GCC Solar Water Heater Market by 2024 Growth Analysis of all Top Key Players Like Ariston, Viessman and EcoTherm

The GCC solar water heater market has experienced robust growth over the past few years. As solar water heaters help in minimizing carbon emissions and improving the energy security of a region, their demand is escalating in the GCC countries.

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The recent report published by IMARC Group, entitled “GCC Solar Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the GCC solar water heater market reached a volume of more than 11 GWth in 2018, growing at a CAGR of 28% during 2011-2018. Solar water heaters work all year round and provide a sustainable and cost-effective means of heating water for commercial, residential and industrial uses. In addition, they help in minimizing carbon emissions and improving the energy security of a region by reducing the pressure on the power systems. The GCC region receives an average of 6kWh/m2 solar radiation daily with 80-90% clear skies throughout the year. As a result, the region has ample opportunities for the implementation of solar water heaters as a solution for reducing dependence on gas and electricity.

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Market Trends:

The GCC nations have implemented certain strategic goals for increasing the share of renewable energy (RE) in their total energy production. As mentioned earlier, the region receives high levels of solar radiation, owing to which solar energy has been identified as the preferred choice for fulfilling these goals. For instance, the government of Saudi Arabia has implemented policies and regulations to promote small and medium scale solar projects, such as installing solar water heaters in the cities. Moreover, the Solar Heating Arab Mark and Certification Initiative (SHAMCI), a quality certification scheme by RCREEE, focuses on improving and expanding the solar water heater market by offering better quality products in the Arab region. However, the low electricity rates in the GCC nations have been limiting the uptake of solar water heaters. Looking forward, the GCC solar water heater market is projected to reach a volume of around 49 GWth in 2024, exhibiting a CAGR of nearly 27% during 2019-2024.

GCC Solar Water Heater Market Segmentation:

Market Breakup by Type:

1. Flat Plate Collector Heaters

2. Evacuated Tube Collector Heaters

3. Unglazed water Collector Heaters

Based on types, flat plate collector heaters currently account for the largest market share in the GCC region. Flat plate collector heaters are followed by evacuated tube collector heaters and unglazed water collector heaters.

Market Breakup by Application:

1. Commercial

2. Residential

3. Government Buildings

4. Others

On the basis of applications, the market has been segmented into commercial, residential, government buildings and others. Currently, the commercial sector represents the largest application segment, holding the majority of the market share.

Market Breakup by Region:

1. Saudi Arabia

2. UAE

3. Kuwait

4. Oman

5. Qatar

6. Bahrain

Region-wise, Saudi Arabia enjoys the leading position in the GCC solar water heater market, accounting for the biggest market share. Other regions include the UAE, Kuwait, Oman, Qatar and Bahrain.

Competitive Landscape:

The competitive landscape of the GCC solar water heater market has also been examined with some of the key players being Ariston, Viessman and EcoTherm.

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This release was published on openPR.