The Iraq Air Conditioners Market is expecting less than 5% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. It attributes primarily to the increasing government focus on expanding Iraq's infrastructure, i.e., leading to several construction projects associated with hospitals, educational institutes, residential complexes, commercial buildings like hotels & shopping malls, etc. It, in turn, is infusing the demand for air conditioners in the country and driving the market.
Besides, growing concerns over the oil crisis are instigating Iraq to focus on its economic diversifications by reducing its dependency on oil and investing substantially in other industrial sectors. It is resulting in the development of several large-scale commercial buildings & generating growth opportunities for the leading market players to increase their production capacities & meet the mounting requirements.
Moreover, the spurring religious tourism in the country is fueling the demand for air conditioners to facilitate hospitality for pilgrims, which is another crucial aspect projected to drive the market through 2027, further states the research report, “Iraq Air Conditioners Market Analysis, 2022.”
Burgeoning Construction Projects across Iraq’s Commercial Sector to Boost the Market through 2027
The commercial sector dominated the Iraq Air Conditioners Market with the largest share, principally due to massive investments by the government of Iraq in several construction projects, including Baghdad Metro, Railway Line (Baghdad-Kut-Umara-Basra), New Karbala City, Mosul International Airport, Bismayah Construction Project, Nasiriya International Airport, etc.
These projects are majorly in line with the government initiative, "Iraq Vision 2030," to diversify the economy away from oil, which, as a result, would positively influence the demand for air conditioners at such facilities and augment the overall market growth in the coming years.
Mounting Demand for Energy-Efficient & Smart Air Conditioners to Drive the Market
Since air conditioners emit harmful carbon emissions in the environment, the government of Iraq is encouraging air conditioner manufacturers to develop energy-efficient & smart products to address the alarming concerns over environmental degradation. These energy-efficient ACs are becoming a prominent choice among the people of Iraq, owing prominently to their benefits like less power consumption & carbon emissions, enhanced temperature management, etc. It, in turn, would promote the overall market growth in the years to come, reveals MarkNtel Advisors in their research report, "Iraq Air Conditioners Market Analysis, 2022."
According to MarkNtel Advisors, the leading players in the Iraq Air Conditioners Market are Carrier, York, LG, Samsung, Trane, Mitsubishi, Gree, Daikin, Aux Air, Tosot, and Midea.
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