Dublin, Dec. 08, 2023 (GLOBE NEWSWIRE) -- The "Iraq Electric Water Heater Market Outlook: Market Forecast By Product, By Capacity, By Application and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Iraq Electric Water Heater Market revenue size is projected to grow at a CAGR of 5.1% during 2023-2029
The market would experience growth in the forecast period on account of the growing construction and healthcare sector in Iraq. Between 2022 and 2025, the infrastructure sector is anticipated to grow at an average annual rate of around 6% which includes investments in infrastructure projects related to hotels, education, and housing.
Several infrastructure projects such as Al Rasheed Residential City, Al Sadr City and others would contribute to the demand for electric water heaters in future. Moreover, Iraq is planning to complete the Al-Hurriya hospital project in Baghdad which has achieved a 55 per cent completion rate and is expected to open by the end of 2024 which would further boost the demand for electric water heaters.
Iraq Electric Water Heater Market Synopsis
Iraq Electric Water Heater Market has shown decent growth during the pre-COVID years owing to the growing healthcare sector along with investments in the residential sector. In 2020, imports of electric water heaters suffered on account of disruption in the global supply chain due to the imposition of covid restrictions.
Moreover, a temporary halt in global production facilities of electric water heaters negatively affected the Iraq electric water heater market. However, after the pandemic, the market for Iraq electric water heaters is expected to grow during the forecast period on the back of growing infrastructure which is expected to experience a growth of 4.0% in 2023. Further, the hospitality sector would contribute to the growth of the market for electric water heaters in Iraq towards positive development and is expected to further propel the demand for water heaters in the coming years.
Market by Product
Storage electric water heaters accounted for the highest revenue share in 2022 owing to their ability to store hot water for a considerable period and provide a consistent supply of heated water to meet the varying demands of households and commercial establishments.
Storage electric water heaters are expected to register the highest growth rate in the upcoming years owing to technological advancements that enhance cost-effectiveness for larger capacity units which cater for a larger audience in Iraq.
Market by Capacity
Electric water heaters ranging from 100.1L to 250L secured the highest revenue share owing to their suitability for larger households and commercial establishments such as hospitality, healthcare, and manufacturing which require substantial hot water volumes.
Market by Application
The Iraq Electric Water Heater Industry is dominated by the residential sector, which accounts for a significant revenue share due to strong demand and widespread use of water heaters in residential units.
Key Highlights of the Report
- Iraq Electric Water Heater Overview
- Iraq Electric Water Heater Outlook
- Iraq Electric Water Heater Forecast
- Historical Data and Forecast of Iraq Electric Water Heater Revenues and Volume, for the Period 2019-2029F
- Historical Data and Forecast of Iraq Electric Water Heater Revenues and Volume, By Product, for the Period 2019-2029F
- Historical Data and Forecast of Iraq Electric Water Heater Revenues and Volume, By Application, for the Period 2019-2029F
- Historical Data and Forecast of Iraq Electric Water Heater Revenues and Volume, By Capacity, for the Period 2019-2029F
- Market Opportunity Assessment By Product 2029F
- Market Opportunity Assessment By Capacity 2029F
- Market Opportunity Assessment By Application 2029F
- Market Drivers and Restraints
- Market Trends
- Competitive Benchmarking
- Key Strategic Recommendations
Company Profiles
- Jaquar Group
- The Bosch Group
- Bradford White Corporation
- General Electric Company
- Havells India Limited
- Bajaj Electricals Limited
- Quantum Limited
- BOJ Middle East Home Appliances LLC
- Barfab company
Market Scope and Segmentation
By Product
- Storage Electric Water Heater
- Non-Storage Electric Water Heater
By Capacity
- Up to 30 Litres
- 30.1 to 100 Litres
- 100.1 to 250 Litres
- 250.1 to 400 Litres
- Above 400 Litres
By Application
- Residential
- Commercial
- Industrial
For more information about this report visit https://www.researchandmarkets.com/r/s8ut89
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