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GCC Electric Motor Market Projected to Exceed US$ 1,082 Million by 2023 – IMARC Group

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GCC Electric Motor Market Projected to Exceed US$ 1,082 Million by 2023 – IMARC Group

January 09
14:36 2019

GCC Electric Motor Market Fostered by Demand for Electric Vehicles
In recent years, the GCC electric motor market has witnessed steady growth. This can be accredited to the growing industrial sector, establishment of special economic zones and constant government support in promoting the adoption of electric vehicles.

According to the latest report by IMARC Group, titled “GCC Electric Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the GCC electric motor market reached a value of US$ 750 Million in 2017. Electric motors are electro-mechanical devices that convert electric energy into mechanical energy and work primarily on the principle of electromagnetic induction. As they offer advantages like easy maintenance, low energy consumption, longer operating life and a high tolerance for fluctuating voltages, electric motors are widely utilized in fans, pumps, etc. In comparison with fossil fuel engines, the initial cost of electric motors with an equal output horsepower rating is considerably lower. Owing to these properties, electric motors find myriad applications in the oil industry in GCC countries like Saudi Arabia, UAE, Qatar and Oman. Rising global demand for petroleum products is providing a thrust to the oil industry in the region which is augmenting the uptake of electric motors.

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Market Trends:

On account of increasing concerns about the negative impact of climate change and rising pollution levels in metropolitan cities, the governments of the GCC countries are undertaking initiatives to encourage the adoption of electric vehicles. For instance, the governing authorities in Dubai have exempted toll charges on electric vehicles and have introduced the Dubai Mobility Initiative in which they are offering free electric vehicle charging stations at DEWA’s Green Charger. Some of the other growth-inducing factors include expansion of the industrial sector, establishment of special economic zones (SEZ) and upcoming infrastructure projects in the region. Looking forward, the market value is projected to exceed US$ 1,082 Million by 2023, expanding at a CAGR of more than 5% during 2018-2023.

GCC Electric Motor Market Summary:

Market Segmentation by Efficiencies

1. Standard Efficiency Electric Motors
2. High Efficiency Electric Motors
3. Premium Efficiency Electric Motors
4. Super Premium Efficiency Electric Motors

Based on efficiencies, the market has been segregated as standard, high, premium and super premium efficiency electric motors. Currently, high efficiency electric motors dominate the market, holding the largest share.

Market Segmentation By End-use

2. Oil and Gas
3. Food, Beverage and Tobacco
4. Mining
5. Water and Utilities
6. Others

On the basis of end-uses, the market has been classified into HVAC; mining; oil and gas; water and utilities; food, beverage and tobacco; and others. Currently, the HVAC segment accounts for the majority of the total market share.

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Market Segmentation by Applications

1. Pumps and Fans
2. Compressors
3. Other Applications

The GCC electric motor market has also been bifurcated on the basis of applications which include pumps and fans, and compressors. Presently, pumps and fans represent the largest application segment of electric motors.

Market Segmentation By Region

1. Saudi Arabia
2. UAE
3. Oman
4. Qatar
5. Kuwait
6. Bahrain

Region-wise, the market has been segmented into Saudi Arabia, UAE, Oman, Qatar, Kuwait and Bahrain. Amongst these, Saudi Arabia is the leading market, accounting for the dominant share.

Competitive Landscape

The competitive landscape of the market has also been examined with some of the key players being ABB, Siemens, WEG Industries, NIDEC Corporation, and TECO Middle East Electrical and Machinery Co. Ltd.

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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