A water heater is an appliance that heats up the cold water supplied through a system of pipes. This heated water can be used for various purposes such as for taking a hot bath or shower, and in washing machines and dishwashers. Over the decades, several technologies have been developed in order to make water heaters energy efficient, such as heat pump water heaters, condensing gas water heaters, gas and electric tank less systems, etc. In recent years, the demand for water heaters has seen a surge across Saudi Arabia on account of improving standards of living. 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 Saudi Arabia water heater market reached a value of US$ 74.5 Million in 2018, exhibiting a CAGR of 15.6% during 2011-2018.
The Saudi Arabia water heater market is being primarily driven by inflating disposable income levels and rising domestic applications of warm water which include cooking, bathing, cleaning and space heating. In addition to this, resorts and hotels have increasingly started using hot water in order to satisfy the needs of their consumers. This has, in turn, propelled the demand for water heaters across the region. Moreover, water heaters are also being used across various manufacturing industries such as thermal power plants, food and beverage processing, and chemicals industries which is another factor fueling the growth of the market. Furthermore, manufacturers are employing numerous technological innovations and advancements for introducing low-cost and efficient water heaters which is directly impacting the market growth. Looking forward, the market value is projected to reach a value of US$ 157.2 Million by 2024, expanding at a CAGR of 12.9% during 2019-2024.
This report provides a deep insight into the Saudi Arabia 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 Saudi Arabia water heater market in any manner.
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