Saudi Arabia Heat Pump Market Size & Outlook, 2022-2030
Saudi Arabia heat pump market, 2018-2030 (US$M)
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Saudi Arabia heat pump market highlights
- The Saudi Arabia heat pump market generated a revenue of USD 364.0 million in 2022 and is expected to reach USD 671.6 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 8% from 2023 to 2030.
- In terms of segment, air source was the largest revenue generating technology in 2022.
- Geothermal is the most lucrative technology segment registering the fastest growth during the forecast period.
Heat pump market data book summary
| Market revenue in 2022 | USD 364.0 million |
| Market revenue in 2030 | USD 671.6 million |
| Growth rate | 8% (CAGR from 2022 to 2030) |
| Largest segment | Air source |
| Fastest growing segment | Geothermal |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Air Source, Water Source, Geothermal |
| Key market players worldwide | Carrier Global Corp Ordinary Shares, Daikin Industries Ltd, Robert Bosch Engineering & Business Solutions, Lennox International Inc, Johnson Controls International PLC, Hitachi Ltd, Ingersoll Rand Inc, Palomar Holdings Inc, Haier, Panasonic Holdings Corp, Danfoss A/S, Fujitsu Ltd, LG Electronics Inc ADR, Samsung Electronics Co Ltd, Midea Group |
Other key industry trends
- In terms of revenue, Saudi Arabia accounted for 0.4% of the global heat pump market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, Saudi Arabia heat pump market is projected to lead the regional market in terms of revenue in 2030.
- Saudi Arabia is the fastest growing regional market in Middle East & Africa and is projected to reach USD 671.6 million by 2030.
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Heat Pump Market Scope
Heat Pump Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Saudi Arabia heat pump market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to heat pump market will help companies and investors design strategic landscapes.
Air source was the largest segment with a revenue share of 81.65% in 2022. Horizon Databook has segmented the Saudi Arabia heat pump market based on air source, water source, geothermal covering the revenue growth of each sub-segment from 2018 to 2030.
According to the IMF, Saudi Arabia's GDP declined by 4.1% in 2020. The government's strict early containment and health mitigation efforts reduced the COVID-19 infections and fatalities to a minimum. According to a report launched by King Abdullah Petroleum Studies and Research Center (KAPSARC) in 2020, air conditioning in buildings in Saudi Arabia accounts for more than 50% of electricity, which is one of the highest in the world.
The Government of Saudi Arabia has been striving to make it an energy-efficient country through its commitment to net-zero emissions by 2060. With the introduction of the Saudi Green Initiative, along with funding of USD 10 billion by the government, the adoption of heat pumps is expected to increase in the country with HVAC.
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Target buyers of Saudi Arabia heat pump market databook
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Our clientele includes a mix of heat pump market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the Saudi Arabia heat pump market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia heat pump market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia heat pump market size, by technology, 2018-2030 (US$M)
Saudi Arabia Heat Pump Market Outlook Share, 2022 & 2030 (US$M)
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