Posted On: 2020-05-29
Middle East and North Africa electric water heater market is projected to proliferate at a healthy rate in the forecast period on account of increasing disposable income and increasing investments in residential and commercial segments during the forecast period. -6WResearch.
The current expansion of urban areas coupled with growing investments towards existing infrastructure development, including, hospitality and healthcare sectors would bode well for the Middle East and North Africa electric water heater market. Increasing investments in the residential sector is also expected to accelerate the demand for electric water heaters in the region as waters heaters are generally being incorporated in the condominiums by builders. Further, improvement in the standard of living on account of the significant rise in disposable income would complement the product demand. However, in 2020, the sales of electric water heaters are expected to drop in the first half in various countries, the effect of which would vary from country to country, owing to the coronavirus pandemic. This case could be attributed to a disruption in the supply chain and people's reluctance to buy a luxury products such as electric water heaters as they are expected to lean more towards buying first-priority products such as food and groceries amid a lockdown.
According to 6WResearch, the Middle East and North Africa (MENA) Electric Water Heater Market size is projected to grow at a CAGR of 5.5% during 2020-2026. The growing urban population is expected to flock to urban parts in the MENA region and the numbers are projected to grow rapidly over the next 5 years. The development of the urban population would act as a catalyst in the growth of electric water heater in the region's household and hospitality domain during the forecast period.
According to Kanika Arora, Senior Research Analyst, 6WResearch, “In Middle East and North Africa region, storage water heaters were more popular in comparison to non-storage water heaters in 2019 as the maintenance cost and repair costs are lower in former. However, non-storage water heaters are also projected to get a sales to boost in the coming years, as with time, builders are expected to tap into non-storage water heaters on account of their instant heating, higher energy efficiency and lower space requirement.”
“30.1 to 100 liters electric water heaters have a stronghold on the market owing to the consumer preference towards this range. The average amount of water required for household ranges between 60-90 liters, a factor responsible for consumer’s choice for buying such water heaters.”, Kanika Arora further added.
According to Navneet Aggarwal, Research Analyst, 6WResearch, “Residential sector acquired the majority of the revenue share in the applications segment in 2019 as the demographic buying the water heaters mostly purchase the product for the household. Additionally, residential investments, which are worth more than $10 billion in countries such as Saudi and UAE, would bode well for the sector and would thereby accelerate the demand for electric water heaters in the MENA region.”
Some of the key players in the Middle East and North Africa electric water heater market are Ariston Thermo, Saudi Ceramics, A. O. Smith Corporation, Bradford White, etc.
Middle East and North Africa electric water heater market (2020-2026)" report provides an in-depth analysis with 88 figures and 46 tables covered in more than 160 pages. The report estimates and forecast the overall Middle East and North Africa electric water heater market by product, capacity, applications and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.