Infrastructure Rebuilding and Expanding Consumer Base to Propel the Growth of Air Conditioner Market in Iraq - 6Wresearch
Cycles of warfare and conflict followed by economic volatility in Iraq over the past decade has weakened the country's governance. Security crisis in the country kept the investors at bay and damaged critical infrastructure in the country significantly impacted economic growth. 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 decline in market revenues for various products and equipment including air conditioners.
According to 6Wresearch, Iraq air conditioner market is forecast to grow at a CAGR of 5.7% during 2018-24. With oil prices stabilizing gradually and conflict being even out, reconstruction and development of infrastructure is on a rise in Iraq. Substantial investment primarily in housing, oil & 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% 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% 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.
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According to Prijo Samuel, Assistant Research Manager - IT & Electronics, Research and Consulting, 6Wresearch, "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, Centralized segment primarily, VRF was the fastest growing segment in system air conditioner segment. VRF systems were largely adopted among large number of projects implemented across the country where availability of electricity is still a concern in several prime cities. 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 further added.
According to Rishi Malhotra, Senior Research Analyst - IT & Electronics, Research and Consulting, 6Wresearch, "For end user applications, residential and commercial buildings & 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."
"Moreover, during the forecast period, oil & 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 are expanding their presence in the country, share of branded hotel supply is expected to rise from 7% in 2016 to 39% by 2021,"¬†Rishi further added.
Key contributing vendors in Iraq air conditioner market include- Samsung Electronics Levant, LG Electronics Middle East & Africa, Daikin Middle East & Africa FZE, AHI Carrier FZC and Gree Electric Appliances Inc. and Johnson Controls Air Conditioning & Refrigeration Inc.
"Iraq Air Conditioner Market (2018-2024)" provides in-depth analysis with 85 figures and 8 tables covered in more than 135 pages. The report estimates and forecast the overall Iraq air conditioner market by end-use applications, product-types and regions. The report also offer key insights on competitive landscape, market share by companies, market trends, market drivers & restraints, and recommendations.
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