GCC Electric Motor Market to Reach US$ 227.7 Million by 2032, Stimulated by Rising Demand for Electric Vehicles

May 15, 2023 | Heavy Industry

According to the latest report by IMARC Group, titled “GCC Electric Motor Market Report by Efficiency (Standard Efficiency Electric Motors, High Efficiency Electric Motors, Premium Efficiency Electric Motors, Super Premium Efficiency Electric Motors), End-Use Industry (HVAC, Mining, Oil and Gas, Water and Utilities, Food, Beverage and Tobacco, and Others), Applications (Pumps and Fans, Compressors, and Other Uses), and Country 2024-2032,” the GCC electric motor market size reached US$ 142.7 Million in 2023. Electric motors are those devices that convert electrical energy into mechanical energy. It works on the principle of electromagnetic induction, where an electric current flowing through a coil creates a magnetic field that interacts with a second magnetic field, causing the motor shaft to rotate. Electric motors are extensively employed in various applications, such as household appliances, electric vehicles, and industrial machinery. They are preferred over traditional combustion engines because they are more energy-efficient, have lower emissions, and require less maintenance. Electric motors come in various sizes and types, including AC motors, DC motors, and stepper motors, each with its own specific advantages and applications.

GCC Electric Motor Market Trends:

The increasing demand for sustainable and energy-efficient solutions from several industries, such as automotive, construction, and manufacturing, represents a significant factor driving the market growth across the GCC region. The market is also driven by the widespread adoption of electric vehicles (EVs) in the region due to the increasing focus to reduce carbon emissions. In addition to this, the steadily expanding construction industry, along with the rising infrastructural development is driving the market toward growth. Moreover, the increasing demand for electric motors to be used in heating, ventilation, and air conditioning (HVAC) systems, pumps, and other related equipment is contributing to the growth of the market. Apart from this, rapid growth in the renewable energy sector, and the rising need for electric motors in wind turbines, solar panels, and other renewable energy systems are driving the demand for electric motors in the GCC region. In line with this, the rising environmental consciousness, and favorable government policies and initiatives aimed at promoting sustainable and energy-efficient technologies are creating a positive outlook for the market in the GCC region. Looking forward, the market value is projected to reach US$ 227.7 Million by 2032, expanding at a CAGR of 5.2% during 2024-2032.

Market Summary:

  • Based on efficiencies, the market has been segmented as standard efficiency electric motors, high efficiency electric motors, premium efficiency electric motors, and super premium efficiency electric motors. Currently, high efficiency electric motors dominate the market, holding the largest share.
  • On the basis of end-use industries, the market has been classified into HVAC, oil and gas, food, beverage and tobacco, mining, water and utilities, and others. Currently, HVAC holds the largest share in the market.
  • The GCC electric motor market has also been segregated on the basis of applications which include pumps and fans, compressors, and other uses. Currently, pumps and fans represent the largest application segment of electric motors.
  • Region-wise, the market has been segmented into Saudi Arabia, UAE, Oman, Qatar, Kuwait, and Bahrain. Amongst these, Saudi Arabia is the leading market, accounting for the dominant share.
  • The competitive landscape of the market has also been examined with some of the key players being ABB, Siemens, WEG Industries, NIDEC Corporation, and TECO Middle East Electrical and Machinery Co. Ltd.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Efficiencies Covered Standard, High, Premium, Super Premium
End-Use Industries Covered HVAC, Mining, Oil and Gas, Water and Utilities, Food, Beverage and Tobacco, Others
Applications Covered Pumps and Fans, Compressors, Other Uses
Countries Covered Saudi Arabia, UAE, Oman, Qatar, Kuwait, Bahrain
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
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GCC Electric Motor Market to Reach US$ 227.7 Million by 2032, Stimulated by Rising Demand for Electric Vehicles
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