Saudi Arabia’s electric water heater market will witness growth on account of increasing disposable income and increasing investments in the residential segment. Additionally, investments in new resorts and hotels would boost the sales of water heaters in the future. The country is one of the largest tourist destinations across the GCC region on account of its religious significance. The market will witness growth on account of the expanding tourism and hospitality sector. Evolving urban lifestyle, increasing income levels, and growing disposable income stimulate customers to spend on consumer utilities like electric water heaters. Rapid industrialization coupled with the high adoption of electric water heaters is a major factor driving the growth of the market. In addition, growing demand for energy-efficient electric water heaters and rising demand for alternative water heating solutions as opposed to traditional sources as biofuel, wood, and coal are other major factors anticipated to boost the growth of the electric water heater market over the forecast period.
Key Market Trends
Growing Urbanization is Driving the Market
Urban population and higher living standards, coupled with growing technologies and governmental policies, drive the growth of residential infrastructure. The rising number of residential infrastructures is facilitating the electric water heater market players to witness growth in demand for their respective products. The increase in product premiumization due to continuous technological innovation is one of the key drivers expected to trigger the market’s growth in the forthcoming years. In addition, an appreciable increase in disposable income as a result of urbanization will further reinforce the accessibility & affordability of these products. The awareness of benefits and application areas of electric water heaters is peaking among the urban population, and pertaining to this, the adoption of the same is continuously growing, which is then furnishing the revenue size of the electric water heaters market.
Commercial Segment Hold the Largest Market Share
The commercial segment is anticipated to increase its shares during the forecast period. Increasing commercial projects is expected to drive the demand for the market. Furthermore, growing deployment across commercial spaces on account of advanced operational benefits including low heating or electricity cost, extensive control features will complement the market landscape. the units are widely deployed across commercial facilitates including hotels, restaurants, and care centers. Product availability in multiple capacity ranges is fulfilling different customer requirements that have significantly accelerated market growth. For instance, the restaurant and resorts require large capacity systems for use across kitchens, saunas, swimming pools, and washrooms. Additionally, the requirement for instant water heater in the commercial sector is anticipated to surge, which is expected to drive the annual sales of the manufacturers offering instantaneous electric water heaters.
The report covers major international players operating in the Saudi Arabia Electric Water Heater Market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support