Sep 8, 2018 SOURCE: BusinessWire

GCC Water Heater Market 2018-2023: Projected to Grow at a Substantial 17% CAGR - ResearchAndMarkets.com

The "GCC Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.

According to the report, the GCC Water Heater market reached a value of US$ 129.6 Million in 2017. Looking forward, the market value is projected to reach US$ 332.5 Million by 2023, expanding at a CAGR of 17% during 2018-2023.

Due to the rapid development, the demand of water heaters in the GCC countries is on an all-time high. The hospitality and industry sectors in these countries are booming, which has led to an increase in the requirement of water heaters in these sectors. Moreover, water heater manufacturers regularly introduce new and improved technologies in their products, making them all the more beneficial for the buyers.

Increasing concerns about energy conservation have led to the rise in demand of energy-efficient water heaters and boosted the solar and tank-less water heater markets in the GCC. Saudi Arabia has emerged as the largest market for water heaters, taking a lead in the global demand of solar water heaters.

The worldwide reach of established companies and rise in the number of local companies are also important factors of the rapid increase in the market size of water heaters in the GCC region. The new housing plans by the governments of the GCC nations, and their commercial growths are sure to further increase the demand for water heaters and their market value.

Based on the product type, the market has been segmented as storage covering water heater, solar water heater and instant water heater. Currently, storage covering water heater dominates the market, holding the largest share.

On the basis of end-use, residential represent the largest segment, followed by commercial and industrial segments.

Region-wise, the market has been segmented into Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. Amongst these, Saudi Arabia is the leading market, accounting for the majority of the GCC share.

Key Topics Covered

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

5 GCC Water Heater Market

6 Market Breakup by Product Type

7 Market Breakup by End-Use

8 Market Breakup by Region

9 Competitive Landscape