Middle East & Africa Water Heater Market Size & Outlook
Middle East & Africa water heater market, 2018-2030 (US$M)
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MEA water heater market highlights
- The MEA water heater market generated a revenue of USD 1,924.2 million in 2023.
- The market is expected to grow at a CAGR of 3.3% from 2024 to 2030.
- In terms of segment, electric was the largest revenue generating product in 2023.
- Solar is the most lucrative product segment registering the fastest growth during the forecast period.
- Country-wise, UAE is expected to register the highest CAGR from 2024 to 2030.
MEA data book summary
| Market revenue in 2023 | USD 1,924.2 million |
| Market revenue in 2030 | USD 2,407.6 million |
| Growth rate | 3.3% (CAGR from 2023 to 2030) |
| Largest segment | Electric |
| Fastest growing segment | Solar |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Electric, Solar, Gas |
| Key market players worldwide | A.O. Smith Corp, Robert Bosch Engineering & Business Solutions, Rinnai Corp, Noritz Corp, Whirlpool Corp, WESCO International Inc, Haier, Lennox International Inc |
Other key industry trends
- In terms of revenue, MEA region accounted for 6.6% of the global water heater market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 15,477.3 million by 2030.
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Water Heater Market Scope
Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
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Middle East & Africa water heater market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to water heater market will help companies and investors design strategic landscapes.
Electric was the largest segment with a revenue share of 70.74% in 2023. Horizon Databook has segmented the Middle East & Africa water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2018 to 2030.
The GDP of the Middle East is expected to grow at 4% in 2021, according to the IMF. A significant key factor for the GDP growth rate is the vaccine rollout, which is expected to contribute to the region’s growth as vaccine deployment will allow industrial activity to resume.
Other factors include oil prices, exposure to tourism, and government initiatives in policymaking. The policies are expected to prove important in attracting FDIs as well as regional cooperation. The African Development Bank Group expects the African economy to grow at 3.4% in 2021.
Factors contributing to the economic growth of Africa include the resumption of tourism, commodity market prices, and its supply-demand gap. As economic activities normalize, the demand for water heaters in industrial applications is expected to witness growth.
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Our clientele includes a mix of water heater market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the Middle East & Africa water heater market , including forecasts for subscribers. This continent databook contains high-level insights into Middle East & Africa water heater market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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MEA water heater market size, by country, 2018-2030 (US$M)
Middle East & Africa Water Heater Market Outlook Share, 2023 & 2030 (US$M)
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