Heating & Cooling - Western Asia | Statista Market Forecast

In Western Asia, the revenue generated in the Heating & Cooling market in 2024 amounts to US$4.74bn.
It is projected that the market will experience an annual growth rate of 3.99% (CAGR 2024-2029).
When comparing this market to the global scale, United States generates the highest revenue, amounting to US$126bn in 2024.
In terms of per person revenues, in 2024, each individual in Western Asia contributes US$21.28.
In Western Asia, the demand for energy-efficient heating and cooling systems is on the rise due to increasing awareness about climate change and the need for sustainable solutions.

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 demand for Heating & Cooling products in the DIY & Hardware Store Market in Western Asia nan is facing negligible growth due to low consumer awareness and availability of cheaper alternatives. This coupled with the overall economic slowdown is impacting the market's growth rate.

Customer preferences: With the rise of environmental consciousness and DIY culture, consumers are increasingly looking for eco-friendly heating and cooling solutions for their homes. This has led to a growing demand for sustainable and energy-efficient products in the Heating & Cooling Market within the DIY & Hardware Store Market. Additionally, with the increasing awareness of the health risks associated with traditional cooling methods, there is a shift towards alternative options such as evaporative cooling and natural ventilation systems. This trend is driven by a combination of cultural values and demographic factors, as well as a desire for more cost-effective and sustainable lifestyle choices.

Trends in the market: In Western Asia, the Heating & Cooling Market within the DIY & Hardware Store Market is seeing a rise in demand for energy-efficient and environmentally-friendly products. This trend is driven by increasing consumer awareness about climate change and the need for sustainable solutions. As a result, we are seeing a shift towards smart thermostats and energy-efficient HVAC systems in both residential and commercial settings. This trend is expected to continue in the coming years, with governments and industry stakeholders promoting energy efficiency and sustainability. This presents opportunities for companies in the Heating & Cooling Market to innovate and develop new eco-friendly products, while also staying competitive in the market. Additionally, there is also a growing trend of online purchases in the DIY & Hardware Store Market, which is expected to impact how customers purchase heating and cooling products in the future.

Local special circumstances: In Western Asia, the Heating & Cooling market within the DIY & Hardware Store market is heavily influenced by the region's extreme climate and high demand for energy-efficient solutions. Countries such as the UAE and Saudi Arabia are investing in smart home technology to control and monitor energy usage. Additionally, cultural norms such as the preference for indoor living spaces in hot climates have led to a growing demand for air conditioning products. The region's strict energy regulations also play a role in shaping the market, as governments push for more sustainable and environmentally friendly options.

Underlying macroeconomic factors: The Heating & Cooling Market within the DIY & Hardware Store Market in Western Asia is heavily influenced by macroeconomic factors, such as the overall economic health of the region, government policies, and global economic trends. As the region continues to experience steady economic growth and investments in infrastructure, there is a growing demand for energy-efficient heating and cooling solutions, driving the growth of the market. Additionally, increasing concerns about energy consumption and environmental sustainability are also contributing to the demand for more efficient HVAC systems. These trends are expected to fuel the growth of the Heating & Cooling Market within the DIY & Hardware Store Market in the coming years.

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.