The recent report published by IMARC Group, entitled “GCC Solar Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the GCC solar water heater market size reached US$ 82.6 Million in 2022. Solar water heaters work all year round and provide a sustainable and cost-effective means of heating water for commercial, residential and industrial uses. In addition, they help in minimizing carbon emissions and improving the energy security of a region by reducing the pressure on the power systems. The GCC region receives an average of 6kWh/m2 solar radiation daily with 80-90% clear skies throughout the year. As a result, the region has ample opportunities for the implementation of solar water heaters as a solution for reducing dependence on gas and electricity.
GCC solar water heater Market Trends:
The GCC nations have implemented certain strategic goals for increasing the share of renewable energy (RE) in their total energy production. As mentioned earlier, the region receives high levels of solar radiation, owing to which solar energy has been identified as the preferred choice for fulfilling these goals. For instance, the government of Saudi Arabia has implemented policies and regulations to promote small and medium scale solar projects, such as installing solar water heaters in the cities. Moreover, the Solar Heating Arab Mark and Certification Initiative (SHAMCI), a quality certification scheme by RCREEE, focuses on improving and expanding the solar water heater market by offering better quality products in the Arab region. However, the low electricity rates in the GCC nations have been limiting the uptake of solar water heaters.Looking forward, IMARC Group expects the market value to reach US$ 207.6 Million by 2028, growing at a CAGR of 16.4% during 2023-2028.
- Based on types, covering flat plate collector heaters currently account for the largest market share in the GCC region.
- On the basis of applications, the market has been segmented into commercial, residential, government buildings and others.
- Region-wise, Saudi Arabia enjoys the leading position in the GCC solar water heater market, accounting for the biggest market share. Other regions include the UAE, Kuwait, Oman, Qatar and Bahrain.
- The competitive landscape of the GCC solar water heater market has also been examined with some of the key players being Ariston Holding N.V., Orbital Horizon, Saudi Ceramic Company, Viessmann Group and Ecotherm Austria GmbH.
|Base Year of the Analysis
||US$ Million, MW Thermal
||Type, Application, Country
||Saudi Arabia, UAE, Kuwait, Qatar, Bahrain, Oman
||Ariston Holding N.V., Orbital Horizon, Saudi Ceramic Company, Viessmann Group and Ecotherm Austria GmbH
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