Saudi Arabia's electric motors market will grow at a CAGR of 8 per cent between 2016 and 2021, a survey report suggests.
According to global management consulting firm TechSci’s research report, growth will be fueled by surging demand from the manufacturing, commercial and residential segments on account of increasing industrialisation, booming infrastructural growth, increasing power generation and rising energy requirements in the country.
“Growth in the number of power plants and oil rigs, coupled with rapid commercialisation and urbanisation are also boosting demand for electric motors in the kingdom,” it stated. Residential, manufacturing, commercial and real estate sectors are the major end users for the electric motors industry in Saudi Arabia.
The Saudi market is dominated by AC-based electric motors as these are widely used in various applications including pumps, compressors, and fans. Imported brands are among the most preferred ones. Some of the leading companies operating in the field in the kingdom are ABB (including Baldor), Siemens, Teco Middle East, WEG, and Crompton Greaves. The electric motor refurbishment/repair services market is also witnessing growth as electric motors are being extensively employed for various applications in diverse sectors such as oil and gas, petrochemical and refining, commercial and power plants. Among the leading refurbishment and repair service companies operating in the kingdom the company named Alfanar Electrical Systems LLC, Saudi French Company and Ashoor Electric Motors Factory.
Karan Chechi, research director with TechSci Research, commented: “Saudi Arabia’s electric motors market is forecast to grow in the coming years due to increasing demand from end-user segments and rising demand for energy-efficient electric motors for reduction of carbon emissions coupled with rapid industrialisation in the country.
“Increasing power consumption, a rising number of power plants and growing utilisation of electric motors in various applications is anticipated to boost demand for electric motors in the country through 2021.”
The company said the report is intended to provide cutting-edge market intelligence and help decision-makers undertake sound investment evaluation. It also identifies and analyses emerging trends along with essential drivers, challenges and opportunities available in the Saudi electric motors market.