According to the latest report by IMARC Group, titled “Saudi Arabia Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 74.5 Million in 2018. Water heaters are appliances that utilize a fuel source, electricity or solar energy to heat water in residential, commercial and industrial sectors. They are connected to a water source which supplies the hot water to numerous fixtures and appliances across a house or a building including taps, showers and dishwashers. They are utilized across households for various purposes, such as taking baths or washing clothes. These heaters are also employed across multiple industrial sectors such as paper manufacturing, food and beverage, and wastewater treatment for a diverse array of applications. Improving standards of living and inflated disposable incomes in Saudi Arabia have bolstered the sales of water heaters across the region.
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Saudi Arabia Water Heater Market Trends:
A rise in the requirement for warm and hot water across households in Saudi Arabia is one of the primary factors driving the growth of the market. Changing lifestyles and high per capita income levels have led to an increase in the adoption of water heaters for daily purposes such as cooking, cleaning and bathing. Additionally, the thriving hospitality sector in the region is influencing the sales of these heaters. Moreover, inflating electricity prices, along with the growing awareness regarding the use of conventional sources of energy, has led the users to shift toward solar water heaters which are not only eco-friendly but also require low maintenance. Continuous technological advancements such as the advent of Wi-Fi compatible tankless water heaters are further anticipated to provide a thrust to the market growth. On account of the aforementioned factors, the market is expected to reach a value of US$ 157.2 Million by 2024, exhibiting a CAGR of 12.9% during 2019-2024.
- On the basis of the type, the market has been divided into storage covering water heater, solar water heater and instant water heaters. At present, storage covering water heater is the most preferred segment.
- Based on the end-use, the residential sector accounts for the majority of the overall market share. Other major segments include the commercial and industrial sectors.
- The competitive landscape of the market has also been analyzed in the report with some of the key players being Ariston Thermo SpA, Orbital Horizon Est., Saudi Ceramics Company and Al Huraiz Est. For industry.
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