Electrical Motors Market in Saudi Arabia to Grow Two Fold By End of 2018
Electrical equipment manufacturers in Saudi Arabia aim to explore opportunity in electrical motors market as the demand for motors is increasing
The electrical motors market revenue in Saudi Arabia is forecasted to grow over two folds by the end of 2018, according to a report published recently by leading research firm TechSci Research. It adds that the market for electrical motors grew at an impressive CAGR of around 13% during the period 2008-12.
The report titled “Saudi Arabia Electric Motors (High and Low Voltage) Market Forecast and Opportunities, 2018” reveals important findings. It points out that electrical motors market in the Kingdom is majorly being driven by the growing industrialization that has shown steep increase from negative growth figures in 2009 to 8% growth rate in 2011 and the report attributes this positive growth to the country’s shifting focus from oil industry towards other sectors.
“Saudi Arabia has emerged as a major manufacturing center within the GCC region that has resulted in the germination of numerous allied industries, where electrical motors market is one of the sectors which has developed as a result of the growing demand in end user industries, especially power sector,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Electric Motors (High and Low Voltage) Market Forecast and Opportunities, 2018” sheds light on the opportunities and challenges in the Saudi electrical motors market. It mentions that the country is relatively expensive for manufacturing purposes. The country does not have production plants for electrical motors, except one unit of TECO Middle East, while other companies operating in the country are into assembling and distribution through exclusive partnership agreements with parent companies.
About 85% of the demand for electrical motors is being fulfilled by imports from China, USA, India, etc. This scenario is anticipated to transform with the Saudi Arabian government’s plans to set up electrical motors manufacturing plants in the country.
The report reveals some very significant forecasts. During the next five years, market revenue for high voltage electrical motors in Saudi Arabia is anticipated to grow at a faster rate compared to low voltage electrical motors market revenue. In Saudi Arabia, Riyadh and Makkah are the two major industrial regions that are contributing highest to the demand for electrical motors.
“The country aims at reducing carbon emission and consequently focusing towards energy efficient products, making it mandatory to use IE 2 (High Efficiency) motors instead of IE 1 (Standard Efficiency) motors. Such initiatives by the Saudi Arabian government are expected to drive the demand for electrical motors with higher efficiency,” adds Mr. Karan Chechi, Research Director, TechSci Research.
Mr. Chechi also added that multinational manufacturers are perpetually entering the Saudi electrical equipment market and the government is serious on capitalizing the existing opportunity in the electrical motors market.
“Saudi Arabia Electric Motors (High and Low Voltage) Market Forecast and Opportunities, 2018” has evaluated the future growth potential of Saudi Arabian electrical motors market and provides statistics and information on market structure, industry behavior trends.
The report includes electrical motors market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides all the above, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities available in electrical motors market in Saudi Arabia.