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Water Heater Market in Saudi Arabia to hit $500mn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-08-08 

Water Heater Market report research highlights key dynamics of the global sector. The potential of the industry has been investigated along with the key challenges. The current market scenario and prospects of the sector has also been studied.

Saudi Arabia water heater market in commercial application is predicted to witness strong growth on account of expanding hospitality and tourism division. The country is considered to be the largest tourist spot across the Gulf Cooperation Council region owing to its spiritual significance. Rising number of luxury complexes and hotels to cater the tourism requirements will stimulate the product penetration. Mecca is one of the populous cities in the country and will remain a sweet spot for investment.

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Saudi Arabia Water Heater Market is set to surpass USD 500 million by 2024. Rapid urbanization & productive expansion of the construction sector will fuel the product adoption. Investment toward research & development, growing population and economic & infrastructure development are some of the factors that will propel the business growth. As a part of the economic development plan, the government has announced the commencement of multiple construction megaprojects which in turn will drive the product deployment.

Enormous potential for solar along with favorable geographic location will propel the Saudi Arabia solar water heater market. The country presents high level average solar radiation of around 2400 kWh/m2 per annum. Moreover, introduction of numerous renewable initiatives for the environmental protection and economic diversification will further nourish the business outlook.

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Residential water heater market is predicted to reach over 1.5% by 2024. Expanding population base, reforming family structure along with rising consumer spending are some of the factors which will fuel the industry expansion. For instance, in 2018, the Saudi Arabia Ministry of Health introduced a housing venture which aims at expanding the housing ownership of the country to 70% by 2030, that will further augment the business growth.

In 2017, <30 liters water heater market was worth over USD 80 million. Affordable price index and compact of these products will favor their applications in the residential establishments. Effective environmental proximity, rising per capita income along with shifting focus toward energy efficient systems will further propel the product penetration.

Introduction of regulative directives & standards to reinforce sustainability levels in energy sectors will foster the Saudi Arabia water heater market. For instance, the country opted for the development of energy efficiency codes by Southern Energy Efficient Centre (SEEC) in collaboration with ASHRAE. The ability of the product to meet environmental compliance and offer high efficiency will enhance its adoption.

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Key participants in Saudi Arabia water heater market includes Bradford White, Saudi Ceramics, Ferroli, Ariston, Viessmann, Bosch, Vaillant, Rheem Manufacturing, A.O. Smith and Rinnai.

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About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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