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Based on product, the storage water heater market will cross USD 2.4 billion by 2032. Minimized cost, high-energy savings, easy installation, quick & simple maintenance and water storage for longer duration are some attributes which will positively influence the demand for storage water heaters. Moreover, both local and international manufacturers offering a wide range of products in line with integration of smart technology will foster the business growth.
100-250 liters market across the Middle East held a market share of over 16.5% in 2022. Growing deployment of low-capacity units particularly across single and multi-family apartments coupled with continuous improvement in the living standards will stimulate the industry outlook. Furthermore, rising public and private investments for energy efficient units combined with continuous replacement of the conventional water heaters with smart and innovative systems will augment the Middle East water heater market development.
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Based on application, the commercial water heater market is set to reach USD 0.9 billion by 2032. Surging development of green building codes and smart city programs by authorities in line with installation of enhanced monitoring & control solutions across offices, government buildings, healthcare, institutes, military and other commercial establishments will foster the business growth. Moreover, shifting consumer inclination to adopt modern & smart appliances will benefit the overall business statistics.
Based on fuel, the natural gas industry will dominate the market share on the account their features including quick water heating, lower operating costs compared to electric heaters, enhanced energy efficiency, and the ability to operate during power failures. Additionally, positive outlook toward energy conservation along with growing consumer awareness toward efficient appliances will favor the natural gas-fueled water heater demand.
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UAE water heater market is projected to showcase around 4.5% CAGR from 2023 to 2032. Introduction of mandates and strategies by major economies in line with development of modernized water heating technologies will benefit the business scenario. Increasing number of manufacturing facilities, delivery of customized products by manufacturers in line with large scale availability of natural gas will boost the business landscape. Thereby, stringent government mandates toward the development of zero-emission buildings will further propel to industry dynamics.