The latest report by IMARC Group, titled “Saudi Arabia Electric Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the Saudi Arabia Electric Motor market reached a value of US$ 436 Million in 2017. Electric Motor transforms electrical energy into mechanical energy and is used for producing linear or rotary force. These motors can be powered through direct current sources which include batteries, motor vehicles and rectifiers; and alternating current sources such as inverters, generators and power grid. These motors offer numerous advantages such as durability, high operating life, easy installation of automated controls and reduced requirement of labour. Apart from this, they have low initial cost and do not need any engine oil maintenance, or fuel and battery service.
Highlights of the Saudi Arabia electric motor market:
- Growth of public infrastructure and government support for the investment in water and utility sectors act as major factors of growth.
- HVAC holds the largest market share in the end use industry segment.
- IE2 hold the majority market share, representing clear dominance in efficiency segment.
The growth of the Saudi Arabia electric motor market is majorly driven by thriving construction sector in the region. Due to inflating incomes and rapid urbanisation, there have been heavy investments in the transport infrastructure including airports, seaports, high-speed rail lines and road construction projects. This has, in turn, proliferated the demand for electric motors in Saudi Arabia. In addition to this, rising number of oil rigs and power plants have resulted in a surge in the demand for electric motors in the country. Moreover, other factors such as government policies encouraging the use of energy-efficient motors and a high demand for AC motors across various industries have also bolstered the market growth. As a result, the Saudi Arabia electric motor market is further expected to reach a value of US$ 546 Million, exhibiting a CAGR of 3.8% during 2018-2023.
On the basis of efficiency, IE2 currently exhibits a clear dominance in the market, followed by IE3, IE1 and IE4. Based on end-use industry, HVAC represents the largest end-use industry on account of extreme climatic conditions in the country. It is followed by oil and gas, food and beverage, mining, and water and utilities. On the basis of application, pumps and fans accounts for the majority of the total global share, followed by compressors. The competitive landscape of the market has also been analysed with some of the key players operating in the market being ABB, Siemens, WEG Industries, NIDEC Corporation and TECO Middle East Electrical & Machinery Co. Ltd.
The report by IMARC Group has examined the Saudi Arabia electric motor market on the basis of:
- Oil and Gas
- Food and Beverage
- Water and Utilities
- Pumps and Fans
- WEG Industries
- NIDEC Corporation
- TECO Middle East Electrical & Machinery Co. Ltd.
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