Press release
Saudi Arabia Water Heater Market Outlook 2024: Top Companies like Bradford White, Saudi Ceramics, Ferroli, Ariston, Viessmann, Bosch, Vaillant, Rheem Manufacturing, A.O. Smith
Saudi Arabia water heater market in commercial application is predicted to witness strong growth on account of expanding hospitality and tourism division. The country is considered to be the largest tourist spot across the Gulf Cooperation Council region owing to its spiritual significance. Rising number of luxury complexes and hotels to cater the tourism requirements will stimulate the product penetration. Mecca is one of the populous cities in the country and will remain a sweet spot for investment.
Key participants in Saudi Arabia water heater market includes Bradford White, Saudi Ceramics, Ferroli, Ariston, Viessmann, Bosch, Vaillant, Rheem Manufacturing, A.O. Smith and Rinnai.
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Saudi Arabia Water Heater Market is set to surpass USD 500 million by 2024. Rapid urbanization & productive expansion of the construction sector will fuel the product adoption. Investment toward research & development, growing population and economic & infrastructure development are some of the factors that will propel the business growth. As a part of the economic development plan, the government has announced the commencement of multiple construction megaprojects which in turn will drive the product deployment.
Enormous potential for solar along with favorable geographic location will propel the Saudi Arabia solar water heater market. The country presents high level average solar radiation of around 2400 kWh/m2 per annum. Moreover, introduction of numerous renewable initiatives for the environmental protection and economic diversification will further nourish the business outlook.
Residential water heater market is predicted to reach over 1.5% by 2024. Expanding population base, reforming family structure along with rising consumer spending are some of the factors which will fuel the industry expansion. For instance, in 2018, the Saudi Arabia Ministry of Health introduced a housing venture which aims at expanding the housing ownership of the country to 70% by 2030, that will further augment the business growth.
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Introduction of regulative directives & standards to reinforce sustainability levels in energy sectors will foster the Saudi Arabia water heater market. For instance, the country opted for the development of energy efficiency codes by Southern Energy Efficient Centre (SEEC) in collaboration with ASHRAE. The ability of the product to meet environmental compliance and offer high efficiency will enhance its adoption.
Table of Content:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Saudi Arabia Water Heater Industry Insights
Chapter 4 Saudi Arabia Water Heater Market, By Product
Chapter 5 Saudi Arabia Water Heater Market, By Capacity
Chapter 6 Saudi Arabia Water Heater Market, By Fuel
Chapter 7 Saudi Arabia Water Heater Market, By Application
Chapter 8 Company Profiles
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https://www.marketstudyreport.com/reports/global-solar-water-heater-industry-market-analysis-forecast-2018-2023/?utm_source=RR-PSR
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