According to the latest report by IMARC Group, titled “GCC Electric Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast by 2024”, the GCC electric motor market share reached a value of US$ 789 Million in 2018. 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$ 1,069 Million by 2024, expanding at a CAGR of more than 5% during 2019-2024.
Market Breakup by Efficiencies Electric Motors:
- Super Premium
Currently, high efficiency electric motors dominate the market, holding the largest share.
Market Breakup by End-User:
- Oil and Gas
- Water and Utilities
- Food and Beverage
Currently, the HVAC segment accounts for the majority of the total market share.
Market Breakup by Application:
Presently, pumps and fans represent the largest application segmentation of electric motors.
Market Region Summary:
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:
- WEG Industries
- NIDEC Corporation
- TECO Middle East Electrical
- Machinery Co. Ltd.
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