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Saudi Arabia electric motors market: 13% CAGR growth witnessed between 2008-12

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Saudi Arabia Electric Motors Market Forecast & Opportunities, 2018 - High & Low Voltage Electric Motors - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-17 04:07:02
During the last decade, Saudi Arabia has emerged as an export hub for other gulf countries, specifically for electrical equipment. With the growing numbers of power plants, oil rigs and rapid urbanization, the electrical equipment industry has witnessed significant growth in Saudi Arabia.

Electrical motors constitutes for about 15% of the total electrical equipment market in the country. Electric motors are chiefly used in pumps, compressors and mechanical movements and these application areas has further enormous usage in many industries. Furthermore, with the growth of application industries, market for electric motors is anticipated to be growing consequently.

The Saudi Arabian government is focusing more towards energy efficient electric motors in order to increase overall efficiency of the motors. The market for electric motors has grown at significant CAGR of around 13% during 2008-12.

The market is being majorly driven by growing power consumption, resulting into increased numbers of power plants, whereas expensive high efficiency motors and lack of information about best suited motors are few of the biggest challenges for the industry. The leading companies operating in Saudi Arabia electric motors market are TECO Middle East, ABB, WEG, Siemens, Hyundai, and ATCO Electrical.

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