Saudi Arabia Water Heater Market Size & Outlook, 2023-2030
Saudi Arabia water heater market, 2018-2030 (US$M)
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Saudi Arabia water heater market highlights
- The Saudi Arabia water heater market generated a revenue of USD 591.8 million in 2023 and is expected to reach USD 713.5 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 2.7% 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.
Water heater market data book summary
| Market revenue in 2023 | USD 591.8 million |
| Market revenue in 2030 | USD 713.5 million |
| Growth rate | 2.7% (CAGR from 2023 to 2030) |
| Largest segment | Electric |
| Fastest growing segment | Solar |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, Saudi Arabia accounted for 2.0% of the global water heater market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, Saudi Arabia water heater market is projected to lead the regional market in terms of revenue in 2030.
- UAE is the fastest growing regional market in Middle East & Africa and is projected to reach USD 501.1 million by 2030.
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Water Heater Market Scope
Water Heater Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Saudi Arabia 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 71.8% in 2023. Horizon Databook has segmented the Saudi Arabia water heater market based on electric, solar, gas covering the revenue growth of each sub-segment from 2018 to 2030.
The GDP of Saudi Arabia contracted by 4.1% in 2020, according to the IMF. Strict early containment and health mitigation measures implemented by the government kept the COVID-19 cases and deaths to a minimum.
In addition, the vaccine campaign has made significant progress in 2021, managing to vaccinate 29% of its population. The IMF has estimated the Saudi Arabian economy to recover in 2022, with a forecasted growth rate of 2.1% and 4.8% in 2021 and 2022, respectively. This is anticipated to reflect on water heater demand post-2024 as economic activity will continue to normalize.
In November 2017, the Electricity and Cogeneration Regulatory Authority (ECRA) increased the tariffs for residential electricity consumption, encouraging consumers to shift to renewable energy sources. This is expected to augment the growth of the solar water heater market in the country.
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Our clientele includes a mix of water heater market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Saudi Arabia water heater market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia water heater market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia water heater market size, by product, 2018-2030 (US$M)
Saudi Arabia Water Heater Market Outlook Share, 2023 & 2030 (US$M)
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