According to the latest report by IMARC Group, titled "Saudi Arabia Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the Saudi Arabia water heater market reached a value of US$ 174 Million in 2021. Water heaters are appliances that are used to provide a continual supply of hot water for various domestic and industrial applications, such as cooking, cleaning, bathing, and space heating. It consists of a tank, dips tube, shut off valve, heat out the pipe, thermostat, heating mechanism, drain valve, pressure relief valve, and sacrificial anode red that employs an energy source to heat water above its initial temperature. Water heaters are connected to a water source that supplies the hot water across various fixtures, including taps, showers, and dishwashers. Depending on the diverse requirements of the users and sectors, these amenities are commercially available in a variety of shapes, sizes, and storage capabilities.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Saudi Arabia Water Heater Market Trends:
The Saudi Arabia water heater market is growing on account of significant economic transformation and rapid urbanization in the country. This, in turn, has led to an increase in the disposable income of the population, thereby further reinforcing the accessibility and affordability of these products. In line with this, the increasing demand for hot water from the residential sector for completing daily chores and the rising awareness regarding benefits associated with water heaters, such as easy installation, longer life span, and lower maintenance, are acting as another growth-inducing factor. Additionally, the thriving tourism and hospitality sector is also inflating the sales of water heaters as numerous hotels are increasingly installing the product to provide a luxurious experience to their customers. Moreover, an enhanced focus on sustainable development has urged consumers to shift toward solar water heaters, which is catalyzing market growth. Apart from this, continuous technological advancements, such as the launch of Wi-Fi compatible tankless water heaters, heat pumps, condensing gas, and electric tankless systems, to make water heaters more energy efficient are projected to drive the market further toward growth. Looking forward, the market is expected to reach a value of US$ 205.6 Million by 2027.
- On the basis of type, the market has been segmented into storage covering water heater, solar water heater and instant water heaters. Amongst these, storage covering water heater dominates the market.
- The market has been segregated on the basis of end-use, which includes residential, commercial and industrial sectors. Currently, the residential sector represents the largest segment accounting for the majority of the market share.
- The competitive landscape of the market has also been examined with some of the key players being Ariston, Orbital Horizon, Saudi Ceramics and Al Huraiz.
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