Overview:
The “Iraq Electric Water Heater Market Outlook: Market Forecast By Product, By Capacity, By Application, and Competitive Landscape” report, now available on ResearchAndMarkets.com, projects a 5.1% CAGR in revenue size for Iraq’s Electric Water Heater Market between 2023 and 2029.
Factors Driving Growth:
The growth is attributed to the burgeoning construction and healthcare sectors in Iraq. The infrastructure sector, expected to grow at a 6% annual rate from 2022 to 2025, is a key driver. Notable projects like Al Rasheed Residential City, Al Sadr City, and the 55% completed Al-Hurriya hospital in Baghdad contribute to the demand for electric water heaters.
Pre-COVID Scenario:
Iraq’s Electric Water Heater Market witnessed decent growth pre-COVID, fueled by the healthcare and residential sectors. However, in 2020, global disruptions due to COVID-19 impacted imports and production. Post-pandemic, the market is poised for growth, aligning with a 4.0% growth forecast in Iraq’s infrastructure sector for 2023.
Upcoming Opportunities:
The hospitality sector is expected to play a crucial role in the market’s positive development. Growing demand for water heaters in both residential and commercial spaces, particularly in the hospitality, healthcare, and manufacturing sectors, is anticipated to further boost the market.
Source：prnewswire.com
