GCC Electric Water Heater Market Analysis and Forecast, 2019-2028

The GCC electric water heater market is expected to grow significantly in the coming years due to the increasing demand for electric water heaters in residential and commercial sectors in the Gulf Cooperation Council (GCC) region.

The growing construction sector and rising awareness of energy-efficient appliances are driving the demand for electric water heaters in the region. In addition, consumers in the GCC region are becoming more aware of the benefits of using energy-efficient appliances, leading to increased demand for electric water heaters. Moreover, governments in the GCC region are promoting the use of energy-efficient appliances through incentives and subsidies, which further drives the demand for electric water heaters.

Challenges and opportunities faced by the water heater market in GCC

The increasing demand for smart water heaters that can be controlled through smartphones and the growing tourism sector in the GCC region are some of the key opportunities in the GCC water heater market. However, the high upfront cost of electric water heaters compared to traditional water heaters and the lack of standardization in the electric water heater market are some of the challenges faced by regional GCC electric water heater manufacturers and other key players, as it makes it difficult for consumers to compare and choose products.

Saudi Arabia to lead the regional market

The electric water heater market in Saudi Arabia stood at over US$ 90 million in 2020. Government initiatives such as the Vision 2030 plan, which aims to diversify the country’s economy and reduce its reliance on oil, are also expected to drive the growth of the electric water heater market in the GCC, especially in Saudi Arabia. The plan emphasizes the development of infrastructure, including residential and commercial buildings, which is expected to increase the demand for electric water heaters in the country.

Market Structure and Competitive Landscape

The regional electric water heater market is primarily import driven and consists of several foreign and local players operating in the marketplace. Some of the major players operating in the GCC electric water heater market include Saudi Ceramic Company, A. O. Smith, Ariston Thermo Group, Bradford White Corporation, Rheem Manufacturing Company, VAILLANT Group, Delta, Carrier, Bosch, Hotpoint, Al Fayha, and Thermex among others.

Key Market Segmentation

RationalStat has segmented the GCC Electric water heater on the basis of type, capacity, applications, distribution channel, and region.

• By Type
  • Tank
  • Tankless
• By Capacity
  • Small
  • Medium
  • Large
• By Application
  • Residential
  • Commercial
  • Industrial
• By Distribution Channel
  • Online/E-Commerce/Company’s Website
  • Offline
    • Brand Outlets
    • Supermarkets and Hypermarkets
• By Region
  • Bahrain
  • Kuwait
  • Oman
  • Qatar
  • Saudi Arabia
  • UAE

Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Why Buy this Report?

The report is intended for Label Printing manufacturers, electronics and semiconductor companies, government organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption pattern, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.

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