Saudi Arabia Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023
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 2018-2023”, the Saudi Arabia water heater market reached a value of US$ 64.5 Million in 2017, exhibiting a CAGR of more than 19% during 2010-2017.
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 exceed US$ 141 Million by 2023, expanding at a CAGR of over 14% during 2018-2023.
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.
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.
Key Questions Answered in This Report:
How has the Saudi Arabia water heater market performed so far and how will it perform in the coming years?
Which are the popular product types in the Saudi Arabia water heater market?
What are the major end-use sectors in the Saudi Arabia water heater market?
What are the price trends of water heaters?
What are the various stages in the value chain of the Saudi Arabia water heater market?
What are the key driving factors and challenges in the Saudi Arabia water heater market?
What is the structure of the Saudi Arabia water heater market and who are the key players?
What is the degree of competition in the Saudi Arabia water heater market?
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