Saudi electric motors market to grow at 8pc
BURNABY, Canada, February 16, 2016
Surging demand from end user industries such as manufacturing, commercial and residential segments are set to propel Saudi Arabia electric motors market to grow at eight per cent annually through 2021, according to a report.
The TechSci Research report 'Saudi Arabia Electric Motors Market By Type, By End User, By Application, By Rating, Competition Forecast & Opportunities, 2011 - 2021' said it is on account of increasing industrialisation, booming infrastructural growth, increasing power generation and rising energy requirements in the country.
The growth in number of power plants and oil rigs, coupled with rapid commercialisation and urbanisation are also boosting demand for electric motors in the kingdom, it said.
Residential, manufacturing, commercial and real estate sectors are the major end users for electric motors industry in Saudi Arabia.
The Saudi Arabian electric motors market has been dominated by AC based electric motors, as these are widely used in various applications such as pumps, compressors, fans, etc.
Few of the leading companies operating in the kingdom's electric motors market include ABB (including Baldor), Siemens, Teco Middle East, WEG, and Crompton Greaves.
Electric motor refurbishment or 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.
The leading refurbishment or repair service companies operating in the kingdom include Alfanar Electrical Systems, Saudi French Company and Ashoor Electric Motors Factory.
Karan Chechi, research director with the research-based management consulting firm, said: "Saudi Arabia electric motors market is forecast to grow in the coming years due to increasing demand from end user segments, rising demand for energy efficient electric motors to reduce carbon emissions, coupled with rapid industrialization in the country.
"Increasing power consumption, rising number of power plants and growing utilization of electric motors in various applications is anticipated to boost demand for electric motors in the country through 2021." - TradeArabia News Service
