Market Trends of Saudi Arabia Electric Water Heater Industry
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.
