Central region accounted for highest revenue share in the overall Iraq air conditioner market – 6Wresearch
Iraq air conditioner market is anticipated to witness a significant growth in the forecast period on account of a growing construction sector and coupled with government’s focus on diversifying economy and investing more on non-oil sectors. Further, new residential and commercial projects are expected to strengthen the air conditioner market in the coming years. However, stringent government regulations for air conditioners to maintain environment sustainability along with war and instability in the country act as restrains in the market.
According to 6Wresearch, the Iraq Air Conditioner Market size is projected to grow at a CAGR of 4.2% during 2021-2027. Due to government initiatives such as Iraq Vision 2030, under which the government is undertaking mega projects of new hotels, offices, metro rail projects, stadiums, and airports such as New Karbala City, Bismayah construction project, Baghdad Metro, railway line (Baghdad-Kut-Umara-Basra), Nasiriya International Airport, Mosul International Airport and more are expected to drive demand for air conditioners in the coming years. Further, Iraq is focusing on diversifying economy and investing more on non-oil sectors and this, combined with the country's ambition to boost religious tourism, which has resulted in considerable budget allocations for the expansion of the retail, hotel, and transportation and infrastructure sectors, would augment the growth of Iraq air conditioner market in the forecast period.
According to Rishabh Singh Bhandari, Research Associate, 6Wresearch, “On the basis of types, room air conditioner accounted for highest market share in the year 2020, due to COVID-19 pandemic as the lockdown led to a majority of people working from home, so the demand for room air conditioner significantly increased in the year 2020.”
“On the basis of applications, residential and commercial sector acquired largest revenue share in 2020 as the Iraqi government budgeted 6 billion USD for 85,000 residence construction projects. The residential projects such as New City Project Karbala, Bismayah construction project which would provide large number of housing units, also commercial and retail sectors with projects such as Nasiriya International Airport, Mosul International Airport, Railway line (Baghdad-Kut-Umara-Basra and Grand Port of Al Faw along with the rising investment across all the non-oil sectors in the country would boost the demand for air conditioners in the commercial and retail sectors in the years to come.” Rishabh further added.
Some of the major companies in Iraq air conditioner market include Samsung Electronics Co. Ltd, LG Electronics Inc., Gree Electric Appliances Inc., Daikin Industries, Ltd., Carrier Corporation, Johnson Controls International PLC and Fujitsu General Ltd.
"Iraq Air Conditioner Market (2017-2027)" report provides an in-depth analysis with 53 figures and 12 tables, covered in 105 pages. Iraq air conditioner market report comprehensively covers the market by types, components, applications, refrigerants and regions. The Iraq air conditioner market report provides an unbiased and detailed overview and analysis of the on-going Iraq air conditioner market trends, opportunities/ high growth areas, market drivers, which would help stakeholders to devise and align their market strategies according to the current and future market dynamics.
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