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The Saudi Arabia electric motor market reached a value of US$ 60.8 Million in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 6.8% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
An electric motor is an electro-mechanical device that converts electrical energy into mechanical energy by utilizing electromagnetic phenomena. It generates the mechanical torque by the interaction of conductors that carry current to the magnetic field. It is efficient, consumes less energy, and has a long operating life and better endurance for fluctuating voltages. As a result, it is integrated into fans, disk drives, compressors, and electric cars, which are further employed in the residential, real estate, manufacturing, and commercial sectors. At present, there is a rise in the demand for electric motors in Saudi Arabia on account of the upcoming construction projects undertaken by governing authorities in the country.
Saudi Arabia Electric Motor Market Trends:
Due to rapid urbanization and inflating income levels of individuals, there is a considerable rise in the utilization of electrical appliances, such as washing machines, dishwashers, coffee grinders, microwaves, and electric can openers. This is positively influencing the sales of electric motors in Saudi Arabia. In addition to this, the prevalent weather conditions are resulting in a significant reliance on air conditioning systems that operate on electric motors, which is contributing to the market growth. The market is further driven by the growing trend of replacing gas turbines with electric motors in large industrial plants. Moreover, the Government of Saudi Arabia is continuously focusing on introducing different policies that support new industries. It is also considerably investing in construction activities and infrastructural development, which, in turn, is fueling the sales of electric motors across the country. Furthermore, due to rising environmental concerns, there is a rise in the production and adoption of electric vehicles. This is anticipated to strengthen the growth of the market in the country.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Saudi Arabia electric motor market, along with forecasts at the regional and country level from 2021-2026. Our report has categorized the market based on efficiency, application and end use.
Breakup by Efficiency:
High-efficiency electric motors dominate the market on account of their numerous benefits, including lower heat output and increased tolerance of overload conditions.
Breakup by Application:
Electric motors find extensive application in HVAC due to the subtropical weather conditions in the country.
Breakup by End Use:
Pumps and fans currently account for the majority of the total market 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 & Machinery Co. Ltd.
|Base Year of the Analysis||2020|
|Segment Coverage||Efficiency, Application, End Use|
|Companies Covered||ABB, Siemens, WEG Industries, NIDEC Corporation and TECO Middle East Electrical & Machinery Co. Ltd.|
|Customization Scope||10% Free Customization|
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Key Questions Answered in This Report:
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