Iraq Electric Motor Market (2024-2030) | Companies, Value, Share, Outlook, Trends, Analysis, Size, Revenue, Growth, Forecast & Industry

Topics Covered in the Iraq Electric Motor Market

The Iraq Electric Motor Market report thoroughly covers the market by motor type, by voltage range, by application, and by speed. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Iraq Electric Motor Market Synopsis

Iraq Electric Motor Market has been witnessing robust growth in recent years, driven mainly by the increasing demand from a wide range of industries, including oil and gas, construction, mining, and transportation. The key factors driving the Iraq Electric Motor Market Growth include rising need for energy-efficient electric motors, the growth of renewable energy installations, and the expansion of the industrial and construction sectors. In general, electric motors have become an integral part of our daily life and industrial operations. Whether it is an HVAC system or an industrial conveyor belt, electric motors play a critical role in ensuring smooth operations. In Iraq, the demand for electric motors has been increasing, primarily driven by the steady growth of the country's industrial sector and the rapid expansion of construction activities. 

According to 6Wresearch, the Iraq Electric Motor Market Size is expected to grow at a CAGR of 5% during the forecast period of 2024-2030. The burgeoning demand for electric motors in Iraq is being driven by several factors. Firstly, the industrial sector in the country is growing at a rapid pace, with several new factories and production facilities being set up. Secondly, the increasing focus on energy efficiency and sustainability is driving the demand for energy-efficient electric motors. Thirdly, the growth of renewable energy installations, particularly solar power plants, is driving demand for electric motors. Despite the growth in demand for electric motors, the Iraq electric motor market faces several challenges. One of the major challenges is the lack of local manufacturing capacity, which results in a heavy reliance on imports, thereby driving up costs. Moreover, the country's political instability and security concerns pose a significant risk to the growth of the industrial sector and, consequently, the demand for electric motors.

Apart from this, the Iraq electric motor industry is undergoing several trends that are shaping the industry's growth. One of the most significant trends is the growing adoption of IoT-enabled electric motors. These motors can be remotely monitored and controlled, making them more energy-efficient and cost-effective. Another trend is the increasing demand for electric motors in the oil and gas sector, particularly for pumping operations. Additionally, there is a growing trend towards customization and improvement of motor designs to enhance performance, efficiency, and reliability.

Furthermore, the robust growth in the Iraq electric motor market presents several opportunities for investors and businesses. One of the most significant opportunities is the potential for local manufacturing of electric motors, which would reduce dependence on imports and result in cost savings. Additionally, there is an opportunity for companies to offer energy-efficient and sustainability-focused electric motor solutions, which are likely to be in high demand. Finally, the growth of the renewable energy sector provides ample opportunities for companies that offer electric motors suitable for use in solar power plants.

Government policies and schemes introduced in the Iraq Electric Motor Market 

Iraq's Ministry of Electricity has been working to increase the production capacity of electric motors in the country. The government established a new electric motor factory in the capital city of Baghdad, installing state-of-the-art machinery to produce high-quality electric motors. Moreover, the government is offering incentives for both local and foreign investors who want to invest in the electric motor sector, including tax exemptions, land allocations, and financial grants.

The government has been actively pursuing policies that encourage investments in various sectors, including the electric motor market. One of such policies is the Foreign Investment Law. The government has also introduced schemes to boost the local production of electric motors. One such scheme is the Iraq Industry Revitalization Plan. This scheme aims to improve the production capabilities of local industries and support the manufacturing of electric motors. The government has also offered tax exemptions and reduced customs duty rates for the import of raw materials used in the production of electric motors.

Leading players in the Iraq Electric Motor Market

The leading players in the Iraq Electric Motor Market are Aswar Al-Dawla, Al-Qahira Co., Samir Technical Industries, and Al-Sabah Engineering Solutions. These companies have been instrumental in driving growth in the electric motor market in Iraq. They have extensive experience in the design, manufacturing, and marketing of high-quality electric motors.

Market analysis by Motor Type

According to Shivam, Senior Research Analyst, 6Wresearch, AC motors are the most popular and anticipated to dominate the Iraq Electric Motor Market Share over the forecast period primarily due to their low cost and high efficiency. However, DC motors are the growing segment in this category, thanks to their growing application in the automobile industry and the transportation sector. 

Market analysis by Speed

By Speed, the high-speed electric motor segment (25,001-75,000 RPM) has demonstrated the highest growth trend due to an increase in demand for electric-powered vehicles in Iraq. 

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Iraq Electric Motor Market Outlook
• Market Size of Iraq Electric Motor Market, 2023
• Forecast of Iraq Electric Motor Market, 2030
• Historical Data and Forecast of Iraq Electric Motor Revenues & Volume for the Period 2020 - 2030
• Iraq Electric Motor Market Trend Evolution
• Iraq Electric Motor Market Drivers and Challenges
• Iraq Electric Motor Price Trends
• Iraq Electric Motor Porter's Five Forces
• Iraq Electric Motor Industry Life Cycle
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Motor Type for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Alternate Current (AC) Motor for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Direct Current (DC) Motor for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Hermetic Motor for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Voltage Range for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By 9 V & Below for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By 10-20 V for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By 21-60 V for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By 60 V & Above for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Application for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Industrial Machinery for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Motor Vehicles for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Heating, ventilating, and cooling (HVAC) equipment for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Aerospace & transportation for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Household Appliances for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Other for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Speed (RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Low-Speed Electric Motors (Less Than 1,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Medium-Speed Electric Motors (1,001-25,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By High-Speed Electric Motors (25,001-75,000 RPM) for the Period 2020 - 2030
• Historical Data and Forecast of Iraq Electric Motor Market Revenues & Volume By Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM) for the Period 2020 - 2030
• Iraq Electric Motor Import Export Trade Statistics
• Market Opportunity Assessment By Motor Type
• Market Opportunity Assessment By Voltage Range
• Market Opportunity Assessment By Application
• Market Opportunity Assessment By Speed (RPM)
• Iraq Electric Motor Top Companies Market Share
• Iraq Electric Motor Competitive Benchmarking By Technical and Operational Parameters
• Iraq Electric Motor Company Profiles
• Iraq Electric Motor Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Motor Type

• Alternate Current (AC) Motor
• Direct Current (DC) Motor
• Hermetic Motor

By Voltage Range

• 9 V & Below
• 10-20 V
• 21-60 V
• 60 V & Above

By Application

• Industrial Machinery
• Motor Vehicles
• Heating
• Ventilating
• And Cooling (HVAC) Equipment
• Aerospace & Transportation
• Household Appliances
• Other

By Speed (RPM)

• Low-Speed Electric Motors (Less Than 1,000 RPM)
• Medium-Speed Electric Motors (1,001-25,000 RPM)
• High-Speed Electric Motors (25,001-75,000 RPM)
• Ultrahigh-Speed Electric Motors (Greater Than 75,001 RPM))

Iraq Electric Motor Market (2024-2030): FAQs