The latest report by IMARC Group, entitled “GCC Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the GCC water heater market reached a value of US$ 129.6 Million in 2017. Water heaters are utilized in restaurants, hotels and residential spaces to production facilities and hospitals since hot water is utilized for numerous applications including laundry, goods manufacturing as well as sanitizing and cleaning of surgical instruments. In the GCC region, the governments have introduced several initiatives towards reducing the constantly rising carbon emissions and demand for electricity by introducing green building codes and standards to develop sustainable technologies. In line with this, the manufacturers are introducing highly efficient and innovative products, such as solar water heaters and heat pump water heaters, which are capable of reducing up to 75% energy consumption.
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GCC Water Heater Market Trends:
On account of the changing market dynamics in the GCC region, the conventional heating systems are being replaced with modern high-efficiency water heaters which are eco-friendly, easy to install, have a longer life span and require lower maintenance. An increasing number of consumers in the region are also shifting towards tankless water heaters as they are space- and cost-efficient. Apart from this, there has been a rise in the sales of commercial water heaters, especially in the UAE and Saudi Arabia, driven by the flourishing tourism industry. Similarly, on account of economic diversification, the expansion in the manufacturing sector of the region has provided a thrust to the demand for industrial water heaters. Looking forward, the market is projected to reach a value of US$ 332.5 Million by 2023, expanding at a CAGR of 17.0% during 2018-2023.
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GCC Water Heater Market Summary:
- Based on product type, storage covering water heater is the most popular product in the GCC region. Storage covering water heater is followed by solar water heater and instant water heater.
- On the basis of end-use, the market has been segregated into residential, commercial and industrial sectors. Currently, the residential sector represents the largest end-use segment, accounting for majority of the total market share.
- Region-wise, Saudi Arabia enjoys the leading position in the GCC water heater market, on account of the large population base in the country. Other major regions include the UAE, Qatar, Kuwait, Oman and Bahrain.
- The competitive landscape of the GCC water heater market has also been analyzed with some of the key players being Ariston, Orbital Horizon, Saudi Ceramics and Al Huraiz.
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