Growing manufacturing sector on account of government policies to support establishment of new industries along with large scale investments in the water utility and waste water management sectors are the key drivers for the growth of electric drives market in Saudi Arabia. Although, currently the market volume declined in 2016 due to lower government spending as a result of budget deficit on the back of falling crude oil prices.
According to 6Wresearch, Saudi Arabia Electric Drives market revenues are projected to grow at a CAGR of 5.3% during 2017-23. Electric drive is the key component in the industrial segment as these regulate motor speed according to the present load of electric motor, which results in less consumption of energy. With Vision 2030 focusing on the development of manufacturing sector, requirement for energy efficient electric drives would grow during the forecast period.
According to Ravi Bhandari, Research Analyst, 6Wresearch, "IOT (Internet of Things) enabled electric drives are popular in market on account of growing need to reduce operational cost and increase process efficiency."
"Other benefits of IOT include remote monitoring and remote operational control which helps in the enhancement of the efficiency of electric drives," Ravi further added.
According to Prakhar Srivastava, Research Associate, Research and Consulting, 6Wresearch, "In terms of power rating, high power drives dominated the market revenues on account of their high consumption in the oil & gas and petrochemical industry. Further, the drives would continue to dominate during the forecast period due to expected recovery of oil industry post 2017. Amongst all end users, the Petrochemical, Chemicals and Fertilizers (PCF), Oil & Gas and Water & Utilities sectors captured leading share, where major growth is exhibited in the PCF and Water and Utilities segments. Projects such as $20 Billion Sadara petrochemical facility in Jubail shows the commitment of Saudi Arabian government towards shifting its economic dependency from oil & gas sector to non-oil sectors."
"Electric drives for pump application accounts for highest revenue share due to its high demand in oil & gas and petrochemical sectors," Prakhar further added.
Some of the major companies in Saudi Arabia electric drives market include- ABB, Schneider, Siemens, Rockwell and Danfoss.
"Saudi Arabia Electric Drives Market (2017-2023)" provides in-depth analysis with 44 figures and 11 tables covered in more than 130 pages. The report estimates and forecast the overall Saudi Arabia Electric Drives Market by revenues, volume, types, voltage, applications and end users such as petrochemical, chemicals & fertilizers, oil & gas, water & utilities, cement industry as well as metals & mining and regions. The report also offers insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.