Heating & Cooling - Kuwait | Statista Market Forecast

In Kuwait, the revenue generated in the Heating & Cooling market is estimated to reach US$210.50m by 2024.
It is projected to experience an annual growth rate of 4.48% from 2024 to 2029, according to the compound annual growth rate (CAGR).
When compared globally, United States leads the market with a revenue of US$126bn in 2024.
In terms of per capita figures, in 2024, each person in Kuwait generates revenues of US$48.41.
Kuwait is experiencing a surge in demand for energy-efficient cooling systems due to the country's hot climate and increasing focus on sustainability.

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

The Heating & Cooling market in the DIY & Hardware Store Market in Kuwait is facing negligible growth due to factors such as limited consumer interest, lack of updated technology, and low awareness of energy-efficient products. This has resulted in a stagnant market with minimal opportunities for expansion.

Customer preferences: The DIY & Hardware Store Market in Kuwait has seen a rise in demand for energy-efficient and eco-friendly heating and cooling products. This shift is driven by growing awareness and concern for the environment, as well as the increasing cost of energy. Additionally, there has been a noticeable trend towards smart home technology, with consumers showing a preference for connected heating and cooling systems that can be controlled remotely. This aligns with the overall cultural shift towards convenience and technology integration in daily life.

Trends in the market: In Kuwait, the Heating & Cooling Market within the DIY & Hardware Store Market is experiencing a shift towards energy-efficient products, in line with the country's efforts to reduce its carbon footprint. This trend is expected to continue, with consumers becoming more conscious of the environmental impact of their purchases. Additionally, there is a growing demand for smart home systems that allow for remote control and monitoring of heating and cooling systems. This presents opportunities for industry stakeholders to tap into the growing market for sustainable and technologically advanced products, while also promoting energy conservation.

Local special circumstances: In Kuwait, the Heating & Cooling market within the DIY & Hardware Store Market is influenced by the hot and arid climate, making it a necessity for households and businesses. Additionally, the country's strong emphasis on traditional values and cultural customs leads to a preference for locally owned businesses, which can impact the market dynamics. Furthermore, Kuwait has strict regulations on energy consumption, driving the demand for energy-efficient cooling and heating solutions in the market. These unique local factors play a significant role in shaping the Heating & Cooling market within the DIY & Hardware Store Market in Kuwait.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Kuwait is heavily impacted by macroeconomic factors such as the country's economic stability, government policies, and investment in infrastructure projects. The recent increase in construction activities, especially in the residential sector, has led to a rise in demand for heating and cooling products. The ongoing government initiatives to diversify the economy and reduce dependence on the oil sector have also created new opportunities for the DIY & Hardware Store Market in Kuwait. Moreover, the growing trend of DIY home renovation projects, coupled with the rise in disposable income, is expected to drive the demand for heating and cooling products in the country's DIY & Hardware Store Market. The overall economic growth and stability of Kuwait are crucial factors influencing the performance of the Heating & Cooling Market within the DIY & Hardware Store Market.

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.