Expansion of non-oil sector by boosting investments in private sector is one of the main objectives of the current Saudi Arabian government. Development of public infrastructure as well as government policies to support establishment of new industries and large scale investments in the power and water utility sectors are the key drivers for the growth of above 50 Hp electric motor market in Saudi Arabia. However, the market volume declined in 2016 due to lower government spending as a result of budget deficit due to low crude oil prices.
According to 6Wresearch, Saudi Arabia 50 Hp and Above Electric Motor Market revenues are projected to grow at a CAGR of 5.8% during 2018-24. Growing petrochemical and chemical industry, increasing investment in infrastructure projects along with rising water & electricity consumption owing to growing population are some of the key factors which would drive the Saudi Arabia 50 Hp and above electric motor market during the forecast period. Further expansion of non-oil sector would also fuel the market over the next six years on account of government initiatives such as the Saudi Vision 2030 and the National Transformation Plan 2020.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "Motor for pump application accounts for highest revenue share and is expected to dominate the market throughout the forecast period on the back of growing demand from oil & gas and petrochemical sectors. Other key application areas include fans, compressors and conveyors."
"Saudi Arabia 50 Hp and above electric motor service and repair market revenues are anticipated to grow at a CAGR of 7.6% during 2018-24 and is led by repair services on the back of increasing demand for medium and high horse power motor," Ravi further added.
According to Prakhar Srivastava, Research Analyst, Research and Consulting, 6Wresearch, "Majority of the revenue share has been captured by Petrochemical, Chemicals and Fertilizers (PCF) segment in Saudi Arabia’s 50 Hp and above electric motor market. The PCF segment would further continue to dominate the market during the forecast period due to upcoming petrochemical projects in the country. Additionally, projects such as $20 Billion Sadara petrochemical facility in Jubail would drive the growth of the market. Further, it also reflects government policies to strengthen the petrochemical downstream industry by increasing plastics and chemical production in the Kingdom."
"Oil & Gas, water & utilities and cement industries are some of the other key contributing segments in Saudi Arabia’s electric motor market," Prakhar further added.
Some of the major companies in Saudi Arabia 50 Hp and above electric motor market include- ABB, Siemens, WEG, GE, Hyundai Electric, Teco and Nidec.
"Saudi Arabia 50 Hp and Above Electric Motor Market (2018-2024)" provides an in-depth analysis with 67 figures and 12 tables covered in 151 pages. The report estimates and forecast the overall Saudi Arabia 50 Hp and above electric motor market by revenues, types, voltage, end user, applications, service type and regions. 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.