Market Trends of Concealed Cistern Industry in Saudi Arabia
This section covers the major market trends shaping the Saudi Arabia Concealed Cistern Market according to our research experts:
Construction of Commercial and Residential Space Affecting Cistern Market
The residential and non-residential building industry in Saudi Arabia observed continuous growth with 5% annual growth during 2018 and after a continuous increase in demand for residential and commercial space, it increased to 7.6% in 2021 and 7.8% in 2022. With this increase in space requirement for commercial as well as residential, demand for concealed cisterns also increases to make bathrooms and washrooms more spacious with modern technology pieces of equipment. In 2018, 2019 and 2020 GDP of the construction sector in Saudi Arabia stands at SAR 151,496 million, SAR 163,655 million, and SAR 168,750 million, respectively.
Government Initiatives towards Boosting Investment in Construction
According to the Saudi government, by 2020 the impact of the Economic Cities will include USD 150 billion contributed to GDP growth, 1.3 million jobs created, and the accommodation of 4.8 million people. Under the National Transformation Plan (the 'Plan') and Saudi vision 2030, the housing sector, with a budget of SAR 59 billion, is the biggest area of government expenditure, having the target of increasing real estate sector contribution to 5-10% of the GDP and establishing fast-track licences and special finance packages to encourage private sector investment in housing projects. These government initiatives will be creating demand for modern bathrooms with smart homes and increase the demand for concealed cisterns in the market.
