Electric Water Heater Market in Iraq Is Expected to Grow

Domestic Appliances August 08, 2018

Iraq Electric Water Heater Market

IndexBox has just published a new report "Iraq: Electric Water Heaters And Immersion Heaters - Market Report. Analysis And Forecast To 2025". Here is a summary of the report’s key findings.

Consumption of Electric Water Heaters Continued to Decline Gradually

The market of electric water heaters and immersion heaters in Iraq totaled X units in 2017. In value terms, the market amounted to $X, which was X% below the highest level of consumption recorded in 2014 (IndexBox estimates). Over the period from 2014 to 2017, consumption of electric water heaters and immersion heaters declined amid the deterioration of the economic situation in the country due to active military actions and low oil prices. 

Iraq Electric Water Heater Market

Consumption of Electric Water Heaters in Iraq to Begin an Upward Trend

Should there be any sign of gradual political stabilization, the country's economy shall recover, the demand for electric water heaters and immersion heaters will then grow. An additional contribution is expected following the growing demand for reconstruction of houses and their interior renovation and installation required. Economic recovery will also contribute to the growth of incomes and the standard of living. All in all, influenced by these factors, the electric water heaters and immersion heaters market will be gradually growing. 

At the same time, due to relatively low oil prices along with lots of risks to the political stability in Iraq, which all hamper the economy development, it is expected that the growth of the electric water heaters and immersion heaters market will be modest. At the same time, the growing shortage of electric energy, which stimulates the use of solar water heaters, in order to reduce residential electrical load, may be a deterrent to market growth.

Consumption of electric water heaters and immersion heaters in Iraq is expected to grow by +X% (currently -X%) in the medium term, amid Iraq’s emerging economic recovery as well as a gradual political and economic stabilization that will ensure growth in construction and increase the demand for electric water heaters and immersion heaters.

Electric Water Heater Production Has Been on a Decline over the Past Years

Manufacture of electric water heaters and immersion heaters in Iraq soared rapidly in 2011, rising to X units. This tangible growth was followed by a reduction to X units and following marginal decrease over the next five years. As a result, the production of electric water heaters and immersion heaters in 2017 was estimated at X units, which was X% lower than the year before.

The Market's Dependence on Imports from Iran Is Increasing

Intense import flows, particularly from Iran, supplied most of the electric water heaters and immersion heaters consumed in Iraq, as domestic production does not meet the demand.

The share of imports in consumption stood at X% (based on units) in 2017. Despite a reduction in the share of imports in consumption by X percentage points over the last ten years, Iraq remains largely dependent on imported supplies from abroad. The main supplier of imported electric water heaters and immersion heaters is Iran, whose products accounted for X% of the volume of the market for electric water heaters and immersion heaters in Iraq (in physical terms) in 2017. Dependence on products from Iran is growing - thus, in 2007 it accounted for only X% of consumption.

Exports of Electric Water Heaters from Iraq Is Negligible

From 2007 to 2017, the export volume of electric water heaters and immersion heaters from Iraq was insignificant and amounted to only $X in 2017, sent to Turkey. In previous years, electric water heaters were delivered to Iran, Romania, Egypt and Lebanon, but their volume was also extremely low.

Iran Remains the Largest Supplier of Electric Water Heaters into Iraq

The value of Iraq’s total electric water heaters and immersion heaters imports totalled $X in 2017. In physical terms it amounted to X units, contracting from its highest level of 2014.

Iran (X units) was the main supplier of electric water heaters and immersion heaters into Iraq, with a combined share of X% of Iraq’s total imports in 2017. Imports from Iran grew by an average +X% per year over the last ten years. Egypt (X%), Turkey (X%), the UAE (X%), Germany (X%), Italy (X%) and China (X%) were the following suppliers. Among these countries, Germany (+X%) and Italy (+X%) had the highest paces of growth of imports. Over the same period, imports from Turkey declined by -X% per year. 

Iran (+X percentage points), Egypt (+X percentage points) and Germany (+X percentage points) strengthened their positions in terms of Iraq’s import structure, while the share of Turkey reduced from X% in 2007 to X% in 2017. The shares of the other countries remained relatively stable throughout the analyzed period.

Iraq Electric Water Heater Market

Do you want to know more about the water heater market in Iraq? Get the latest trends and insight from our report. It includes a wide range of statistics on

  • electric water heater market share
  • electric water heater prices
  • electric water heater industry
  • electric water heater sales
  • electric water heater import
  • electric water heater export
  • electric water heater market forecast
  • electric water heater price forecast
  • key electric water heater producers

Source: Iraq: Electric Water Heaters And Immersion Heaters – Market Report. Analysis and Forecast to 2025