Market

Global Market Opportunity

Driving Energy Efficiency and Net-Zero Alignment

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Urgency

HVAC/R upgrade and retrofit in the GCC is crucial for cutting energy costs, easing grid stress, improving indoor air quality, and meeting national net-zero goals. High AC demand (60–70% of electricity in KSA, Qatar and UAE) means reduced subsidies make upgrade retrofitting valuable for cutting energy costs.

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Regulatory Alignment

Supports KSA, Qatar, and UAE emissions and net zero goals. Aligns with national digitalization objectives. Upgrade and retrofit extends asset life, reduces waste, and supports GCC circular economy goals.

Serviceable Obtainable Market

Qatar, UAE, and KSA offer a robust pipeline of HVAC/R upgrade and retrofit opportunities.

KSA

8.75M

TR in existing Tons of Refrigeration of air-cooled chillers (2014–2024)

UAE

3.75M

TR in existing Tons of Refrigeration of air-cooled chillers (2014–2024)

Qatar

1M

TR in existing Tons of Refrigeration of air-cooled chillers (2014–2024)

Total Serviceable Market 13.5M TR