Wilmington, Delaware, Oct. 05, 2023 (GLOBE NEWSWIRE) -- GCC Electric Water Heater Market was valued at US$ 3.3 billion in 2023 and is predicted to rise at a substantial CAGR of 2.2% during the forecast period of 2023 and 2030, according to RationalStat analysis.
Market Definition, Market Scope, and Report Overview
An electric water heater is a home appliance that uses electricity to heat water, giving a handy and energy-efficient way to acquire hot water for various domestic applications such as bathing, dishwashing, and cleaning. Electric water heaters heat the water held in the tank using an electric heating element.
Electric water heater efficiency and user experience are improved by technological advances such as digital controls, smart features, and energy-saving modes. Smart water heaters can be operated remotely using smartphone apps, allowing users to change settings and track energy consumption.
- According to a deep-dive market assessment by RationalStat, the GCC electric water heater market has been analyzed on the basis of market segments, including packaging type, material, dispensing systems, end use, and geography/regions (including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the GCC electric water heater market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the GCC electric water heater market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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GCC Electric Water Heater Market: Segmental and Market Share Analysis
- On the basis of application, the residential and commercial segments account for the majority of the GCC electric water heater market and are likely to continue growing in the future years, as these segments are expected to generate demand for electric water heaters.
- On the basis of sales channel, online sales channels are gaining traction since they are more convenient and hassle-free for customers and need much lower marketing expenses than conventional sales channels.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 3.3 billion |
| Market Size Forecast | US$ 3.8 billion |
| Growth Rate | 2.2% |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Delta and Bosch company are two of the main competitors in the GCC electric water heater market. These companies use a variety of methods, such as mergers and acquisitions, partnerships, and collaborations, to move the GCC electric water heater market forward. Some of the key developments in the GCC electric water heater market include,
- In March 2023, AO Smith Corporation announced the acquisition of Reliance Water Heaters, a leading manufacturer of electric water heaters in the Gulf Cooperation Council region.
- In February 2023, Stiebel Eltron announced the debut of their new tankless water heater line in the GCC region.
- In January 2023, Haier Electronics announced a partnership with Emaar Properties to provide energy-efficient electric water heaters to its customers in the UAE.
Some of the prominent players and suppliers operating and contributing significantly to the GCC electric water heater market growth include A. O. Smith, Ariston Thermo Group, Bradford White Corporation, Rheem Manufacturing Company, VAILLANT Group, Delta, Carrier, Bosch, Hotpoint, Al Fayha, and Thermax, among others.
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RationalStat has segmented the GCC electric water heater market based on type, capacity, application, distribution channel and region
- GCC Electric Water Heater Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
- Tank
- Tankless
- GCC Electric Water Heater Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Capacity
- Small
- Medium
- Large
- GCC Electric Water Heater Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Residential
- Commercial
- Industrial
- GCC Electric Water Heater Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Distribution Channel
- Online/E-Commerce/Company’s Website
- Offline
- Brand Outlets
- Supermarkets and Hypermarkets
- Specialty Stores
- GCC Electric Water Heater Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- Bahrain
- Kuwait
- Oman
- Qatar
- Saudi Arabia
- UAE
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Key Questions Answered in the Electric Water Heater Report:
- What will be the market value of the GCC electric water heater market by 2030?
- What is the market size of the global GCC water heater market?
- What are the market drivers of the GCC electric water heater market?
- What are the key trends in the GCC electric water heater market?
- Which is the leading region in the GCC electric water heater market?
- What are the major companies operating in the GCC electric water heater market?
- What are the market shares by key segments in the GCC electric water heater market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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