Posted On: 2020-02-07
High voltage electric motor acquired the largest revenue share in the overall Saudi Arabia electric motor market in 2018- 6Wresearch
Development of public infrastructure, government policies to support establishment of new industries as well aslarge-scale investment in the power sector are some of the key drivers for the growth of electric motor market in Saudi Arabia. However, the market volume declined in the past few years 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 motor market is projected to grow at a marginal CAGR of 0.4% during 2019-2025. In Saudi Arabia, AC electric motors captured significant revenue share in 2018 in the overall Saudi Arabia electric motor market, owing to the extensive accessibility of AC charge and high durability features. The use of AC based electric motor is projected to further dominate the overall electric motor market of the country during the forecast period.
According to Kanika Arora, Research Analyst, Research and Consulting, 6Wresearch, “Electric motors are critical in the oil & gas drilling and industrial manufacturing operation, as well as in general applications such as agriculture and defense. In Saudi Arabia, the electric motor market is being driven by industrial sector, owing to widespread efforts by government to increase non-oil sectors, under, Saudi Vision 2030 plan.”
“In the Eastern region, the demand for the electric motor market is expected to increase in commercial application, due to vast industrial expansion in the region especially in Dammam and nearby cities.”, Kanika further added.
According to Navneet Aggarwal, Research Associate, Research and Consulting, 6Wresearch, “Industrial machinery end-use accounted for majority of the revenue share in the overall Saudi Arabia electric motor market in 2018. The industrial machinery end-use would further continue to dominate the market during the forecast period, primarily due to future demand for automation solutions in the growing industrial sector in the country. A project such as a $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. Further, it also reflects stringent government policies to strengthen the petrochemical downstream industry by increasing plastics and chemical production in the Kingdom."
"Pump and fan applications are the other key contributing segments in Saudi Arabia’s electric motors market," Navneet further added.
Some of the major companies in Saudi Electric electric motor market include ABB, Siemens, WEG, Nidec, CG, TECO, ATB and Ashoor.
"Saudi Arabia Electric Motor Market (2019-2025)" report provides an in-depth analysis with 48 figures and 7 tables covered in over 120 pages. The report estimates and forecast the overall Saudi Arabia electric motor market by type, voltage, end-users, applications, 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.