Home > Industrial Machinery > HVAC > Water Heater > Middle East Water Heater Market
Middle East Water Heater Market was valued at USD 1.75 billion in 2023 and is set to witness 5.7% CAGR between 2024 and 2032. Integration of hybrid heating solutions along with adoption of sustainable technologies will continue to drive a favorable business scenario.
Favorable regulatory prospects coupled with positive consumer outlook in reference to adoption of energy-efficient technologies will thrust the business growth.
Report Attribute | Details |
---|---|
Base Year: | 2023 |
Middle East Water Heater Market Size in 2023: | USD 1.75 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 5.7% |
2032 Value Projection: | USD 2.84 Billion |
Historical Data for: | 2019 to 2023 |
No. of Pages: | 350 |
Tables, Charts & Figures: | 527 |
Segments covered: | Product, Capacity, Application, Fuel |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
The COVID- 19 outbreak has led to delays in a variety of projects, including those involving infrastructure development and restructuring & rehabilitation. Rising unemployment and reduced consumer spending has reduced the overall economic activity, affecting the total demand and hindering the expansion of the HVAC industry. However, substantial growth in the e-commerce business along with the key players focusing on growing their distribution networks toward online channels to accommodate the mounting consumer demand will augment the business landscape.
Rising demand for space and water-heating products along with favorable consumer tendencies toward the adoption of a sustainable energy mix favored by stringent energy efficiency reforms has positively influenced the industry landscape. Ongoing investments from financial institutions toward development of advanced heating technologies coupled with rising energy demand will enhance the industry outlook.
For instance, In March 2022, the UAE launched a set of sustainable green building codes at the Expo 2020. The codes have been prepared by the ministry prepared in line with the UAE’s Energy Strategy 2050 & Water Security Strategy 2036. The new building codes will contribute towards a sustainable & environment friendly environment. Further, the standards will continue to support the development of high efficiency buildings in line with the effort to promote the energy transition.
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.
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.
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.
Eminent players operating in the Middle East water heater industry include:
Click here to Buy Section of this Report
By Product
By Capacity
By Application
By Fuel
The above information has been provided for the following countries: