Market Size of Middle East and Africa Cooling Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MEA Cooling Systems Market Analysis
The cooling systems market in the Middle East and Africa is projected to register a CAGR of over 4% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. It has now reached pre-pandemic levels.
- Over the medium term, factors such as increasing investments in the downstream sector and demand for cooling systems from the energy sector are expected to drive the growth of the market studied.
- On the other hand, as the requirement of renewable power plants for fans and blowers is significantly less than that of conventional fossil-fired and nuclear power plants, the increasing share of renewables in the power sector is expected to restrain the cooling systems market in the Middle East and Africa region during the forecast period.
- Nevertheless, increasing advancements in cooling system technology to achieve sustainable industrial growth are likely to create opportunities for the market.
- Saudi Arabia is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the presence of petrochemical industries. The country also has an extensive infrastructure and construction projects.
MEA Cooling Systems Industry Segmentation
Cooling equipment is used to maintain the optimum operating temperature of various components, production processes, and machinery across industries, manufacturing units, heavy vehicles, etc. Maintaining industrial equipment from overheating increases productivity and lowers maintenance costs. The demand for cooling equipment is increasing significantly, with an increase in industrialization and the increasing deployment of energy-intensive equipment.
The cooling systems market is segmented by cooling equipment, end-user, and geography. By cooling equipment, the market is segmented into heat exchangers, fans & blowers, and other cooling equipment. By end-user, the market is segmented into the energy sector, chemical & petrochemicals, construction, and other end-users. The report also covers the market size and forecasts for the cooling system market across major countries. For each segment, the market sizing and forecasts are calculated based on revenue (in USD million).
| By Cooling Equipment | |
| Heat Exchangers | |
| Fans & Blowers | |
| Other Cooling Equipment |
| By End User | |
| Energy Sector | |
| Chemical & Petrochemicals | |
| Construction | |
| Other End Users |
| By Geography | |
| Saudi Arabia | |
| United Arab Emirates | |
| Qatar | |
| Nigeria | |
| Rest of Middle East and Africa |
Middle East and Africa Cooling Systems Market Size Summary
The cooling systems market in the Middle East and Africa is poised for growth, driven by increasing investments in the downstream and energy sectors. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. However, the shift towards renewable energy, which requires fewer cooling systems compared to traditional fossil-fuel and nuclear power plants, poses a challenge to market expansion. Despite this, advancements in cooling technology aimed at sustainable industrial growth present new opportunities. Saudi Arabia is expected to lead the market, benefiting from its robust petrochemical industry and extensive infrastructure projects, which necessitate advanced cooling solutions.
In the energy sector, efficient temperature regulation is crucial for optimizing processes in power plants and oil and gas projects. The Middle East and Africa region, with its significant upstream oil and gas activities, relies heavily on cooling systems to enhance drilling performance and maintain equipment efficiency. Saudi Arabia, in particular, is a major player in this market, with its expansive energy sector and ambitious renewable energy targets. The country's ongoing projects, such as the development of the Jafurah gas field and the expansion of solar energy capacity, underscore the growing demand for cooling systems. The market is characterized by fragmentation, with key players like Alfa Laval AB, Thermax Limited, and Danfoss AS actively participating in the region's development.
Middle East and Africa Cooling Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD million, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Market Drivers
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1.5.2 Market Restraints
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1.6 Supply Chain Analysis
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1.7 Industry Attractiveness - Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Cooling Equipment
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2.1.1 Heat Exchangers
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2.1.2 Fans & Blowers
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2.1.3 Other Cooling Equipment
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2.2 By End User
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2.2.1 Energy Sector
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2.2.2 Chemical & Petrochemicals
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2.2.3 Construction
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2.2.4 Other End Users
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2.3 By Geography
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2.3.1 Saudi Arabia
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2.3.2 United Arab Emirates
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2.3.3 Qatar
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2.3.4 Nigeria
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2.3.5 Rest of Middle East and Africa
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Middle East and Africa Cooling Systems Market Size FAQs
What is the current Middle East and Africa Cooling Systems Market size?
The Middle East and Africa Cooling Systems Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Middle East and Africa Cooling Systems Market?
Alfa Laval AB, Thermax Limited, Danfoss AS, Xylem Inc. and Parker Hannifin Corp are the major companies operating in the Middle East and Africa Cooling Systems Market.
