GCC Electric Motor Market Size, Share, Demand, Growth, Industry Analysis, Trends & Forecast by 2023
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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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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