The latest report by IMARC Group, titled “GCC Electric Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the GCC electric motor market reached a value of more than US$ 750 Million in 2016. Since the invention of electricity, electric motors have brought about the biggest advancements in the field of engineering and technology. Electric motors refer to electrical machines which transform electrical energy into mechanical energy. These motors can be powered through direct current sources including motor vehicles, rectifiers and batteries; and alternate current sources which include inverters, power grid and generators. Additionally, these motors can be utilised as generators for converting mechanical energy into electric power. These motors offer numerous advantages such as long operating life, low energy consumption, low maintenance cost and high endurance for fluctuating voltages.
Highlights of the GCC electric motor market:
- Expanding industrial sector in the GCC region is the primary driving factor.
- HVAC represents the largest end-use industry, accounting for the majority of the market share.
- Saudi Arabia dominates the market supported by increasing exports to other gulf countries.
In the GCC region, the prospect for electric cars is growing over time due to an increase in oil prices which has added to the growth of the GCC electric motor market. The market growth has also been encouraged by expanding industrial sector, growing petrochemical industry, upcoming infrastructural projects in the region. Moreover, there is also an emerging trend of installation of electric motors in place of gas turbines in large industrial plants which has, in turn, added to the growth. Apart from this, there has been a rise in mass-customisation of electric motors along with the demand for process and plant automation technologies. Owing to the aforementioned factors, the GCC electric motor market is further expected to reach a value of more than US$ 1,029 Million, exhibiting a CAGR of 5.4% during 2017-2022.
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On the basis of efficiency, IE2 currently exhibits a clear dominance in the market which is followed by IE3, IE1 and IE4. Based on end-use industry, HVAC represents the largest end-use industry of electric motor market. It is followed by oil and gas, food and beverage, mining, and water and utilities. On the basis of application, electric motors are mostly used in pumps and fans followed by compressors. Region-wise, Saudi Arabia accounts for the majority of the total share in GCC as a result of rising exports to other gulf countries. Other major regions include UAE, Oman, Qatar, Kuwait and Bahrain. The competitive landscape of the market has also been analysed with some of the key players operating in the market being ABB, Siemens, WEG Industries, NIDEC Corporation and TECO Middle East Electrical & Machinery Co. Ltd.
The report by IMARC Group has examined the GCC electric motor market on the basis of:
- Oil and Gas
- Food and Beverage
- Water and Utilities
- Pumps and Fans
- Saudi Arabia
- WEG Industries
- NIDEC Corporation
- TECO Middle East Electrical & Machinery Co. Ltd.
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Company Name: IMARC Group
Contact Person: Anand Ranjan
Country: United States