According to the latest report by IMARC Group, titled “GCC Electric Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the GCC electric motor market reached a value of US$ 750 Million in 2017. Electric motors are electro-mechanical devices that convert electric energy into mechanical energy and work primarily on the principle of electromagnetic induction. As they offer advantages like easy maintenance, low energy consumption, longer operating life and a high tolerance for fluctuating voltages, electric motors are widely utilized in fans, pumps, etc. In comparison with fossil fuel engines, the initial cost of electric motors with an equal output horsepower rating is considerably lower. Owing to these properties, electric motors find myriad applications in the oil industry in GCC countries like Saudi Arabia, UAE, Qatar and Oman. Rising global demand for petroleum products is providing a thrust to the oil industry in the region which is augmenting the uptake of electric motors.
Market Trends:
On account of increasing concerns about the negative impact of climate change and rising pollution levels in metropolitan cities, the governments of the GCC countries are undertaking initiatives to encourage the adoption of electric vehicles. For instance, the governing authorities in Dubai have exempted toll charges on electric vehicles and have introduced the Dubai Mobility Initiative in which they are offering free electric vehicle charging stations at DEWA’s Green Charger. Some of the other growth-inducing factors include expansion of the industrial sector, establishment of special economic zones (SEZ) and upcoming infrastructure projects in the region. Looking forward, the market value is projected to exceed US$ 1,082 Million by 2023, expanding at a CAGR of more than 5% during 2018-2023.
Market Summary:
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us
IMARC Group
USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter : @imarcglobal
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91-120-433-0800 )
Drop us an email at
sales@imarcgroup.com