Saudi electric motor market to grow 10% by 2024: report

Saudi Arabia’s electric motor market is projected to grow from $441.3 million in value in 2018 to $737.9 million by 2024, growing at a CAGR of 9.8 percent, says a report by ResearchAndMarkets.com.

Upcoming projects in Saudi Arabia are increasing the demand for electric motors as they are highly efficient, consume low energy, and have a longer operating life and endurance for fluctuating voltages, the report noted.

Electric motors are electro-mechanical devices which convert electrical energy to mechanical energy. These motors are integral components of compressors, pumps, fans, disk drives, electric cars, etc. which are further used in the manufacturing, residential, real estate and commercial sectors.

Upcoming projects in Saudi Arabia are increasing the demand for electric motors as they are highly efficient, consume low energy, and have a longer operating life and endurance for fluctuating voltages.

Electric motors are used as a component in the production of pumps, fans and compressors which are further used in HVAC systems.

The report said the demand for HVAC systems is rising in the Kingdom, thereby propelling the growth of the electric motors market.

Further, government policies to support the establishment of new industries have resulted in the growth of industrial and infrastructural activities, in turn, contributing to the market growth.

Moreover, large-scale investments in the construction activities along with upcoming projects such as NEOM and Saudi Vision 2030 are rising energy requirements, therefore creating a bigger market for electric motors, the report added.

Some of the key players operating in the Saudi market are ABB, Siemens, WEG Industries, NIDEC Corporation and TECO Middle East Electrical & Machinery Co. Ltd, the report maintained.