Saudi Arabia Electric Motor Market Size Expected to Reach US$ 737.9 Billion by 2024
According to the latest report by IMARC Group, titled “Saudi Arabia Electric Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Saudi Arabia electric motor market size reached a value of US$ 441.3 Billion in 2018. Electric motors are electro-mechanical machines that transform electrical energy into mechanical energy. They can be differentiated into two main types, namely, AC motors and DC motors. AC motors are powered through alternating current sources such as inverters, generators or power grids. On the other hand, DC motors use direct current sources which include batteries, motor vehicles and rectifiers. Electric motors offer numerous advantages such as durability, high operating life and easy installation. Additionally, as compared to a fossil-fuel engine with the same horsepower rating, these motors have a lower initial cost and longer lifespan.
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In recent years, the Government of Saudi Arabia has introduced various policies to promote the development of new industries, giving rise to infrastructural activities, which has led to the demand for electric motors for use in construction activities. Apart from this, in 2018, the Saudi Electricity Company (SEC) signed an agreement with the Japanese firms Nissan Motor Company, Tecaoca Coco Energy Solutions Company and Tokyo Electric Power Company to introduce an electric vehicle pilot project in Saudi Arabia. Under this agreement, the SEC will cooperate with the Japanese companies to study and later adopt the production of electric vehicles. This is expected to provide an impetus to the electric motor market in the country. Looking forward, the market size is projected to reach US$ 737.9 Billion by 2024, growing at a CAGR of nearly 10% during 2019-2024.
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Key Insights from the Report:
Performance by Efficiency
1. Standard Efficiency Electric Motors
2. High Efficiency Electric Motors
3. Premium Efficiency Electric Motors
4. Super Premium Efficiency Electric Motors
The market for electric motors has been segmented on the basis of efficiencies into standard efficiency, high efficiency, premium efficiency and super premium efficiency. Amongst these, high efficiency motors represent the largest segment.
Performance by Application
2. Oil and Gas
3. Food, Beverage and Tobacco
5. Water and Utilities
Based on applications, the market has been categorized as HVAC; oil and gas; food, beverage and tobacco; mining; and water and utilities. Amongst these, electric motors are majorly used for heating, ventilation and air conditioning (HVAC) due to the extreme weather conditions in the country.
Performance by End-Use
1. Pumps and Fans
3. Other Uses
The electric motor market in Saudi Arabia has been segregated on the basis of end users which mainly include pumps and fans, and compressors. Currently, pumps and fans dominate the market, holding the majority of the total share.
The competitive landscape of the industry has also been examined with detailed profiles of the key players operating in the market.
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