GREE – the new global #1 in air conditioning SET TO DOMINATE THE GLOBAL HVAC MARKET WITH TECHNOLOGY-ORIENTED SOLUTIONS

GREE Appliances Inc. ― the Chinese giant in the heating, ventilation and air-conditioning (HVAC) industry, has rapidly grown from annual sales of 40,000 units in its first year of operation, to a manufacturing capacity of 65 million units in 2015. With over 800 million users in 213 countries, today GREE is the largest specialized air conditioner manufacturer in the world. In the UAE, GREE units are sold in partnership with NIA Limited.

Global Presence

Over the years, GREE’s commitment to continued investment in research & development, and creating 15,000 technology patents, has resulted in successfully making a mark in the global HVAC market. In 2015, Forbes listed the Company as one of Asia’s Fab 50 Companies¹. The Company was also ranked #385 on the Forbes Global 2000 list and as number one in the household appliances section the same year¹.  

Founded 22 years ago, the young China-based Company is today recognized as a major ‘fully integrated’ manufacturing player in the industry. “With the global HVAC market expected to generate over $68.93 billion at an estimated CAGR of 4.34 per cent from 2016 to 2022², our aim is to dominate the global air conditioning market by pursuing ‘technology-oriented diversified development, with focus on energy efficiency”, says Kevin Bai, Deputy General Manager – GREE Global - Sales.

GREE’s Regional Presence 

Not only does the Middle East constitute one of the largest HVAC markets in the world, it also generates the highest demand. The GCC accounts for over 50 per cent of the total air conditioner units sold in MENA region, with UAE and Saudi Arabia being the biggest markets. 

In 2015, the total number of units exported from China to Saudi Arabia were in excess of 2.8 million, of which GREE’s share exceeded 909,000 units. While the UAE consumed 907,000 units in total during the same period, with GREE servicing 213,000 units of the total demand. 

According to recent reports, the GCC market is projected to grow at a compounded annual growth rate (CAGR) of 7.4 per cent until 2016³. Extreme climatic conditions, rising disposable income, growing construction activities in both commercial and residential sectors, coupled with various government initiatives aimed at improving energy efficiency, are key drivers spurring growth.

Commenting GREE’s regional presence, Managing Director of NIA Limited UAE - Mr. Zakir Ahmed said, “We expect continuity in growth, despite the current soft landing across economies, since GREE serves the tier-2 segment of the Middle East and North Africa market. This will be crucial to our performance, especially as the current market sentiments will entail more discerning clients with greater price differentiation.”