Saudi Arabia Electric Water Heater Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 873.5 Million |
| Market Size (2029) | USD 110.88 Million |
| CAGR (2024 - 2029) | > 4.90 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Saudi Arabia Electric Water Heater Market Analysis
The Saudi Arabia Electric Water Heater Market size is estimated at USD 873.5 million in 2024, and is expected to reach USD 110.88 million by 2029, growing at a CAGR of greater than 4.90% during the forecast period (2024-2029).
Electric water heaters are appliances that utilize electricity to heat water in residential, commercial, and industrial sectors. They are connected to a water source that supplies the hot water to numerous fixtures and appliances across a house or a building, including taps, showers, and dishwashers.
Post the pandemic, the Saudi Arabian Electric Water Heater Market is primarily driven by inflating disposable income levels and rising domestic applications of warm water, including cooking, bathing, cleaning, and heating. In addition, resorts and hotels have increasingly started using hot water to satisfy the needs of their consumers. This has, in turn, propelled the demand for electric water heaters across the region.
A rise in the requirement for warm and hot water across households in Saudi Arabia is one of the primary factors driving the market's growth. Due to its religious significance, the country is one of the GCC region's most prominent tourist destinations. The market will grow due to the expanding tourism and hospitality sector. Evolving urban lifestyle, increasing income levels, and growing disposable income stimulate customers to spend on consumer utilities like electric water heaters. In addition, growing demand for energy-efficient electric water heaters and rising demand for alternative water heating solutions as opposed to traditional sources such as biofuel, wood, and coal are other major factors anticipated to boost the growth of the electric water heater market over the forecast period.
Saudi Arabia Electric Water Heater Market Trends
Growing Construction in Saudi Arabia
Population, higher living standards, and growing technologies and governmental policies drive infrastructure growth. The rising number of infrastructures is facilitating the electric water heater market players to witness growth in demand for their respective products. The increase in product premiumization due to continuous technological innovation is one of the key drivers expected to trigger the market's growth in the forthcoming years. In addition, an appreciable increase in disposable income due to urbanization will further reinforce the accessibility & affordability of these products. The awareness of benefits and application areas of electric water heaters is peaking among the population. About this, the adoption of the same is continuously growing, which is then increasing the revenue size of the electric water heaters market.
Commercial Segment Hold the Largest Market Share
The commercial segment is anticipated to increase its shares during the forecast period. Increasing commercial projects is expected to drive the demand for the market. Furthermore, growing deployment across commercial spaces due to advanced operational benefits, including low heating or electricity costs and extensive control features, will complement the market landscape. The units are widely deployed across commercial facilities, including hotels, restaurants, and care centers. Product availability in multiple capacity ranges fulfills different customer requirements, significantly accelerating market growth. For instance, restaurants and resorts require large capacity systems across kitchens, saunas, swimming pools, and washrooms. Additionally, the requirement for instant water heaters in the commercial sector is anticipated to surge, which is expected to drive the annual sales of the manufacturers offering instantaneous electric water heaters.
Saudi Arabia Electric Water Heater Industry Overview
The Saudi Arabian water heater market is a fragmented industry. Moreover, water heaters are also being used across various manufacturing industries, such as thermal power plants, food and beverage processing, and chemicals, fueling the market's growth. Furthermore, manufacturers are employing numerous technological innovations and advancements for introducing low-cost and efficient water heaters, directly impacting the market growth. However, mid-size to smaller companies are increasing their market presence with technological advancement and product innovation. The major players in the Saudi Arabia Electric Water Heater Market are Rheem Manufacturing Company, Ariston, Legrand, Saudi Ceramics, and A. O. Smith.
Saudi Arabia Electric Water Heater Market Leaders
Rheem Manufacturing Company
Ariston
Legrand
Saudi Ceramics
A. O. Smith
*Disclaimer: Major Players sorted in no particular order
Saudi Arabia Electric Water Heater Market News
- January 2023: Rheem Corporation launched its new Performance Platinum Smart Electric Water Heater. The water heater is equipped with a Wi-Fi-enabled thermostat that allows users to control the temperature of their water remotely.
- June 2023: Saudi Ceramics introduced new SCC water heaters with low energy consumption, which contributed to saving electricity bills. Available in plastic models, the outer case is made with high-quality and durable plastic. One thermostat controls water temperature and automatically cuts power; the other operates in case of failure of the main one.
Saudi Arabia Electric Water Heater Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption And Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Heat Pump Water Heaters
4.2 Market Overview
4.3 Market Dynamics
4.4 Market Drivers
4.4.1 Raising construction Projects
4.5 Market Restraints
4.5.1 Availability of Substitutes
4.6 Market Opportunities
4.6.1 Develop Energy Efficient Products
4.7 Industry Value Chain Analysis
4.8 Industry Attractiveness - Porters' Five Forces Analysis
4.8.1 Threat of New Entrants
4.8.2 Bargaining Power of Buyers
4.8.3 Bargaining Power of Suppliers
4.8.4 Threat of Substitutes
4.8.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Storage
5.1.2 Instant
5.2 By Capacity
5.2.1 Small Water Heater
5.2.2 Medium Water Heater
5.2.3 Large Water Heater
5.3 By End-User
5.3.1 Residential
5.3.2 Commercial
5.3.3 Industrial
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Rheem Manufacturing Company
6.2.2 Ariston
6.2.3 Legrand
6.2.4 Saudi Ceramics
6.2.5 A. O. Smith
6.2.6 Bosch
6.2.7 Haier
6.2.8 Ferroli
6.2.9 Whirlpool Corporation
6.2.10 Orbital Horizon*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER
Saudi Arabia Electric Water Heater Industry Segmentation
An electric water heater is an appliance that heats cold water using electricity and is supplied through a system of pipes. This heated water can be used for various purposes, such as for taking a hot bath or shower and in washing machines and dishwashers. Over the decades, several technologies have been developed to make water heaters energy efficient.
Saudi Arabia Electric Water Heater Market is segmented by product (storage and instant), by capacity (small water heater, medium water heater, and large water heater), and by end-user (residential, commercial, and industrial).
The report offers Market size and forecasts for the Saudi Arabia Electric Water Heater Market in value (USD) for all the above segments.
| By Product | |
| Storage | |
| Instant |
| By Capacity | |
| Small Water Heater | |
| Medium Water Heater | |
| Large Water Heater |
| By End-User | |
| Residential | |
| Commercial | |
| Industrial |
Saudi Arabia Electric Water Heater Market Research FAQs
How big is the Saudi Arabia Electric Water Heater Market?
The Saudi Arabia Electric Water Heater Market size is expected to reach USD 873.5 million in 2024 and grow at a CAGR of greater than 4.90% to reach USD 110.88 million by 2029.
What is the current Saudi Arabia Electric Water Heater Market size?
In 2024, the Saudi Arabia Electric Water Heater Market size is expected to reach USD 873.5 million.
Who are the key players in Saudi Arabia Electric Water Heater Market?
Rheem Manufacturing Company, Ariston, Legrand, Saudi Ceramics and A. O. Smith are the major companies operating in the Saudi Arabia Electric Water Heater Market.
What years does this Saudi Arabia Electric Water Heater Market cover, and what was the market size in 2023?
In 2023, the Saudi Arabia Electric Water Heater Market size was estimated at USD 830.70 million. The report covers the Saudi Arabia Electric Water Heater Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Saudi Arabia Electric Water Heater Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Saudi Arabia Electric Water Heater Industry Report
Statistics for the 2024 Saudi Arabia Electric Water Heater market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Saudi Arabia Electric Water Heater analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
