6wresearch logo

Iraq's air conditioner market to grow 5.7pc

August 10, 2018

Iraq's air-conditioner market is forecasted to grow at a compound annual growth rate (CAGR) of 5.7 per cent during 2018 to 2024, according to a new report by 6Wresearch, a global market research and consulting firm.

The report, titled "Iraq Air Conditioner Market (2018-2024)" estimates and forecast the overall Iraq air-conditioner market by end-use applications, product-types and regions. It also offer key insights on competitive landscape, market share by companies, market trends, market drivers and restraints, and recommendations.

Cycles of warfare and conflict followed by economic volatility in Iraq over the past decade has weakened the country's governance. Security crises in the country have kept the investors at bay and damaged critical infrastructure in the country has significantly impacted economic growth.

The slump in oil prices led to budget cuts and deferment of projects in the country. Additionally, poor management of funds by local firms and lack of private sector participation further resulted in delayed projects, leading to a decline in market revenues for various products and equipment including air conditioners, said the report.

With oil prices stabilising gradually and conflict being even out, reconstruction and development of infrastructure is on a rise in Iraq. Substantial investment primarily in housing, oil and gas, power and hospitality sectors is anticipated to elevate the market growth over the coming years. Oil and gas, housing, infrastructure, industry, minerals, and service sectors are expected to account for 65 per cent of the overall investment in the next 10 years, while ICT, transportation healthcare, water, electricity, tourism and renewable energy would likely to grab the remaining 35 per cent investment in Iraq in the next 10 years. Furthermore, declining prices and expanding consumer base would boost the sales of air conditioning primarily in the residential sector.

Prijo Samuel, assistant research manager - IT and electronics, research and consulting, 6Wresearch, said: "Wall-mounted split air-conditioners was the largest selling segment in terms of volume, inverter split air-conditioning models of 24,000 BTU and 36,000 BTU were the most popular segment in the country with major demand arriving from residential application."

"Additionally, the centralised segment primarily, VRF (variable refrigerant flow) was the fastest growing segment in system air-conditioner segment. VRF systems were largely adopted among a large number of projects implemented across the country where availability of electricity is still a concern in several prime cities," he said.

"Low power consumption, quick cooling and ease of operations were other benefits offered by these units as compared to other air-conditioner types available in the market," Samuel added.

Rishi Malhotra, senior research analyst - IT and electronics, research and consulting, 6Wresearch, said: "For end-user applications, residential and commercial buildings and retail were the key revenue contributors in Iraq air-conditioner market."

"Budget cuts were prominent across all the application areas in Iraq. Hospitality was other key application area witnessing high adoption of air-conditioning systems led by development of large number of hotels across Erbil, Najaf and Karbala attributed to growing business and religious tourism in these regions," he added.

"Moreover, during the forecast period, oil and gas and hospitality are key potential application areas which are likely to exhibit strong growth for air-conditioner market in Iraq. With globally renowned brands such as Wyndham Group, Cristal Group, Movenpick and Radisson expanding their presence in the country, the share of branded hotel supply is expected to rise from seven per cent in 2016 to 39 per cent by 2021," Rishi further added.

Key contributing vendors in Iraq's air-conditioner market include Samsung Electronics Levant, LG Electronics Middle East & Africa, Daikin Middle East & Africa, AHI Carrier and Gree Electric Appliances Inc. and Johnson Controls Air Conditioning & Refrigeration Inc, it stated. - TradeArabia News Service

Media Source : Trade Arabia

      Browse More Report

Saudi Arabia Elevator and Escalator Market (2018-2024)

Market Forecast By Segments (Elevators (Machine Room and Machine Room Less), Escalator (Moving Stairs and Moving Walkways)), By Services (New Installation, Modernization and Maintenance), By Verticals (Residential, Commercial and Industrial)...

Read More

Saudi Arabia Building Energy Management System Components Market (2018-2024)

Market forecast By Thermostats ( By Types (Standalone (CAV, VAV, FCU, Package Unit and Others including Globe Valve and Control Ball valve), Communicating (CAV, VAV, FCU, Package Unit and Others including Globe Valve and Control Ball valve), By Technology (Wired and Wireless))...

Read More

Middle East Power Tools Market (2018-2024)

Market Forecast By Types (Electric and Pneumatic), By Tool Types (Metal, Concrete, Wood Working and Others), By Verticals (Construction, Automotive, Manufacturing and Others), By Countries (Turkey, Iran, Saudi Arabia, UAE, Qatar, Oman, Bahrain and Kuwait)...

Read More

Sri Lanka Stationery Market (2018-2024)

Market Forecast By Type (Paper Stationery (Copier, Exercise Notebook, Premium Paper Stationery and Other Paper Stationery), Non-Paper Stationery (Pen, Pencil, Eraser, Scale, Sharpener, Art Stationery, Pencil Box, Eraser and Other Non-Paper Stationery...

Read More

Europe Blockchain Technology Market (2018-2024)

Market Forecast By Technology Types (Public Blockchain, Private and Permissioned Blockchain and Hybrid Blockchain), By Applications (Financial and Non-Financial), By End- Users (BFSI, Government and Public Sector, Transportation and Logistics, Healthcare...

Read More

Myanmar Stationery Market (2018-2024)

Market Forecast By Paper Stationery Types (Copier Paper (65-70 GSM, 70-80 GSM and Above 80 GSM), Exercise Notebook (Notebook, Drawing Notebook, Notepad and Others including Graph Notebook and Practical Notebook), Premium Paper Stationery...

Read More

Africa Solar Water Pump Market (2018-2024)

Market Forecast By Power Rating (Upto 3 HP, 3.1 to 10 HP and Above 10 HP), By Design Type (Surface and Submersible), By Drive Type (AC Motor and DC Motor), By Applications (Agriculture and Domestic), By Countries (Tanzania, Ethiopia, Kenya, South Africa, Tunisia, Egypt...

Read More

India Self Priming Pumps Market (2018-2024)

Market Forecast By Types (Electric and Diesel), By Head Range (Below 30 m, 30-50 m, 50.1-100 m and Above 100 m), By Horse Power (Below 1 HP, 1-3 HP, 3.1-5 HP, 5.1-7 HP, 7.1-10 HP and Above 10 HP), By Applications (Residential, Agriculture, Oil & Gas...

Read More

India Smart TV Market (2018-2024)

Market Forecast By Screen Type (Curved and Flat), By Screen Size (32 to 45 inches, 46 to 55 inches, 56 to 65 inches and Above 65 inches), By Resolution (4K UHD TV, Full HD TV and HD Ready), By Technology (LED, OLED and QLED), By Distribution Channels...

Read More

India Power Tools Market (2018-2024)

Market Forecast By Technology (Electric Power Tools (Corded Power Tools and Cordless Power Tools) and Pneumatic Power Tools)), By Tool Types (Metal Segment, Concrete Segment, Wood-working Segment and Others), By Verticals...

Read More

Bangladesh Stationery Market (2018-2024)

Market Forecast By Types (Paper Stationery (Copier, Exercise Notebook, Premium Paper Stationery and Other Paper Stationery) and Non-Paper Stationery (Pen, Pencil and Other Non-Paper Stationery (Art Stationery, Scale, Sharpener, Eraser, Pencil Box...

Read More


Our Key Clients
6wreserach client list


6Wresearch Events
6wreserach events