According to the latest report by IMARC Group, titled “GCC Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", the GCC water heater market size reached US$ 877.2 Million in 2022. Water heaters are appliances that utilize energy sources to heat the supplied water across residential, commercial and industrial spaces. Commonly powered by either gas or electricity, these heaters are connected to a water source to supply hot water across various fixtures, including taps and showers. These heaters are available in a variety of shapes and sizes, along with varying storage capabilities, to meet the requirements of the users. Since they are required for numerous applications, such as bathing, washing clothes, goods manufacturing, and cleaning and sanitizing surgical instruments, they form an integral part of the hospitality, healthcare, paper manufacturing and food and beverage sectors in the region.
GCC Water Heater Market Trends:
There is a growing demand for warm and hot water primarily from the residential sector for executing daily chores, which is significantly contributing to the rising uptake of water heaters. Additionally, these heaters are easy to install, have a longer life span and require lower maintenance as compared to conventional heating systems, which is providing a thrust to the market growth. The bourgeoning tourism and hospitality sector is another major growth-inducing factor in the region. Numerous hotels and resorts are increasingly installing highly efficient heaters to offer a luxurious experience to their customers. Furthermore, enhanced focus toward sustainable development has led the users to shift toward solar-powered water heaters, which are creating a positive outlook for the market. Similarly, tank-less variants are gaining widespread popularity in the region since they are energy-efficient and occupy negligible space. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 1,309.1 Million by 2028, growing at a CAGR of
6.8% during the forecast period (2023-2028).
- On the basis of the product type, the market has been divided into storage covering, solar and instant water heaters. Amongst these, the storage covering water heater is the most preferred product type, exhibiting a clear dominance in the market.
- Based on the end use, the market has been segregated into the residential, commercial and industrial sectors, wherein the residential segment accounts for the majority of the total market share.
- On the geographical front, Saudi Arabia holds the leading position in the market. Other major countries include the UAE, Qatar, Kuwait, Oman and Bahrain.
- The competitive landscape of the market has been examined, with the detailed profiles of the key players operating in the market. Some of these players include Ariston Thermo SPA, Orbital Horizon, Saudi Ceramics Est., and Al Huraiz Est.
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