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*As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
GCC Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The GCC water heater market is currently being catalysed by ease of usage, long life, minimal maintenance and low energy expenditure. According to the latest report by IMARC Group, titled “GCC Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the GCC Water Heater market reached a value of US$ 151.2 Million in 2018.
Water heaters are extensively used for residential and commercial operations. Hot water is needed in homes, in hospitals for cleaning and sanitizing surgical equipment, in restaurants & hotels, and in industries to manufacture goods. Owing to the large user base and their different demands, the manufacturers offer an array of types of water heaters to suit the usage needs of every organization. Different water heaters are used due to their different benefits. Solar water heaters have been very popular around the globe, especially in the GCC countries. Tank-less water heaters are now widely used in restaurants, hospitals and hotels. They have no storage tanks and heat water as it flows through the pipes. This not only saves space, but also consumes less energy than conventional storage water heaters.
Due to the rapid development, the demand of water heaters in the GCC countries is on an all-time high. The hospitality and industry sectors in these countries are booming, which has led to an increase in the requirement of water heaters in these sectors. Moreover, water heater manufacturers regularly introduce new and improved technologies in their products, making them all the more beneficial for the buyers. Electric water heaters now also come with water filtration and sterilization technology to provide 100% clean and soft water. Increasing concerns about energy conservation have led to the rise in demand of energy-efficient water heaters and boosted the solar and tank-less water heater markets in the GCC. Saudi Arabia has emerged as the largest market for water heaters, taking a lead in the global demand of solar water heaters. The worldwide reach of established companies and rise in the number of local companies are also important factors of the rapid increase in the market size of water heaters in the GCC region. The new housing plans by the governments of the GCC nations, and their commercial growths are sure to further increase the demand for water heaters and their market value. Looking forward, the market value is projected to reach a avleu of US$ 382 Million by 2024, expanding at a CAGR of 16.7% during 2019-2024.
Market Summary:
- Based on the product type, the market has been segmented as storage covering water heater, solar water heater and instant water heater. Currently, storage covering water heater dominates the market, holding the largest share.
- On the basis of end-use, residential represent the largest segment, followed by commercial and industrial segments.
- Region-wise, the market has been segmented into Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia is the leading market, accounting for the majority of the GCC share.
- The competitive landscape of the market has also been examined with some of the key players being Ariston, Orbital Horizon, Saudi Ceramics, Al Huraiz, etc.
This report provides a deep insight into the GCC water heater market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the water heater market in any manner.
Key Questions Answered in This Report:
- How has the GCC water heater market performed so far and how will it perform in the coming years?
- What are the key regional markets in the GCC water heater industry?
- What are the key end-use segments in the GCC water heater industry?
- What are the key product types in the GCC water heater industry?
- What are the price trends of water heater?
- What are the various stages in the value chain of the GCC water heater market?
- What are the key driving factors and challenges in the GCC water heater market?
- What is the structure of the GCC water heater market and who are the key players?
- What is the degree of competition in the GCC water heater market?
- How are water heaters manufactured?
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