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2024 Middle East Regional Cooling Market Will Reach $12 Billion
Nov 24, 2017

    According to the latest report by the Global Market Insights Agency, the development of regional cooling markets in the Middle East is expected to reach $12 billion by 2024, as infrastructure investment and demand for reliable, low-cost air-conditioning systems in the Gulf state grow.

    The rapid development of Saudi Arabia's urbanization and the government's investment in the construction industry, such as Riyadh and Mecca, will also promote the application of products.

In 2015, the United Arab Emirates regional Cooling Company (empower) said it planned to expand the regional cooling plant capacity to 250 000 cold tonnes (RT) to meet the expansion of the Dubai Investment Park, part of the growth strategy for the Dubai 2020 World Exposition.

    By 2024, the commercial area for cold market will exceed 8 million Rt. Hotels, shopping malls, shopping malls, office buildings and hospitals are the main areas of application. The improvement of energy-saving awareness and the demand growth of LEED certified buildings will have a positive impact on the development of regional cooling market.

    In the United Arab Emirates (UAE), the rapid growth of the construction industry and the government's push for lofty energy efficiency targets will drive regional cooling markets. Empower and Logstor have established joint ventures to conserve water resources by using fiber-optic networks in their large regional cooling systems.

    Increased use of sustainable energy to meet growing energy needs will, on the other hand, boost regional cooling markets. Government regulations encourage efficient and economical air-conditioning programmes, as well as environmental issues, and will stimulate the application of regional cooling products. The Dubai 2030 Energy Strategy and green development Strategy and the 2021 UAE plan all set strategic objectives for the development of secure, uninterrupted and sustainable energy supplies.

    Hot weather and humid conditions in the Middle East will also drive regional cooling markets. The Gulf states have the longest summer in the world, with the highest temperature in 2016 reaching more than 50 ℃.

    In 2016, absorption refrigeration accounted for more than 6% of the market value of the regional cooling markets. The technology uses waste heat, is environmentally friendly, reduces the supply of cold electricity, while reducing the CO2 emissions.

    In 2016, the Qatar region accounted for more than 8% per cent of market value for cold. The rapid expansion of regional cooling systems and the government's strategic plan to reduce energy consumption have stimulated market growth. Qatar's 2030-year plan aims to achieve sustainable development across the country through reform and the provision of a higher standard of living for its people.