Saudi Arabia Electric Motors Market is expected to grow at a robust CAGR
Saudi
Arabia Electric Motors Market is expected to grow owing to government-driven
programs to diversify the economy away from oil dependence and promote local manufacturing
throughout the forecast period.
According
to TechSci Research report, “Saudi
Arabia Electric Motors Market –
By Region, Competition, Forecast and Opportunities, 2018-2028”, the
Saudi Arabia Electric Motors Market is expected to register robust
growth during the forecast
period. Saudi Arabia has been focusing on energy efficiency and conservation.
The government has implemented regulations and standards to improve the
efficiency of various industries, which includes the use of energy-efficient
electric motors. This has driven the demand for more efficient electric motor
solutions.
Saudi
Arabia has made significant investments in renewable energy sources, such as
solar and wind power. Electric motors are essential components in various
renewable energy applications, including wind turbine generators and solar
tracking systems. The ongoing transition to cleaner energy sources offers a
substantial opportunity for electric motor manufacturers and suppliers to cater
to the growing demand for these applications.
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Based
on motor type, the DC Motor
segment is expected to dominate the market during the forecast period. The
automotive industry uses DC motors in various applications, including electric
windows, sunroofs, and windshield wiper systems. Saudi Arabia has been making
efforts to encourage automotive manufacturing within the country. The
aftermarket segment for DC motors involves providing replacement parts and
maintenance services. As industrial equipment ages, there is a growing demand
for replacement DC motors and servicing. DC motors are employed in heating,
ventilation, and air conditioning (HVAC) systems to enhance energy efficiency.
As energy efficiency gains importance in Saudi Arabia, the use of DC motors in
HVAC systems is likely to grow. In agriculture, DC motors are used in
irrigation systems and other equipment. Given the country's arid climate and
agricultural goals, there is a consistent demand for these motors. As part of
the country's focus on energy efficiency and sustainability, DC motors may see
increased adoption in various sectors, as they are known for their efficiency
and precise control capabilities. It's important to consider that the Saudi
Arabia Electric Motors Market is subject to broader economic and industrial
trends, including the country's Vision 2030 plan, which aims to diversify the
economy, reduce oil dependency, and promote sustainability. Market trends in
the DC motor segment are likely to align with the goals and initiatives
outlined in Vision 2030.
Based
on application, the Industrial segment is projected to dominate the market
throughout the forecast period. Saudi Arabia has been exploring renewable
energy sources, such as solar and wind power. Electric motors are used in
renewable energy systems for tracking solar panels and controlling wind
turbines. The mining and minerals industry in Saudi Arabia utilizes electric
motors for crushers, conveyors, and other equipment used in the extraction and
processing of minerals. Electric motors are used in agriculture for irrigation
systems and equipment. Saudi Arabia's agricultural sector relies on these
motors to optimize water usage in arid conditions. The demand for electric
motors in heating, ventilation, and air conditioning (HVAC) systems and
building automation systems is on the rise, as the country focuses on energy
efficiency and smart building solutions. As industrial equipment ages or faces
wear and tear, the demand for replacement electric motors and maintenance
services grows. The aftermarket segment is an essential part of the electric
motors market in Saudi Arabia. It's essential to consider that Saudi Arabia's
Vision 2030, which aims to diversify the economy, reduce oil dependency, and
promote sustainability, can significantly impact the electric motors market.
Market trends are likely to align with the goals and initiatives outlined in
Vision 2030.
Key
market players in the Saudi Arabia Electric Motors Market are:
- ABB
Saudi Arabia
- Siemens
Saudi Arabia
- WEG
Electric Saudi Arabia
- Schneider
Electric Saudi Arabia
- Nidec
Corporation
- VEM
Group
- Gulf
Dynamic Electric Company (GDEC)
- Emerson
Electric Saudi Arabia
- Zamil
Electric
- Crompton
Greaves (CG)
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“The
Saudi Arabia Electric Motors Market in Riyadh is poised to be the dominant
force in the industry. Riyadh benefits from national-level government
initiatives that promote the use of electric motors for sustainable
development. The Saudi Vision 2030 plan, which seeks to diversify the economy
and reduce the country's reliance on oil, has specific goals related to energy
efficiency and the use of renewable energy sources. These initiatives create a
conducive environment for the growth of the electric motors market in Riyadh.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Saudi
Arabia Electric Motors Market Segmented By Motor Type (AC Motor and DC Motor),
By Output Power (Integral Horsepower and Output & Fractional Horsepower),
By Application (Industrial, HVAC, Medical Equipment, Industrial Machinery, Home
Appliances and Others), By Voltage Rating (Low Voltage (Up to 690V), Medium
Voltage (691V - 3300V) and High Voltage (Above 3300V)), By Region, and By
Competition, 2018-2028,”
has evaluated the future growth potential of Saudi Arabia Electric Motors
Market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Saudi Arabia Electric
Motors Market.
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