Abdullah City for Atomic and Renewable Energy (KACARE) Riyadh Sudair Industrial City Sudair 2029 USD33.4 billion Arriyadh Development Authority (ADA) Riyadh Spans over next 15 years USD54.4 billion Kingdom City Jeddah 2018 USD20 billion 500,000 Housing Units in Saudi Arabia Saudi Arabia 2025 USD68 billion Source: Organis ation for Economic Co-operation and Development 6

7 1. Saudi Arabia HVAC Projects to watch out for Commercial building space has been witnessing rapid growth in Saudi Arabia and this trend is likely to boost the de mand for HVAC units in future. Additionally, various railway projects like Riyadh Metro Rail Project, Makkah Metro Rail Project and high speed railway projects like Madinah High Speed Railway, Riyadh Dammam High-Speed Rail and Eastern Province Municipality-Dammam Metro are expected to increase the demand for commercial air conditioning units in Saudi Arabia. Jeddah Metro Project is expected to be completed by 2022, and thus is expected to boost the demand for centralized air conditioners in the country. Table 3: Ongoing Metro Rail & Railway Projects in Saudi Arabia Project Length (Km) Promoter North South 2,800 SAR Jubail - Dammam Railway link 115 SAR Haramain High-Speed Railway 450 SRO Landbridge 950 SAR Riyadh Metro 176 ADA Makkah Metro 114 MMRTC Jeddah Metro 108 JDURC Dammam Metro 150 EP Municipality SRO Upgrade 450 SRO GCC (additional Saudi side only) 400 SRO 7 Source: Middle East Business Intelligence

8 1. Saudi Arabia HVAC Projects to watch out for Hospitality sector in Saudi Arabia was worth around USD15 billion in Due to the country s religious significance, Saudi Arabia is one of the largest tourist destinations in the GCC region. This has led to increase in number of hotels and other luxury complexes in the country, which is boosting the demand for HVAC units, especially in the VRF segment, thereby boosting the market share of hospitality and commercial sectors in the country s HVAC market. Table 4: Upcoming HVAC Projects/Tenders in Saudi Arabia Upcoming HVAC Projects/Tenders Deadline Location Developing The Air Conditioning Electrical Work In The Ophthalmology Specialist Hospital In Thahran And The Public Hospital Of Thahran., Saudi Arabia Supply to Replace central air Conditioning Units King Abdullah cultural centre, Dammam. Replacement of air Conditioning for Guest Buildings in King Khalid Military City Supply and Installation of Air Conditioning Units and a Variety of Jubail Commercial Port. 29-Jun Jun Jun Aug-15 Thahran, Saudi Arabia Damma m King Khalid Military City Jubail Operation and Maintenance of Air Conditioners and Chilling, Heating and Ventilation Equipment in Women Colleges 22-Jun-2015 Damma m Maintenance Services Of Air Conditioning Devices (AC) And Elevators Of The Amanah Building And Its Municipalities 18-Jun-2015 Jeddah Source: Global tenders database 8

9 2. Insulation Market Size & Forecast Figure 1: Saudi Arabia Building Insulation Market Size, By Value, F (USD Billion) CAGR By Value: 4.72 % CAGR F By Value: 7.39 % E 2016F 2017F 2018F 2019F 2020F Source: TechSci Research The building insulation market in Saudi Arabia is projected to grow at a CAGR of around 7.39% during Growth in the market is expected mainly on account of increasing concerns regarding energy saving, as building insulation saves around 40% energy consumed in regulating air conditioning temperatures. During , the market grew at a CAGR of 4.72%. Higher growth is expected during the forecast period due to recent regulations imposed by the government of Saudi Arabia on consumption of energy in 23 cities and towns. 11

10 1. Saudi Arabia HVAC Projects to watch out for Saudi Arabia Major Upcoming Hotels & Other Details (Contd.) Hotel Location Company Number of Rooms Opening Park Inn by Radisson Residence Riyadh Al Sahafa Riyadh, Saudi Arabia Carlson Rezidor Hotel Group JW Marriott Hotel Jeddah Jeddah, Saudi Arabia Marriott International DoubleTree by Hilton Makkah Makkah, Saudi Arabia Hilton Worldwide Staybridge Suites Jeddah Alandalus Mall Jeddah, Saudi Arabia IHG Courtyard by Marriott Makkah Makkah, Saudi Arabia Marriott International JW Marriott Hotel Jeddah Jeddah, Saudi Arabia Marriott International Shaza Jeddah Jeddah, Saudi Arabia Shaza Hotels Adagio Aparthotel Jeddah Alesayi Plaza Jeddah, Saudi Arabia Accor 200 Apartments 2017 Adagio Aparthotel Riyadh Dhabab Riyadh, Saudi Arabia Accor Hilton Garden Inn Riyadh Andalusia Riyadh, Saudi Arabia Hilton Worldwide One & Only Jeddah Jeddah, Saudi Arabia Kerzner International Millennium Hotel Makkah (Umm Al Qurah) Makkah, Saudi Arabia Millennium & Copthorne Hotels Source: Hotelier Middle East

11 2. Insulation Market Size & Forecast Figure 1: Saudi Arabia Building Insulation Market Size, By Value, F (USD Billion) CAGR By Value: 4.72 % CAGR F By Value: 7.39 % E 2016F 2017F 2018F 2019F 2020F Source: TechSci Research The building insulation market in Saudi Arabia is projected to grow at a CAGR of around 7.39% during Growth in the market is expected mainly on account of increasing concerns regarding energy saving, as building insulation saves around 40% energy consumed in regulating air conditioning temperatures. During , the market grew at a CAGR of 4.72%. Higher growth is expected during the forecast period due to recent regulations imposed by the government of Saudi Arabia on consumption of energy in 23 cities and towns. 11

12 2. Insulation Market Size & Forecast About 70% of electricity consumption in Saudi Arabia is on account of air conditioners. To keep pace with population growth in Saudi Arabia, around 500,000 new homes are required. With rising number of residences, the demand for energy in residential segment is anticipated to double by Only 27% of buildings in Saudi Arabia are thermally insulated. In Jeddah, 85% of the buildings lack insulation, and the ratio is 72.6% in the Eastern Province and 50% in Riyadh. Lack of thermal insulation causes a lot of energy wastage in Saudi Arabia. Table 6: Saudi Arabia Residential Insulation, By City, 2014 (Percentage) T herma l insulation prevents the transmission of heat from exterior building walls which capture City % Home Insulated the heat energy from the sun and inhibits the Jeddah 15 escape of hot or cool air f rom the interior, thereby Riyadh 50 saving about 40% energy in air-conditioning by Qassim 3 Damma m 29 Abha 16 Hail 23 Jizan 24 Overall 26.5 Source: Saudi Center for Energy Efficiency at King Abdulaziz City for Science and Technology (KACST). preventing heat loss. Thermal insulation in buildings in Saudi Arabia has been ma de ma ndat ory in 23 cities and towns. Although, this would increase the construction cost of buildings, it would reduce the power consumption, primarily on account of air conditioners, in these buildings. 12

13 3. District Cooling Market Size & Forecast Figure 2: Saudi Arabia District Cooling Market Size & Forecast, By Value (USD Billion) & Volume (Million TR), F CAGR By Value: % By Volume: 13.15% CAGR F By Value: % By Volume: 17.25% E 2016F 2017F 2018F 2019F 2020F Market Size (USD Billion) Market Size (Million TR) Source: TechSci Research In 2014, district cooling market in Saudi Arabia grew at a CAGR of 22.12%, and is anticipated to grow further at 25.97% through Growth of district cooling is anticipated on account of its capability to control the internal temperature in buildings, less noise generation and low electricity c onsumpt ion as c ompa red to other air conditioning technologies available in the country. Emission of harmful gases such as CO 2 has been minimized due to environment friendly refrigerants used during the process of district cooling. Moreover, increase in volume sales and average selling price is contributing to growth in value market for district cooling in Saudi Arabia. The volume share of this technology grew at a CAGR of 13.15% during , and is anticipated to grow at a CAGR of 17.25% over the forecast period due to the growing construction sector in the country. 13

14 3.District Cooling Market Size & Forecast Figure 3: Saudi Arabia District Cooling Market Share in GCC, By Value, 2012 Saudi Arabia, 26.00% Rest of GCC Countries, 74.00% In 2012, Saudi Arabia district cooling ma rket accounted for around 26% value share in GCC district cooling market. This share is expected to rise over the forecast period, owing to the rising adoption of district cooling across commercial and industrial sector in Saudi Arabia. In addition to this, residential sector is also adopting district cooling air conditioning technology for better, cheap and effective cooling. Source: TechSci Research District cooling consumes 50% lesser power compared to regular window ACs, split ACs or rooftop chiller ACs. In a country like Saudi Arabia, where 70-80% of the total power is consumed for cooling purposes, district cooling is feasible and also necessary. 14

15 4. Refrigeration Market Size & Forecast Figure 4: Saudi Arabia Refrigeration Market Size & Forecast, By Value, F (USD Billion) CAGR By Value: % CAGR F By Value: % E 2016F 2017F 2018F 2019F 2020F Market Size (USD Billion) Source: TechSci Research Ref rigeration market in Saudi Arabia grew at a CAGR of around 11.80% during , and is projected to grow at a CAGR of around 12.27% over the next five years. Growth in ref rigeration market is anticipated on account of rising demand, particularly from commercial and industrial sectorin the country. There has been considerable rise in the share of refrigeration in HVAC R ma rket, particularly HCFC-free refrigerants like R134A, R410A, which are energy efficient as well as eco- friendly in nature. The demand is expected to rise over the forecast period as well. The replacement market for HCFC-free refrigerants is also contributing towards the growth of refrigeration market in the country. 15

16 5. S a u d i A r a b i a H VA C R M a r k e t O u t l o o k Saudi Arabia has an arid desert c limat e, characterized by extre me heat and low annual rainfall. Due to the topographical variation and two coastal lines, the country witnesses some regional variations in climate, but most part of the country is flat with sandy desert and experiences high temperatures throughout the year. The climatic conditions in the country have been the leading driver for the country s HVAC market. The country s seasonal sales for air conditioners have been classified into two seasons, i.e., summer and winter seasons, with former accounting for highest seasonal sales during Summer season in Saudi Arabia usually spans from March to October with temperature ranging between 39ºC to 45ºC. In some of the places, such as Makkah, temperature rises up to 50ºC. The highest de ma nd for air conditioners is traditionally witnessed during June and July, particularly in the residential sector, as during this time the temperature in the country is at its peak. 16

17 5. S a u d i A r a b i a H VA C R M a r k e t O u t l o o k Figure 5: Saudi Arabia HVAC R Market Size & Forecast, By Value, F (USD Billion) CAGR By Value: 9.61 % CAGR F By Value: % E 2016F 2017F 2018F 2019F 2020F Market Size (USD Billion) Source: TechSci Research Saudi Arabia HVAC R market grew at a CAGR of around 9. 61% in value terms during , and is further projected to witness growth at around 13.73% during the forecast period. Boom in the construction sector in Saudi Arabia is a major factordriving growth in the market for HVAC R. Saudi Arabia faces extre me climatic conditions, with temperature often shooting up to 50 C during peak summer, thereby increasing the significance of HVAC in the country. Continuous rise in the number of inf rastructure projects such as expansion of the Makkah Haram, the Harmain railways, various universities, hospitals, etc., is driving the demand for HVAC R in Saudi Arabia. 17

18 5. S a u d i A r a b i a H VA C R M a r k e t O u t l o o k The implementation of the new rules and regulations, laid down by Saudi Arabia government, regarding the use of energy efficient HVAC machines, is another factor driving growth in the market for HVAC R in Saudi Arabia. Other factors contributing to ma rket growth are rising population and increasing number of multinational companies in the country. In addition to this, w ith technological advancements the price of HVAC R units has witnessed a decline, which has further contributed greatly towards the increase in demand. Riyadh, Jeddah, Dammam and Mecca are some of the major regions in Saudi that have witnessed the highest growth of HVAC R systems across the country, due to increasing demand for more energy efficient systems which help in saving elctricity and input cost. 18

19 5. S a u d i A r a b i a H VA C R M a r k e t O u t l o o k Figure 6: Saudi Arabia Market Share, By Region, By Volume, 2014 & 2020F Northern Region 2014: 14.00% 2020F: 14.50% Northern Borders Central Region 2014: 34.00% 2020F: 34.50% Tabuk Jawf Ha il Highest Demand Generator in Saudi Arabia Qasim Madinah Western Region 2014: 25.00% 2020F: 26.50% Bahah Makkah Asir Riyadh Najran Eastern Province Eastern Region 2014: 15.00% 2020F: 14.00% East Jizan North Center West Southern Region 2014: 12.00% 2020F: 10.50% South Source: TechSci Research 19

20 5. S a u d i A r a b i a H VA C R M a r k e t O u t l o o k The central region of the country dominated Saudi Arabia HVAC R market in volume terms during Riyadh province is one of the ma in contributors to HVAC R demand in this region. Central region accounts for highest population in the country. Moreover, Riyadh is economically stronger than rest of the regions, with a large number of people having higher disposable income. All these factors have led to higher sales of HVAC R systems and related products in the central region of the country. Other than this, high rise building projects such as Al Rajhi Bank Tower by 2016, Elegance Medical Tower by 2016, Al Majdoul Tower by 2016, etc., will surge the demand for HVAC R system in the region during the forecast period. Some of the most important provinces in the western region of Saudi Arabia include Mecca and Medina. Mecca and Medina attract a large number of pilgrims every year, leading to vast growth in the number of hotels and resorts. This, in turn, has led to higher demand for HVAC R in the region. In terms of revenue generation, this region is moderately important for Saudi Arabia HVAC R market. The market share of western region is projected to increase from around 25.00% in 2014 to reach 26.50% by 2020, due to rising construction activities that are likely to be carried out in this region in order to accommodate increasing number of pilgrims. Also, the replacement of HVAC systems is expected to play a crucial role in increasing the share of western region. 20

21 5. S a u d i A r a b i a H VA C R M a r k e t O u t l o o k Being the most populous region in Saudi Arabia, Makkah has the largest number of hotel chains in the western part of country. Being the holy city of Muslims, Makkah is also an invest ment hotspot for hotel and hospitality c ompanies. Every year, around 3 to 4 million Muslim pilgrims visit Makkah Medina, which creates significant demand for hotels and restaurants in the region. This is expected to buoy sales of HVAC in the region over the next five years as well. Other key regions from where HVAC demand is likely to emanate include Riyadh, Jeddah and Al Khober. Figure 7 : Saudi Arabia Hotel Chains, By City, By Volume, Al Khober Jeddah Makkah Medina Riyadh Economy and Middle class Upscale Luxury Source: STR Global 21

22 5. S a u d i A r a b i a H VA C R M a r k e t O u t l o o k The provinces in the eastern region of Saudi Arabia account for a moderate demand share of the country s HVAC systems market. The regional share of eastern region including Damam, Al Khobar, Jubail and Al Asha accounted for about 15% in 2014, and this is expected to decline over the next five years. The primary reason for the region s low share is comparatively lesser population compared to other regions of the country. The per capita income of the region is also low as compared to the other regions. Southern and Northern regions accounted for over 12% and 14% of the HVAC sales volume in 2014, respectively. Again, the HVAC ma rket is small in these regions c o mpa red to other regions due to low population. As compared to other regions, northern and southern region are less developed and the people are less aware about high-end technologies, which are acting as the major factors restricting adoption of HVAC systems. 22

23 6. S u s t a i n a b i l i t y a n d E n e r g y S a v i n g i n S a u d i H V A C R M a r k e t The Energy Efficiency Rat io (EER) for Air Conditioners is applied to units designed to operate in AC single phase circuits (220 V or 230 V), or designed for dual voltage or vo ltage range including these values, and three phase circuits (380 V or 400 V, 60 Hz). It covers units with capacities up to and including Btu/h (20 KW). The Energy Efficiency Rat ing is determined in accordance with the following table, where the EER (Energy Efficiency Ratio) is determined in accordance with the test procedures of the harmonized standards. Table 8: Saudi Arabia EER and Star Ratings for Air Conditioners EER limits (Tested Value) (Btu/h)/w at T1 Star Rating EER > EER > EER > EER > EER > EER > EER > EER > EER Source: Saudi Standards, Metrology and Quality Organization

24 6. S u s t a i n a b i l i t y a n d E n e r g y S a v i n g i n S a u d i H VA C R M a r k e t Saudi Standards, Metrology & Quality (SASO) is an organisation which is responsible for setting standards for commodities & products, measurements, testing methods, meteorological symbols & terminology, commodity definitions, safety measures, environmental testing, and other subjects approved by the organization s Board of Directors. SASO has set up energy efficiency standards for air conditioners, which were modified in May SASO modified the Minimum Energy Performance Standard (MEPS) for the EER under SASO 2663/2012 standard. Table 9: Saudi Arabia Mandatory Energy Efficiency Ratio, 2013 Air Conditioner Appliance Type Cooling capacity limit (CC) (Btu/h) At testing conditions T1 (35 C) Mandatory EER (Btu/h)/watt Phase 1: 7 September 2013 T1 (35 C) T3 (46 C) Mandatory EER (Btu/h)/watt Phase 2: 1 January 2015 T1 (35 C) T3 (46 C) CC <18, Window type 18,000 CC< 24, CC 24, Split type and other types All Capacities Source: SASO

25 6. S u s t a i n a b i l i t y a n d E n e r g y S a v i n g i n S a u d i H VA C R M a r k e t Table 10 : Saudi Arabia Building Thermal Insulation Regulations Building Element Stage 1: November 2014 Stage 2: January 2017 Zone 1 Zone 2 Zone 3 Zone 1 Zone 2 Zone 3 Roofs Walls Vertical Glazing 2.67 SHGC SHGC SHGC SHGC SHGC SHGC Source: SASO Energy Efficiency Rating (EER) is used for product labeling, specifying the energy labeling requirements and the Minimum Energy Performance Standard (MEPS) requirements for single-package of window type, splitsystem, split- system ducted air-conditioners using aircooled condensers, and heat pumps using air-cooled condensers for residential, commercial and industrial sector in accordance with SASO standards. Meet ing these standards helps in reduction of electricity consumption. 25 Source: SASO

26 6. S u s t a i n a b i l i t y a n d E n e r g y S a v i n g i n S a u d i H VA C R M a r k e t ISO standard focuses on quality management system. This standard determines the quality management principles, including process approach, system approach, continual improvement, c ust ome r focus, etc. ISO standard addresses various aspects of environmental management. The standard provides tools for organizations, including air conditioner manufacturers, to identify and control their operational impact on the environment. OHSAS is an international occupational health and safety management system specification. The standard is intended to help organizations, including air conditioner manufacturers, to address and control occupational health and safety risks. These standards are followed globally so that the quality production process and its environmental impact can be improved continuously. 26

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28 11-13 JANUARY 2016 JEDDAH CENTRE FOR FORUMS & EVENTS HVACR Expo Saudi addresses the need for a dedicated, focused event, offering products, training and education solutions for the entire Saudi HVACR industry. With multi-billion dollar developments and mega projects there is proven demand for HVACR products, services, and technologies. Brought to you by the organisers of The Big 5 Saudi and the owners of the largest HVACR buyer database in the Kingdom of Saudi Arabia, HVACR Expo Saudi ensures a guaranteed meeting platform with thousands of buyers searching for the latest products and services in HVACR. HEATING VENTILATION For information about exhibiting, contact Firas Abou Ltaif Sales Manager dmg events Middle East AIR CONDITIONING E: firasaboultaif@dmgeventsme.com T: REFRIGERATION