Economy, Domestic Economy

Air Conditioner Sector Forecast to Grow

Air Conditioner Sector Forecast to GrowAir Conditioner Sector Forecast to Grow

Iran being the most populated country in the Middle East is anticipated to provide significant demand for air conditioning systems with the expected rise in per capita income in the coming years, wrote Indian financial services company IIFL in its website. According to Indian advisory group 6Wresearch, Iran’s air conditioners’ market is forecast to grow at a compound annual growth rate of 9.3% during 2015-21. The market is mainly dominated by international players. However, there are also local players providing manufactured air conditioners in the domestic market. “With the changing political environment and rising investor confidence [in Iran], air conditioner market is expected to grow, especially in the areas of residential, government and transportation, manufacturing, energy, retail and hospitality,” says Avishrant Mani, a 6Wresearch member. “In Iran’s market, ducted, mini-split, centralized and packaged air conditioners would witness a majority of the market demand through the forecast period.” International players in Iran are operating through dealers and distributors. Some of the international players in Iran’s air conditioner market include Daikin, LG, Samsung, Hisense and Midea.