Saudi Arabia Electric Water Heater Market (2020-2026) | Size, Analysis, Trends, Revenue, Share, Forecast, Growth, Industry, Outlook & COVID-19 IMPACT

Latest 2023 Developments of the Saudi Arabia Electric Water Heater Market

The Saudi Arabia Electric Water Heater Market is experiencing some exciting developments which is helping the market to rise enormously. There is the growing demand for eco-friendly options in the country since consumers are turning more conscious of environmental impact, which is leading to a rise in sales of electric water heaters that are energy-efficient and that lower waste and decrease electricity bills. The growth in smart technology is another key development of the Saudi Arabia Electric Water Heater Industry. A number of manufacturers are now incorporating Wi-Fi connectivity and smartphone apps into their products which enable users to monitor and control their devices remotely. This feature improves convenience and provide greater control. There is also a surge in innovation as numerous players offer stylish and sleek electric water heaters. It is owing to these developments that the Saudi Arabia Electric Water Heater Market Share is propelling.

Topics Covered in The Saudi Arabia Electric Water Heater Market

Saudi Arabia Electric Water Heater Market report comprehensively covers the Saudi Arabia electric water heater market by product, capacity and applications. Saudi Arabia electric water heater market report provides an unbiased and detailed analysis of the Saudi Arabia electric water heater market trends, Saudi Arabia electric water heater market share, opportunities/high growth areas, market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.

Saudi Arabia Electric Water Heater Market Synopsis

Saudi Arabia Electric Water Heater Market is projected to expand at a healthy rate in the forecast period on account of increasing disposable income and increasing investments in the residential segment. Approximately 70,000 residential units are expected to be supplied to the market between 2019 and 2021. Additionally, investments in new resorts and hotels would boost the sales of water heaters in the future. However, the electric water heater market is expected to take a hit amid the coronavirus pandemic in 2020. The manufacturing is suffering from both decline in output via ‘supply shock’ as well as ‘demand shock.’ Further, the slowdown in country’s tourism coupled with a halt in hospitality projects would lead to dip in sales in 2020 as Saudi Arabia’s tourism industry could take a hit of up to 45 per cent in 2020 because of the coronavirus pandemic. The market has seen a halt owing to the massive outbreak of COVID-19 which resulted in nationwide lockdowns to combat the spread of the virus and has led to a decline in the overall market growth.

According to 6Wresearch, Saudi Arabia Electric Water Heater Market size is projected to grow at CAGR of 7.0% during 2020-2026. In 2019, housing developments accounted for the majority of construction projects in the country. However, coronavirus pandemic would slow down the market in terms of supply during 2020.

Market Analysis by Types

In 2019, storage water heaters dominated the product segment in terms of revenue and volume as these types of water heaters are used for centralized water heating which assists in utilizing warm water at different outlets simultaneously.

Market Analysis by Applications

On the basis of applications, Residential sector acquired the largest revenue share in Saudi Arabia electric water heater market in 2019 owing to rising per capita disposable income and improving the standard of living. The government of Saudi Arabia has also planned to increase homeownership from 47% to 60% by 2020 and 70% by 2030, leading to the development of more homes which would eventually boost the demand for electric water heaters over the coming years.

Saudi Arabia Electric Water Heater Market: Key Players

The sector is one of the most significant sectors in the country and many players are operating in it. Some leading market players are:

• Smith Corporation
• Ariston Thermo SpA
• Bradford White Corporation
• Ecotherm Austria GmbH
• Haier Smart Home Co. Ltd.
• Jaquar Group
• Rheem Manufacturing Company
• Rinnai Corporation
• Olympic Group
• Heatmaster-Eg

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2016 to 2019.
• Base Year: 2019
• Forecast Data until 2026.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Saudi Arabia Electric water heater Market Overview
• Saudi Arabia Electric Water Heater Market Outlook
• Saudi Arabia Electric Water Heater Market Forecast
• Saudi Arabia Electric Water Heater Market Size
• Historical Data of Saudi Arabia Electric Water Heater Market Revenues and Volume for the period, 2017-2019
• Saudi Arabia Electric Water Heater Market Forecast of Revenues and Volume, Until 2026
• Historical Data of Saudi Arabia Electric Water Heater Market Revenues and Volume for the period, By Product, 2017-2019
• Forecast of Saudi Arabia Electric Water Heater Market Revenues and Volume, By Product, Until 2026
• Historical Data of Saudi Arabia Electric Water Heater Market Revenues and Volume for the period, By Capacity, 2017-2019
• Forecast of Saudi Arabia Electric Water Heater Market Revenues and Volume, By Capacity, Until 2026
• Historical Data of Saudi Arabia Electric Water Heater Market Revenues for the period, By Applications, 2017-2019
• Forecast of Saudi Arabia Electric Water Heater Market Revenues, By Applications, Until 2026
• Saudi Arabia Electric Water Heater Market Outlook on Drivers and Restraints
• Saudi Arabia Electric Water Heater Market Trends
• Saudi Arabia Electric Water Heater Industry Life Cycle
• Porter’s Five Force Analysis
• Saudi Arabia Electric Water Heater Market Opportunity Assessment
• Saudi Arabia Electric Water Heater Market Share, By Company
• Saudi Arabia Electric Water Heater Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Product:

• • Up to 30 Litres
  • 1 to 100 Litres
  • 1 to 250 Litres
  • 1 to 400 Litres
  • Above 400 Litres
  • Storage Water Heaters
  • Non-Storage Water Heaters

By Applications:

• Residential
• Commercial
• Industrial

Saudi Arabia Electric Water Heater Market: FAQs