GCC Electric Motor Market Overview, Trends, Size, Share, Demand, Opportunity & Forecast by 2023
by Rahul Rastogi Market Research AnalystIn 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 share
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.
·
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.
·
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.
·
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.
·
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.
·
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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Created on Mar 13th 2019 01:28. Viewed 485 times.