Development of public infrastructure a well as change in government policies to support establishment of new industries coupled with large-scale investment in the power and water utility sectors are the key drivers for the growth of electric motors market in Saudi Arabia.
According to 6Wresearch, Saudi Arabia electric motors market revenues are projected to grow at a CAGR of 5.2% during 2019-25. Growing petrochemical and chemical industry, rising investment in infrastructure and strengthening of non-oil sectors would drive the Saudi Arabia electric motor market during the forecast period.
According to Priya Sharma, Senior Research Analyst, 6Wresearch, "Motors for pumps application registered the highest revenue share and is projected to dominate the market during the forecast period as well on account of growing demand from oil & gas and petrochemical sectors. Other key application areas which are expected to witness substantial growth rate include fans, compressors and conveyors."
"Energy efficient motors are trending in Saudi Arabia and many companies have started to confront with the global efficiency standards. Furthermore, variable voltage frequency and smoke spill motors are few of the latest products in electric motors market. Smoke spill motors are capable of withstanding high temperatures, especially designed for fire accidents," Priya further added
According to Prithu Chawla, Research Associate, Research and Consulting, 6Wresearch, "Petrochemical, Chemical and Fertilizers segment accounted for majority of the revenue share in Saudi Arabia's electric motor market. The aforementioned segments would further continue to dominate the market during the forecast period primarily due to upcoming downstream petrochemical projects in the country."
"Oil & Gas, water & utilities and cement industries are the other key contributing segments in Saudi Arabia's electric motors market. Additionally, rapid urbanization and developing real estate sectors are resulting in growing HVAC industry which has further fueled the demand for electric motors in Saudi Arabia, " Prithu further added.
Some of the major companies in Saudi Arabia electric motors market include- ABB Ltd., Siemens AG, WEG Middle East FZE, Nidec Corporation, CG Power Systems Belgium NV, TECO Middle East Electrical and Machinery Co. Ltd., ATB SCHORCH GmbH and Ashoor Electric Motors.
"Saudi Arabia Electric Motor Market (2019-2025)" provides an in-depth analysis with 64 figures and 12 tables, covered in more than 130 pages. The report estimates and forecast the overall Saudi Arabia electric motor market by type, voltage, regions, end user and applications such as pumps, compressor, extruders and others. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.