Oman Air Conditioner Market (2023-2029) Industry, Size, Growth, Analysis, Revenue, Share, Trends, Value, Outlook, Segmentation & COVID-19 Impact: Market Forecast By Type, By Application, and Competitive Landscape

Oman Air Conditioner Market Synopsis

Oman Air Conditioner Market witnessed steady growth in recent years owing to growth in the residential, commercial, and infrastructure sectors. However, the Oman air conditioner market was negatively impacted in 2020 by the COVID-19 pandemic as a result of the complete lockdown brought in force by the Government to prevent the spread of coronavirus which disrupted the supply chain, manufacturing processes and put a halt to all the developmental activities across all the sectors. However, the phase of decline was temporary, and the market recovered in 2021 and returned to a healthy growth rate, thereafter on account of the resumption of all developmental activities. Oman’s value of real estate increased by 6% to $7.03 billion in 2022, compared to $6.63 billion in 2021. In 2021, Majid Al Futtaim Properties opened the Mall of Oman in Muscat, the biggest mall in the Sultanate, with an investment of approximately $ 467.5 million, thereby contributing to the retail sector of Oman. Also, Oman’s construction market is anticipated to register a CAGR of more than 5 percent from 2021 to 2026, and with the country’s new five-year development plan (2021-2025), the market would register growth, thereby contributing to the demand for air conditioners.
According to this research, the Oman Air Conditioner Market Revenues is projected to grow at a CAGR of 8.2% during 2023-29. Oman government will invest $963.3 million into various development projects by the year 2024. Moreover, in 2020, Muscat had the largest hotel stock in Oman with 298 hotel establishments, and is expected to have an additional 11,000 keys by 2025. Additionally, Oman unveiled its National Strategy for Tourism 2040 with an objective to increase the international tourist arrivals in Oman to almost 12 million visitors per annum by 2040, which would drive investment in tourism and thereby increase the demand for air conditioners. Also, Oman’s Madayn Vision 2040 targets to complete 10,000 projects with an investment of $39 billion. These initiatives would contribute to the growth of the Air Conditioner Market in Oman

Market by Types

The centralized air conditioner is expected to register the highest growth rate in the forecast period owing to a variety of benefits such as a centralized thermostat, enabling more accurate temperature control and energy management. They are mostly used in large-scale commercial or residential buildings as they are more dependable and require less upkeep than standalone room air conditioners.

Market by Application

The residential segment is expected to witness significant growth in the forecast period followed by the hospitality sector owing to Oman Vision 2040 by developing infrastructure projects and the Omani government has launched several initiatives to promote affordable housing sales. Further, projects such as Yenkit Hills: Phase 1, 3, Sohar three-star hotel, and others would also contribute to their growth.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Oman Air Conditioner Market Outlook
• Historical Data and Forecast of Oman Air Conditioner Revenues & Volume for the Period 2019 - 2029F
• Oman Air Conditioner Market Trend Evolution
• Oman Air Conditioner Market Drivers and Restraints
• Oman Air Conditioner Porter's Five Forces
• Oman Air Conditioner Industry Life Cycle
• Historical Data and Forecast of Oman Air Conditioner Market Revenues & Volume By Type for the Period 2019 - 2029F
• Historical Data and Forecast of Oman Air Conditioner Market Revenues By Application for the Period 2019 - 2029F
• Key Performance Indicators
• Oman Air Conditioner Market Opportunity Assessment
• Oman Air Conditioner Top Companies Market Share
• Oman Air Conditioner Competitive Benchmarking By Technical and Operational Parameters
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Types

• Room Air Conditioner
• Ducted Air Conditioner
• Ductless Air Conditioner
• Centralized Air Conditioner

By Applications

• Residential
• Healthcare
• Commercial & Retail
• Transportation and Infrastructure
• Hospitality
• Oil & Gas
• Others (Education, BFSI, Manufacturing, etc)