Saudi Arabia Water Heater Market Overview
The Saudi Arabia water heater market is expected to grow at a CAGR of XXXX% from 2016 to 2021. The market is being driven by the increasing awareness about the importance of water conservation among the people and the government. The growing population, rising living standards, and increasing adoption of water-efficient technologies are some key factors supporting the growth of the Saudi Arabia water heater market.
The Saudi Arabia water heater market has been segmented based on type, application, and region. The three main types of water heaters in Saudi Arabia are electric storage tank (EST), gas storage tank (GST), and solar thermal collectors. The electric EST segment is expected to account for the largest share in the Saudi Arabia water heater market due to its low installation cost and high efficiency. Gas STs are expected to grow at a higher CAGR due to their increased popularity among end users owing to their lower installation cost and easier maintenance. Solar thermal collectors are expected to grow at a higher CAGR due to their increased popularity among homebuilders owing to their low installation cost and negligible running costs.
On the basis of application, the Saudi Arabia water heater market has been segmented into residential applications and commercial applications. Residential applications are estimated to account for the largest share in the Saudi Arabia water heater market due to increasing awareness about water conservation among people. Commercial applications are estimated to grow at a higher CAGR owing to increasing adoption of air-conditioning systems in commercial
Saudi Arabia Water Heater Market Analysis
The Saudi Arabia water heater market is expected to grow from $XXXX billion in 2016 to $XXXX billion by 2021, at a CAGR of XXXX%. The rapid growth is attributed to increasing urbanization and rising incomes in the country.
The Saudi Arabia water heater market is dominated by government-owned enterprises, followed by private sector players. The government-owned enterprises account for over 60% of the market share, while the private sector accounts for over 30%. The regional segmentation of the Saudi Arabia water heater market is North Africa (XX%), Europe (XX%), Asia Pacific (XX%), and Middle East & Africa (15%).
The major players in the Saudi Arabia water heater market are General Electric (GE), Siemens AG, Samsung SDI Co., Ltd., Mitsubishi Heavy Industries Ltd., LG Electronics Inc., and Panasonic Corporation.
Saudi Arabia Water Heater Market Segmentation
A Saudi Arabia water heater market report provides a detailed analysis of the market dynamics, opportunities and challenges for the manufacturers and investors in this market. Saudi Arabia ranks first in the world for electricity consumption per capita. In addition, there is an increasing demand for water heaters due to increasing awareness about hygiene and environmental concerns.
The Saudi Arabia water heater market is segmented on the basis of product type, heating mode, end-user and region. Based on product type, the market is divided into electric water heaters and gas water heaters. Heating mode includes direct contact (wall mountable), indirect contact (underfloor or floor mounted) and ground source heating. End-user segmentation includes residential, commercial/institutional, agricultural/irrigation and transportation/utilities sectors. Regional segmentation includes Eastern Province, Central Province, Western Province, and Northern Province.
The report estimates that the Saudis will install XX% electric water heaters in 2020 as they shift to greener energy sources while XX% of installed electric water heaters will be in commercial/institutional buildings by 2020. The installation of gas water heaters is expected to increase at a CAGR of XXXX% from 2016 to 2020 owing to rising awareness about its benefits such as reducing installation costs and energy bills for businesses.
The report also provides insights into various factors that are driving growth in this market including increased awareness about hygiene and environmental concerns, growing demand from transportation/utilities.
Saudi Arabia Water Heater Market Size
The water heater market in Saudi Arabia is expected to grow at a CAGR of XXXX% during 2015-2025. The growth is attributed to the increasing awareness of the benefits of home water heating and the growing need for energy conservation in the country.
The Saudi Arabia water heater market is segmented on the basis of type, application, and region. On the basis of type, the market is divided into electric, gas, and oil. Based on application, it is divided into residential, commercial/industrial, and public sector. On the basis of region, it is divided into North Africa (Egypt), GCC Countries (Bahrain, Kuwait, Oman, Qatar), South Africa (Egypt), India/APAC (Australia & New Zealand), and Rest of World.
The Saudi Arabia water heater market was valued at USD XXXX billion in 2014 and is anticipated to reach USD XXXX billion by 2025. The high demand for energy conservation in Saudi Arabia will drive the growth of this market over the forecast period.
Saudi Arabia Water Heater Market Share Analysis
Saudi Arabia is one of the most populous countries in the world with a total population of over 27 million people. The country has an area of XX square kilometres and is located in Southwest Asia. Saudi Arabia’s economy is largely dependent on oil and gas exports. However, water heating is an important sector of the Saudi economy as it accounts for XXXX% of the total energy consumption in the country.
The government has set a target to reduce energy consumption by XX% by 2020. This target will require significant investment in renewable energy sources such as solar and wind power. The Saudi Water Heater Market is expected to grow at a CAGR of XX% during FY2019-FY2024. The market has been segmented based on type, application, region, and company size.
Drivers and Restraints of the Saudi Arabia Water Heater Market
The Saudi Arabia water heater market is expected to grow at a CAGR of XXXX% during the forecast period 2016-2021. This growth can be attributed to the increasing demand for hot water in households and offices, owing to the rising population, wealth enhancement, and modernization initiatives in the country.
The key market players in this market are General Electric (GE), Daikin, Mitsubishi Heavy Industries (MHI), and Mitsui Sumitomo Heavy Industries (MSHI). These companies are aggressively expanding their businesses into Saudi Arabia owing to its growing population and high household income levels. Among these companies, GE is the leading player with a share of XX% in the market. The company has been able to expand its presence due to its strong distribution network and broad product portfolio.
Some of the restraints that could hamper the growth of this market include stringent environmental regulations, limited availability of qualified manpower, and high installation costs.
Opportunities and Threats of the Saudi Arabia Water Heater Market
The Saudi Arabia water heater market is expected to grow at a CAGR of XXXX% from 2016 to 2021. This growth can be attributed to the increasing awareness among households and commercial establishments about the benefits of using water heaters, as well as the government’s initiatives aimed at improving the overall infrastructure in Saudi Arabia.
However, some restraining factors such as lack of awareness among consumers and limited availability of quality products could pose a challenge to the market growth.
On the other hand, technological advancements are likely to drive demand for water heaters in Saudi Arabia over the forecast period. These advancements include advances in renewable energy sources and artificial intelligence that can help optimize usage of resources.