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Forecast Period
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2024-2028
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Market Size (2022)
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USD 29.92 Million
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Market Size (2028)
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USD 39.55 Million
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CAGR (2023-2028)
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4.84%
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Fastest Growing Segment
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Transportation
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Largest Market
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Riyadh
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Saudi Arabia Medium Voltage Electric Motors market is anticipated to register a high CAGR during the forecast period, 2024-2028. As the government of Saudi Arabia is committed to reducing the country's carbon emissions owing to the increasing demand for energy-efficient motors, one way to achieve this goal is to promote the use of energy-efficient motors. Medium voltage electric motors are more energy-efficient than low voltage electric motors and are becoming increasingly popular.
An electric motor is an electrical machine that converts electrical energy into mechanical energy. Most electric motors operate through the interaction between the motor's magnetic field and electric current in a wire winding to generate force in the form of torque applied on the motor's shaft.
Technological Advancements will Drive the Market Growth
Technology progressions play a vital role in driving the development of the medium voltage electric engine market in Saudi Arabia. These developments encompass various facts of engine design, control frameworks, and digitalization, promoting a few advantages that contribute to market expansion. First and foremost, progress in motor arrangement techniques have headed towards more capable and reliable medium voltage electric motors. Manufactures have centred on optimizing engine components, such as stator and rotor plans, to improve execution and decrease uncertainties. Advanced materials and separator frameworks have too been utilized to extend engine toughness and withstand the difficult working conditions in companies such as oil and gas.
Additionally, advancements in engine control frameworks have made it possible to significantly improve engine performance and energy management. Progressed control calculations and Variable Frequency Drives (VFDs) enable precise engine speed and torque control, resulting in improved efficiency. These control systems offer better confirmation features, counting voltage control, and fault diagnostics, ensuring secure and reliable motor activity.
Besides, the integration of digitalization and Industry 4.0 innovations has revolutionized the medium voltage electric motor market. Computerized twins and reenactment apparatuses help in engine plan optimization, quickening the improvement prepare and lessening costs. Further, headways in network and IoT (Internet of Things) have empowered the integration of medium voltage electric engines into broader mechanical robotization frameworks. This integration encourages consistent communication and coordination between engines, other gear, and control frameworks, driving to progressed in general operational effectiveness and efficiency.
The technological advancement within the medium voltage electric engine advertise are driven by a combination of industry request, inquire about and improvement endeavours, and the require for vitality effectiveness and maintainability.
Rising demand from Oil and Gas Sector will Drive the Market
The Saudi Arabian market for medium voltage electric motors is largely driven by the oil and gas industry. Saudi Arabia, one of the world's leading oil producers, is heavily dependent on the oil and gas industry, which has a significant demand for medium voltage electric motors. Initially, a wide range of medium-voltage electric motor-powered equipment is necessary for oil and gas exploration and production. These engines are utilized in different applications, including pumping stations, blowers, fans, and boring apparatuses. Electric motors give the fundamental ability to drive these basic parts, guaranteeing effective extraction, handling, and transportation of oil and gas assets. Also, medium voltage electric engines are vital for the small tasks related to oil and gas area. These engines power the pumping stations along pipelines, working with the transportation of raw petroleum and flammable gas across immense distances. They guarantee that hydrocarbons flow continuously through the pipeline infrastructure, preserving the distribution network's integrity and effectiveness.
Additionally, medium voltage electric engines track down broad use in the downstream exercises of the oil and gas industry. In the refining processes, refineries rely on these motors to power various equipment like pumps, fans, and compressors. They are additionally used in petrochemical plants for driving fundamental apparatus engaged with the creation of petrochemical items. Also, the unforgiving working circumstances in the oil and gas industry request engines that can endure outrageous temperatures, high dampness, and destructive conditions. Medium voltage electric engines planned explicitly for these circumstances give dependable and solid execution, guaranteeing continuous tasks in testing conditions. Additionally, Saudi Arabia's ongoing investments in the oil and gas sector contribute to the demand for electric motors with a medium voltage. The extension of existing oil fields, advancement of new oil & gas fields, and development of refining and petrochemical offices drive the requirement for these engines.
Generally, the oil and gas area in Saudi Arabia will drive the medium voltage electric engine market. The industry’s distinctive applications, intensive working circumstances, and advancing theories incite ranges of quality for a capable, strong, and particular motor, making them a fundamental piece of the nation's oil and gas establishment.
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Government Initiatives Will Drive the Saudi Arabia Medium Voltage Electric Motors Market
The medium voltage electric motor market in Saudi Arabia is booming because of government support. The Saudi Arabia government has carried out few measures to support the reception of energy-effective innovations, including medium voltage electric engines. This help comes as motivators, endowments, good strategies, and administrative structures that work with market development. The public authority, right off the bat, offers monetary motivating forces to advance the utilization of energy-productive innovations. Industries and businesses that invest in energy-efficient equipment, such as medium voltage electric motors, receive grants and subsidies. Businesses are more likely to purchase and install these motors because these financial incentives help offset the initial costs.
In addition, the government's Vision 2030 initiative actively promotes energy conservation and sustainability. This drawn-out improvement plan is expected to decrease reliance on oil and expand the economy. The government backs initiatives that help cut down on energy use and places an emphasis on energy efficiency, as part of this vision. Medium voltage electric motors, known for their energy-saving capacities, line up with the objectives of Vision 2030 and get government backing. Furthermore, the public authority offers help through innovative work (Research and development) programs. These projects energize development in engine innovation and assist with driving progressions in energy proficiency and execution. The government ensures that businesses have access to the most recent technologies by providing support for R&D initiatives that encourage the creation of cutting-edge electric motors with a medium voltage. Moreover, the public authority teams up with industry partners, instructive foundations, and global associations to make mindfulness about energy-proficient advancements and their advantages. Businesses can make educated decisions regarding the adoption of medium voltage electric motors, thanks to this collaborative strategy, which encourages the sharing of knowledge, the development of capacity, and training programs.
All in all, government support in Saudi Arabia is a critical driver for the medium voltage electric motor market. Businesses are encouraged to invest in energy-efficient solutions by regulatory frameworks, favorable policies, incentives, and subsidies. The public authority's accentuation on maintainability and energy protection, alongside its help for research and development and cooperative drives, adds to the development and reception of medium voltage electric motors in the country.
Recent Development
- On 12 Jun 2023, Saudi Arabia signed USD5.6 billion electric car deal with Chinese company to purchase electric motors, as Saudi Arabia plans to develop domestic electric vehicle manufacturing industry as part of efforts to diversify its oil-dominated economy.
Market Segmentation
The Saudi Arabia Medium Voltage Electric Motors market is divided into type, output power, end-user, voltage, and region. Based on type, the market is divided into AC Motors and DC Motors. Based on output power, the market is segmented into Fractional Horsepower and Integral Horsepower. Based on end-user, the market is segmented into Industrial, Commercial, Residential, Transportation and Agriculture. Based on voltage, the market is segmented into 1-3KV, 3-5KV, 5-6.6KV. Based on region, the market is segmented into Riyadh, Makkah, Eastern Province, and Rest of Saudi Arabia.
Market Players
Major market players in the Saudi Arabia Medium Voltage Electric Motors Market are ABB Saudi Arabia, Siemens AG, Rockwell Automation, Ametek Saudi Arabia, Toshiba Middle East, General Electric Saudi Arabia, NIDEC Corporation, Alfanar Electrical Systems LLC, Hitachi Middle East, Johnson Electric.
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Attribute
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Details
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Base Year
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2022
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Historic Data
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2018 – 2022
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Estimated Year
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2023
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Forecast Period
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2024 – 2028
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Quantitative Units
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Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
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Report coverage
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Revenue forecast, company share, growth factors, and trends
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Segments covered
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Type
Output Power
End-User
Voltage
Region
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Regional scope
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Riyadh, Makkah, Eastern Province, Rest of Saudi Arabia
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Key companies profiled
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ABB Saudi Arabia, Siemens AG, Rockwell Automation, Ametek Saudi Arabia, Toshiba Middle East, General Electric Saudi Arabia, NIDEC Corporation, Alfanar Electrical Systems LLC, Hitachi Middle East, Johnson Electric.
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Customization scope
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10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
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Report Scope:
In this report, the Saudi Arabia Medium Voltage Electric Motors Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Saudi Arabia Medium Voltage Electric Motors Market, By Type:
o AC Motors
o DC Motors
- Saudi Arabia Medium Voltage Electric Motors Market, By Output Power:
o Fractional Horsepower
o Integral Horsepower
- Saudi Arabia Medium Voltage Electric Motors Market, By End User:
o Industrial
o Commercial
o Residential
o Transportation
o Agriculture
- Saudi Arabia Medium Voltage Electric Motors Market, By Voltage:
o 1-3KV
o 3-5KV
o 5-6.6KV
- Saudi Arabia Medium Voltage Electric Motors Market, By Region:
o Riyadh
o Makkah
o Eastern Province
o Rest of Saudi Arabia
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia Medium Voltage Electric Motors Market.
Available Customizations:
Saudi Arabia Medium Voltage Electric Motors Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
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