GCC Electric Water Heater Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 380.73 Million |
| Market Size (2029) | USD 453.5 Million |
| CAGR (2024 - 2029) | 3.56 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
GCC Electric Water Heater Market Analysis
The GCC Electric Water Heater Market size is estimated at USD 380.73 million in 2024, and is expected to reach USD 453.5 million by 2029, growing at a CAGR of 3.56% during the forecast period (2024-2029).
The GCC electric water heater market is witnessing robust growth, with projections indicating a continued upward trajectory. The GCC region's rapid urbanization, infrastructure development, and increasing disposable incomes are key drivers behind the surging demand for electric water heaters. Notably, the market's expansion is propelled by the growing preference for eco-friendly and energy-efficient products. Electric water heaters are gaining prominence over traditional gas or fuel-powered counterparts due to their lower carbon emissions, enhanced safety features, and user-friendly installation. Technological advancements have further bolstered the market, with energy-efficient electric water heaters offering reduced operating costs and energy consumption.
The GCC's urbanization surge, coupled with a rising population, has spurred the demand for residential and commercial infrastructure, leading to a rise in electric water heater installations. As living standards improve and consumer preferences gravitate towards modern conveniences, a reliable hot water supply becomes paramount, further fueling market growth. Moreover, the GCC's predominantly hot climate necessitates electric water heaters for various daily tasks, such as cooking and cleaning, ensuring a consistent demand for these appliances.
GCC Electric Water Heater Market Trends
Residential Electric Water Heaters Lead the Market, Fueled by Urbanization and Sustainability Focus
Driven by a confluence of factors, the market for residential electric water heaters is poised to dominate. Countries like Saudi Arabia, the UAE, and Qatar are witnessing rapid population growth, urbanization, and a surge in residential construction, including apartments and villas. This surge is fueling a sustained demand for hot water solutions. As residents strive for modernization and improved living standards, electric water heaters have become essential, catering to daily needs like bathing, cooking, and cleaning. Despite the region's predominantly hot climate, the demand for hot water remains consistent, especially during cooler months and evenings, driving the adoption of electric water heaters.
Furthermore, a growing emphasis on energy efficiency and sustainability, bolstered by government initiatives promoting eco-friendly appliances, propels the demand for energy-efficient models. This demand is further bolstered by technological advancements in electric water heaters, such as heat pump systems and smart features, which offer heightened efficiency and convenience.
Saudi Arabia's Electric Water Heater Market Set for Robust Growth, Fueled by Urbanization and Government Initiatives
Saudi Arabia is emerging as a dominant force in the electric water heater market, particularly within the Gulf Cooperation Council (GCC) region. This sector has experienced significant expansion in recent years, driven by factors like urbanization, population growth, and a rising preference for energy-efficient solutions. A key impetus behind Saudi Arabia's electric water heater market boom is its swiftly growing population, forecasted to reach 38 million by 2030. In tandem, the country has witnessed a marked upswing in infrastructure development, with a notable emphasis on residential and commercial projects, consequently fueling the demand for electric water heaters.
Adding to this momentum, Saudi Arabia's Vision 2030 initiative, aimed at expanding the economy and decreasing oil reliance, has allocated substantial investments to infrastructure, particularly in the housing sector. These endeavors are poised to amplify the demand for electric water heaters further. Moreover, the government's commitment to energy efficiency, underscored by the introduction of regulations and standards, bolsters the market's growth trajectory and aligns with a broader sustainability agenda.
GCC Electric Water Heater Industry Overview
The competitive landscape of the GCC electric water heater market is fragmented by the presence of key players such as A. O. Smith Corporation, Rheem Manufacturing Company, Whirlpool, General Electric Co., and Bradford White Corporation. These companies compete based on factors including product quality, brand reputation, pricing strategies, distribution networks, and technological innovations. Market competition is further intensified by the presence of regional players and increasing emphasis on energy efficiency and sustainability in product offerings.
GCC Electric Water Heater Market Leaders
-
Whirlpool
-
General Electric Co
-
Rheem Manufacturing Company
-
A.O. Smith Corp
-
Bradford white
*Disclaimer: Major Players sorted in no particular order
GCC Electric Water Heater Market News
- February 2024: Modine announced the launch of the MEW, a new corrosion-resistant electric unit heater. It provides a heating option for farming, agriculture, food and beverage production, car wash, oil and gas, petrochemical, and dairy industries.
- February 2024: Synchrony, a prominent player in consumer finance, announced a multi-year extension of its strategic alliance with Rheem, a global leader in water heating and HVACR solutions. Under this renewed collaboration, Rheem will continue to leverage Synchrony's cutting-edge application technology. This technology empowers customers to conveniently and securely apply for credit on their devices, with the added benefit of accessing approved credit instantly.
GCC Electric Water Heater Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Residential and Commercial Construction Activities
4.3 Market Restraints
4.3.1 Alternative Water Heating Technologies, Such as Solar Water Heaters and Heat Pump Systems
4.4 Market Opportunities
4.4.1 Collaborations and Partnerships with Construction Companies
4.4.2 Technological Advancements such as Energy-Efficient Models and Smart Features
4.5 Value Chain Analysis
4.6 Industry Attractiveness: Porter's Five Forces Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitutes
4.6.5 Intensity of Competitive Rivalry
4.7 Insights on the Impact of Technology and Innovation
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Storage Tank Water Heaters
5.1.2 Tankless Water Heaters
5.2 By Capacity
5.2.1 Small
5.2.2 Medium
5.2.3 Large
5.3 By End Users
5.3.1 Commercial
5.3.2 Residential
5.4 By Distribution Channel
5.4.1 Online
5.4.2 Offline
5.5 By Geography
5.5.1 United Arab Emirates
5.5.2 Bahrain
5.5.3 Saudi Arabia
5.5.4 Oman
5.5.5 Qatar
5.5.6 Kuwait
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Whirlpool
6.2.2 General Electric Co.
6.2.3 Rheem Manufacturing Company
6.2.4 A.O. Smith Corp.
6.2.5 Bradford white
6.2.6 Bajaj
6.2.7 Rinnai Corporation
6.2.8 Haier Inc.
6.2.9 Havells India Ltd
6.2.10 Lennox International Inc.*
- *List Not Exhaustive
7. FUTURE MARKET TRENDS
8. DISCLAIMER AND ABOUT US
GCC Electric Water Heater Industry Segmentation
Electric water heaters rely on electricity rather than gas to heat water for residential and commercial use. The GCC electric water heater market is segmented by product type, capacity, end-user, distribution channel, and geography. By product type, the market is segmented into storage tank water heaters and tankless water heaters. By capacity, the market is segmented into small, medium, and large. By end-user, the market is segmented into commercial and residential. By distribution channel, the market is segmented into online and offline. The market is segmented by geography into the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar, and Kuwait. The report also covers the market sizes and forecasts for the GCC electric water heater market in value (USD) for all the above segments.
| By Product Type | |
| Storage Tank Water Heaters | |
| Tankless Water Heaters |
| By Capacity | |
| Small | |
| Medium | |
| Large |
| By End Users | |
| Commercial | |
| Residential |
| By Distribution Channel | |
| Online | |
| Offline |
| By Geography | |
| United Arab Emirates | |
| Bahrain | |
| Saudi Arabia | |
| Oman | |
| Qatar | |
| Kuwait |
GCC Electric Water Heater Market Research FAQs
How big is the GCC Electric Water Heater Market?
The GCC Electric Water Heater Market size is expected to reach USD 380.73 million in 2024 and grow at a CAGR of 3.56% to reach USD 453.5 million by 2029.
What is the current GCC Electric Water Heater Market size?
In 2024, the GCC Electric Water Heater Market size is expected to reach USD 380.73 million.
Who are the key players in GCC Electric Water Heater Market?
Whirlpool, General Electric Co, Rheem Manufacturing Company, A.O. Smith Corp and Bradford white are the major companies operating in the GCC Electric Water Heater Market.
What years does this GCC Electric Water Heater Market cover, and what was the market size in 2023?
In 2023, the GCC Electric Water Heater Market size was estimated at USD 367.18 million. The report covers the GCC Electric Water Heater Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the GCC Electric Water Heater Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
GCC Electric Water Heater Industry Report
Statistics for the 2024 GCC Electric Water Heater market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. GCC 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.
