Saudi Arabia Electric Motor Market Overview
Saudi Arabia electric motor market is anticipated to witness moderate growth on the back of expansion of the industrial sector in the country along with upcoming infrastructure projects. Additionally, the recovery of oil prices is also promoting the rise in government funding across the oil & gas and petrochemical end-user segments, which would further drive the demand for electric motors in the country.
According to 6Wresearch, Saudi Arabia electric motor market size is projected to grow at a CAGR of 0.4% during 2019-25. The market slowed down over the past few years due to the oil crisis in the Middle East. However, the trend changed past 2017 and the market recovered to post positive growth owing to the recovery of oil prices and strengthening of non-oil sectors. Additionally, favorable government policies, the establishment of special economic zones, and the expansion of automotive manufacturing, as well as growth in the petrochemical industry would continue to fuel the market for electric motors in Saudi Arabia.
Saudi Arabia electric motor market is projected to gain momentum in the coming years on the back of the rising e-commerce platform with the growing internet penetration in the country extensively, which has led to instigate the demand for digital electronics such as a computer, laptop to operate the online business, is estimated to shape the electric motor market growth by boosting its sales in the market. Additionally, countries top spending majorly on food and shopping due to increase the growth of the young working population, which is likely to strengthen the hospitality sector that tends to use HVAC equipment which is set to spur the electric motor demand and is leading to encourage new market players to enter and is expected to act as a major growth proliferating factors for the electric motor deployment in the country.
Key Highlights of the Report
- Saudi Arabia Electric Motor Market Overview
- Saudi Arabia Electric Motor Market Outlook
- Saudi Arabia Electric Motor Market Forecast
- Saudi Arabia Electric Motor Market Drivers
- Market Opportunity Assessment
- Company Profiles
- Porter’s Five Force Analysis
- Saudi Arabia Electric Motor Market Restraints
- Saudi Arabia Electric Motor Market Trends and Industry Life Cycle
- Key Strategic Recommendations
- Saudi Arabia Electric Motor Market Share, By Players
- Saudi Arabia Electric Motor Market Overview on Competitive Benchmarking
- Global Electric Motor Market Size and Market Forecast of Revenues, Until 2025
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