Uplift of Decades Old Sanction on Sudan coupled with Rising Investment by the Government and International Organizations in Sudan & South Sudan Would Drive the Overall Air Conditioner Market over the Coming Years - 6Wresearch
Reduction in energy subsidies and imports due to depreciation of the exchange rate, low oil production, falling government revenues along with economic instability due to internal conflicts in several regions of Sudan and South Sudan have resulted in a decline in the demand of air conditioners in both the countries in 2017. However, during the forecast period, the market is projected to register sound growth due to rising demand across several sectors such as hospitality, commercial and retail, residential, and others.
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According to 6Wresearch, Sudan & South Sudan air conditioner market is forecast to grow at a CAGR of 5.5% during 2018-24. Rise in demand for air conditioners during the forecast period is attributed majorly to the uplift of decades old sanction on Sudan by the U.S coupled with initiatives towards peace & economic stabilization and investment in various construction and infrastructural development projects by the governments of both the countries & international organizations such as World health Organization (WHO), African Development Bank (ADB), Islamic development bank (IDB) and others.
According to Rishi Malhotra, Senior Research Analyst, IT & Electronics, Research and Consulting, 6Wresearch, "Split air conditioners in room air conditioners segment accounted for the highest growth; buoyed by its benefits as compared to window air conditioners, mainly, high efficiency, less noise and mosquito repellent features. With upcoming projects in residential, and healthcare & hospitality sectors, the demand for split air conditioners is projected to increase over the coming years.
"Additionally, in ductless air conditioner segment, cassette air conditioner and floor standing air conditioners are forecast to register maximum growth attributed to widening applications of cassette air conditioners and easy installation of floor standing units. Also, in the centralised air conditioners segment, VRF is expected to witness higher growth in the residential and commercial sector due to its highly efficient inverter-based technology" Rishi further added.
According to Kanchan Negi, Research Associate - IT & Electronics, Research and Consulting, 6Wresearch, "Commercial & retail sector was the largest contributor to air conditioner market in terms of value. The segment was closely followed by residential application on the second spot, however, over the coming years, the hospitality and government & transport sectors are likely to generate more revenues due to upcoming projects pertaining to construction of hotels & restaurants and airports."
"Moreover, the Northern region accounted for maximum revenues, with demand arising from Khartoum and Omdurman cities in Sudan and is likely to continue during the forecast period as well, predominantly due to the development of several sectors in these regions namely, the hospitality, healthcare, and transportation," Kanchan further added.
Key contributing vendors in Sudan & South Sudan air conditioner Market include- Samsung Electronics Co. Ltd., LG Electronics Inc., GREE Electric Appliances Inc. and Fujitsu General Ltd. & Midea Group Co. Ltd.
"Sudan & South Sudan Air Conditioner Market (2018-2024)" provides in-depth analysis with 72 figures covered in more than 115 pages. The report estimates and forecast the overall Sudan & South Sudan air conditioner market by end-use applications, product-types and regions. The report also offer key insights on competitive landscape, market share by companies, market trends, market drivers & restraints, and recommendations.
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|6Wresearch is the premier, one stop market intelligence and advisory center, known for its best in class business research and consulting activity. We provide industry research reports and consulting service across different industries and geographies which provide industry players an in-depth coverage and help them in decision making before investing or enter into a particular geography.|