Heating & Cooling - Gambia | Statista Market Forecast

In Gambia, the revenue in the Heating & Cooling market is projected to reach US$1.82m in 2024.
It is anticipated that the market will experience an annual growth rate of 6.47% (CAGR 2024-2029).
When compared on a global scale, United States generates the highest revenue, with an estimated amount of US$126bn in 2024.
Taking into account the total population, per person revenues amount to US$0.64 in 2024.
Gambia's heating and cooling market is experiencing a shift towards sustainable technologies, driven by increasing awareness of climate change and the need for energy efficiency.

Definition:

In the segment of Heating & Cooling, the focus lies on various heating and cooling systems which can be found inside buildings. Included in this segment regarding cooling are mainly air conditioners and cooling supplies.

Additional Information:

The market consists of revenue and average revenue per capita data. Per capita figures take into account the whole population. This market includes only B2C (business to consumer) sales. B2B (business to business) sales (e. g., hardware for coffee shops, offices, etc.) are excluded. For more information on the displayed data, click the info button on the right hand side of each box.

Air conditioners & coolers
Heating systems & heaters
Stoves, fireplaces & chimneys
Heating & cooling supplies

Air treatment devices (purifier, humidifier, etc.)
Ventilators
Solar systems for heating support

In Gambia, the DIY & Hardware Store market for Heating & Cooling is experiencing slow growth due to factors such as limited consumer awareness, high prices of equipment, and limited access to technology. This has contributed to a minimal growth rate in the market.

Customer preferences: As Gambia continues to experience hot and humid weather, there is a growing demand for energy-efficient and affordable cooling solutions. This has sparked an increase in the popularity of DIY air conditioning units and fans within the Heating & Cooling Market. Additionally, with the rise in do-it-yourself culture, more consumers are opting to install and maintain their own cooling systems, rather than hiring professionals. This trend is also driven by the desire for cost savings and convenience.

Trends in the market: In Gambia, the Heating & Cooling Market within the DIY & Hardware Store Market is experiencing a trend towards energy-efficient and sustainable products. This is driven by a growing awareness of environmental issues and increasing government regulations. As a result, there is a rising demand for products such as solar-powered air conditioners and smart thermostats. This trend is expected to continue as consumers prioritize cost savings and eco-friendliness. Industry stakeholders will need to adapt to these changes by offering a wider range of energy-efficient options and incorporating eco-friendly practices into their business models. Failure to do so may result in a loss of competitive advantage in this evolving market.

Local special circumstances: In Gambia, the Heating & Cooling market within the DIY & Hardware Store Market is heavily influenced by the country's hot and humid climate. With temperatures often reaching over 100 degrees Fahrenheit, there is a high demand for cooling systems in homes and businesses. Additionally, the country's reliance on agriculture as a primary source of income means that efficient cooling solutions are crucial for preserving harvested crops. The regulatory environment also plays a significant role, with import taxes making air conditioning units and other cooling technologies expensive, leading to a reliance on more affordable DIY options for cooling.

Underlying macroeconomic factors: In the Gambia, the Heating & Cooling Market within the DIY & Hardware Store Market is impacted by macroeconomic factors such as national economic health, government fiscal policies, and global economic trends. The market is heavily dependent on the overall economic stability of the country, as well as the purchasing power of consumers. Government policies that support infrastructure development and promote investment in the construction sector can positively impact the demand for heating and cooling products. Additionally, the rise in global temperatures and changing weather patterns are driving the need for energy-efficient heating and cooling solutions, creating a significant market opportunity for DIY and hardware stores. However, challenges such as limited access to credit and high import tariffs can hinder market growth, making it crucial for industry players to carefully navigate these macroeconomic factors to remain competitive.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The heating, ventilation, and air conditioning (HVAC) technology provides environmental comfort through thermal manipulation (heating and air conditioning) and acceptable indoor air quality (ventilation). Sometimes refrigeration is also included in the field as HVACR. The HVAC industry is largely fueled by regional regulations and differences: Asia was said to have one of the largest HVAC market sizes, with a larger demand for air conditioners than in other regions. Meanwhile, Italy was one of the European countries with the biggest heat pump markets in 2020. Due to these differences between countries, there is little to no comparative information on this competitive market. In the United States alone, for example, a certain level of fragmentation can be observed, as the number of employees in the plumbing and HVAC industry varied widely from state to state.