Iraq Electric Water Heater Market revenues size is projected to grow at a CAGR of 5.1% during 2023-2029

The residential sector in terms of application registered the largest revenue share in the Iraq Electric Water Heater Market – 6Wresearch

By Application, the residential sector accounted for a major revenue share in 2022 due to heightened demand and adoption within households. The similar segment will propel in the market due to the rise in residential infrastructure projects such as the construction of the AlKadhemiya New City project and others which would increase the demand for hot water for daily usage thus contributing to the growth of electric water heaters.

According to 6Wresearch, Iraq Electric Water Heater Market revenue size is projected to grow at a CAGR of 5.1% during 2023-2029. In Iraq, $153 billion was allocated in 2023 for new residential cities, infrastructure, services, roads, power, water, and the revival of hundreds of stalled projects. In June 2023, the National Investment Commission of Iraq and three Qatari companies agreed to invest $9.5 billion in projects in Iraq, including the development of two power plants with a combined capacity of 2,400 megawatts. Additionally, the Iraqi Investment Commission and the Doha-based Estithmar Holding agreed to contracts amounting to $7 billion to manage hospitals, create two "new comprehensive cities," and construct a string of new 10,000-room five-star hotels. These initiatives would contribute to the demand for electric water heaters in the forthcoming year. Iraq's heavy reliance on fossil fuels for its electricity generation, accounting for over 80% of the total electricity generation, has significant implications for its energy landscape. The electricity infrastructure has suffered due to conflicts and corruption, despite efforts since the 2003 US invasion, leading to high costs and ongoing chronic shortages.

According to Abhishek Mishra, Senior Research Analyst, 6Wresearch, storage electric water heaters, by type have been experiencing robust growth due to cost-effectiveness and their ability to store large amounts of hot water for a longer period.

The Iraq Electric Water Heater Market (2023-2029) report provides an in-depth analysis with 13 figures and 9 tables, covered in 69 pages. The report comprehensively covers the market by product, capacity, and application. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.