Iraq's infrastructure redevelopment initiatives would witness significant growth in coming years on account of upcoming large-scale investments such as $30 billion fund pledged by a group of countries in Kuwait International Conference for the Reconstruction of Iraq. With the development of Infrastructure sector, demand for high KVA UPS is anticipated to increase as these products are highly used in areas such as airports, railway stations and ports. Although, due to ISIS revolt and drop in oil prices, Iraq's growth was impacted in the past. UPS market is expected to witness healthy growth in the forecast period due to improving security situation and reconstruction efforts.
According to 6Wresearch, Iraq Uninterruptible Power Supply (UPS) Systems market revenues are projected to grow at a CAGR of 6.8% during 2018-24. Projects such as Elevated Metro Line between Karbala and Najaf, Movenpick Hotel (Erbil) and Rasheed Residential City would increase the demand for Uninterruptible Power Supply (UPS) Systems in the country. Moreover, Government initiatives such as Iraq Vision 2030, which aims to raise the contribution of private sector from current 37% to 54-57% by 2030 with a focus on employment generation.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "Commercial application is the key revenue contributing segment in Iraq Uninterruptible Power Supply (UPS) Systems market on account of high utilization of Uninterruptible Power Supply (UPS) Systems in data centers, BFSI, and commercial offices across the country."
"Other major consumers include industrial and residential application, whose market is expected to spur on account of growing oil and gas sector development in the country," Ravi further added.
According to Prakhar Srivastava, Senior Research Analyst, Research and Consulting, 6Wresearch, "By KVA Ratings, 1.1KVA-5KVA captured the highest revenue share and is projected to maintain its dominance during the forecast period on account of its high consumption in industrial and commercial infrastructure applications. Additionally, 5.1 KVA-20 KVA captured the second highest market revenue share in 2017.
"With Iraq government determined to improve country's economic condition, demand for 1.1KVA-5KVA Uninterruptible Power Supply (UPS) Systems in commercial application would grow across the country in near future," Prakhar further added.
Some of the major companies in Iraq Uninterruptible Power Supply (UPS) Systems market include-Schneider Electric (APC & Gutor), TrippLite, ABB, Eaton, Vertiv, Borri, Socomec and Riello.
"Iraq Uninterruptible Power Supply (UPS) Systems Market (2018-2024)" provides in-depth analysis with 38 figures and 26 tables covered in 120 pages. The report estimates and forecast the overall Iraq Uninterruptible Power Supply (UPS) Systems market by revenues, volume, KVA ratings, and applications such as commercial, industrial, residential and regions. The report also offer insights on competitive landscape, company profiles, market drivers and restraints.