Electric motors are electro-mechanical devices which convert electrical energy to mechanical energy. These motors are integral components of compressors, pumps, fans, disk drives, electric cars, etc. which are further used in the manufacturing, residential, real estate and commercial sectors. Upcoming projects in Saudi Arabia are increasing the demand for electric motors as they are highly efficient, consume low energy, and have a longer operating life and endurance for fluctuating voltages. According to the latest report by IMARC Group, titled “Saudi Arabia Electric Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Saudi Arabia electric motor market reached a value of US$ 441.3 Million in 2018.
Electric motors are used as a component in the production of pumps, fans and compressors which are further used in HVAC systems. Due to extreme climatic conditions in the country, the demand for HVAC systems is rising, thereby propelling the growth of the electric motors market. Further, government policies to support the establishment of new industries have resulted in the growth of industrial and infrastructural activities, in turn, contributing to the market growth. Moreover, large-scale investments in the construction activities along with upcoming projects such as NEOM and Saudi Vision 2030 are rising energy requirements, therefore creating a bigger market for electric motors. According to the report, the market is projected to reach a value of US$ 737.9 Million by 2024, growing at a CAGR of 9.8% during 2019-2024.
The report has segmented the market on the basis of efficiency in IE1, IE2, IE3 and IE4. Amongst these, IE2 efficiency motors dominate the market, accounting for the majority of the total share. On the basis of application, the HVAC sector is the largest segment, followed by oil and gas, food and beverage, mining, and water and utilities. The market is also segmented on the basis of end-use, wherein pumps and fans represent the leading market, followed by compressors. An analysis of the competitive landscape provides the details of the key players operative in the market. Some of the major players are ABB, Siemens, WEG Industries, NIDEC Corporation and TECO Middle East Electrical & Machinery Co. Ltd.
This report provides a deep insight into the Saudi Arabia electric motor market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up an electric motor manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Saudi Arabia electric motor industry in any manner.
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