Saudi Arabia Electric Motor Market is Projected to witness Strong Growth during the Forecast Period
The Saudi Arabia electric motor market has witnessed stable growth over the past few years. This can be attributed to various government policies for the development of industrial infrastructure and international agreements supporting the production of el
(EMAILWIRE.COM, June 26, 2019 ) According to the latest report by IMARC Group, titled “Saudi Arabia Electric Motor Market Report and Forecast 2019-2024”, the market reached a value of US$ 441.3 Billion in 2018. Electric motors are electro-mechanical machines that transform electrical energy into mechanical energy. They can be differentiated into two main types, namely, AC motors and DC motors. AC motors are powered through alternating current sources such as inverters, generators or power grids. On the other hand, DC motors use direct current sources which include batteries, motor vehicles and rectifiers. Electric motors offer numerous advantages such as durability, high operating life and easy installation. Additionally, as compared to a fossil-fuel engine with the same horsepower rating, these motors have a lower initial cost and longer lifespan.
Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/saudi-arabia-electric-motor-market/requestsample
Market Trends:
In recent years, the Government of Saudi Arabia has introduced various policies to promote the development of new industries, giving rise to infrastructural activities, which has led to the demand for electric motors for use in construction activities. Apart from this, in 2018, the Saudi Electricity Company (SEC) signed an agreement with the Japanese firms Nissan Motor Company, Tecaoca Coco Energy Solutions Company and Tokyo Electric Power Company to introduce an electric vehicle pilot project in Saudi Arabia. Under this agreement, the SEC will cooperate with the Japanese companies to study and later adopt the production of electric vehicles. This is expected to provide an impetus to the electric motor market in the country. Looking forward, the market size is projected to reach US$ 737.9 Billion by 2024, growing at a CAGR of nearly 10% during 2019-2024.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/saudi-arabia-electric-motor-market
Market Segmentation:
The market for electric motors has been segmented on the basis of efficiencies into standard efficiency, high efficiency, premium efficiency and super premium efficiency. Amongst these, high efficiency motors represent the largest segment.
Based on applications, the market has been categorized as HVAC; oil and gas; food, beverage and tobacco; mining; and water and utilities. Amongst these, electric motors are majorly used for heating, ventilation and air conditioning (HVAC) due to the extreme weather conditions in the country.
The electric motor market in Saudi Arabia has been segregated on the basis of end users which mainly include pumps and fans, and compressors. Currently, pumps and fans dominate the market, holding the majority of the total share.
The competitive landscape of the industry has also been examined with detailed profiles of the key players operating in the market.
Browse similar reports by IMARC Group
Global Low Voltage Electric Motor Market Report and Forecast: https://www.imarcgroup.com/electric-motor-manufacturing-plant
Global Industrial Gas Generator Market Report and Forecast: https://www.imarcgroup.com/industrial-gas-generator-market
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Get a PDF Sample for more detailed market insights: https://www.imarcgroup.com/saudi-arabia-electric-motor-market/requestsample
Market Trends:
In recent years, the Government of Saudi Arabia has introduced various policies to promote the development of new industries, giving rise to infrastructural activities, which has led to the demand for electric motors for use in construction activities. Apart from this, in 2018, the Saudi Electricity Company (SEC) signed an agreement with the Japanese firms Nissan Motor Company, Tecaoca Coco Energy Solutions Company and Tokyo Electric Power Company to introduce an electric vehicle pilot project in Saudi Arabia. Under this agreement, the SEC will cooperate with the Japanese companies to study and later adopt the production of electric vehicles. This is expected to provide an impetus to the electric motor market in the country. Looking forward, the market size is projected to reach US$ 737.9 Billion by 2024, growing at a CAGR of nearly 10% during 2019-2024.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/saudi-arabia-electric-motor-market
Market Segmentation:
The market for electric motors has been segmented on the basis of efficiencies into standard efficiency, high efficiency, premium efficiency and super premium efficiency. Amongst these, high efficiency motors represent the largest segment.
Based on applications, the market has been categorized as HVAC; oil and gas; food, beverage and tobacco; mining; and water and utilities. Amongst these, electric motors are majorly used for heating, ventilation and air conditioning (HVAC) due to the extreme weather conditions in the country.
The electric motor market in Saudi Arabia has been segregated on the basis of end users which mainly include pumps and fans, and compressors. Currently, pumps and fans dominate the market, holding the majority of the total share.
The competitive landscape of the industry has also been examined with detailed profiles of the key players operating in the market.
Browse similar reports by IMARC Group
Global Low Voltage Electric Motor Market Report and Forecast: https://www.imarcgroup.com/electric-motor-manufacturing-plant
Global Industrial Gas Generator Market Report and Forecast: https://www.imarcgroup.com/industrial-gas-generator-market
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Information:
IMARC Services Pvt. Ltd.
Richard Lewis
Tel: 6317911145
Email us
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IMARC Services Pvt. Ltd.
Richard Lewis
Tel: 6317911145
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results