The latest report of the IMARC group, entitled “GCC Electric Motors Market Report: Industry Trends, Share, Size, Growth, Opportunities and Forecasts 2021-2026 ”, The GCC electric motor market has shown moderate growth during the period 2015-2020. Electric motors are electromechanical devices that convert electrical energy into mechanical energy and operate primarily on the principle of electromagnetic induction. As they offer advantages like easy maintenance, low power consumption, longer service life and high tolerance to voltage fluctuations, electric motors are widely used in fans, pumps, etc. Compared to fossil fuel engines, the initial cost of electric motors with an equal rated power output is considerably lower. Due to these properties, electric motors find a myriad of applications in the petroleum industry in GCC countries like Saudi Arabia, United Arab Emirates, Qatar and Oman. Growing global demand for petroleum products is boosting the region’s petroleum industry, increasing the adoption of electric motors.
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Some of the major manufacturers in the GCC Electric Motor Industry:
- WEG Industries
- NIDEC Corporation
- TECO Middle East Electrical
- Machinery Co. Ltd.
Due to growing concerns about the negative impact of climate change and rising pollution levels in metropolitan cities, governments in GCC countries are taking initiatives to encourage the adoption of electric vehicles. For example, government authorities in Dubai have exempted toll charges on electric vehicles and launched the Dubai Mobility Initiative in which they offer free charging stations for electric vehicles at DEWA’s Green Charger. Some of the other growth factors include the expansion of the industrial sector, the establishment of Special Economic Zones (SEZs) and upcoming infrastructure projects in the region. Looking ahead, IMARC Group expects the market for GCC electric motors to grow at a 4.6% CAGR during 2021-2026.
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Key market segmentation:
- Based on the efficiencies, the market has been separated into standard, premium, premium and super premium efficiency electric motors. Currently, high efficiency electric motors dominate the market, holding the largest share.
- Based on end uses, the market has been classified as HVAC; mining; oil and gas; water and utilities; food, drink and tobacco; and others. Currently, the HVAC segment accounts for the majority of the total market share.
- The market for GCC electric motors has also been bifurcated on the basis of applications which include pumps and fans, and compressors. At present, pumps and fans represent the largest application segment of electric motors.
- Regionally, the market has been segmented into Saudi Arabia, United Arab Emirates, Oman, Qatar, Kuwait, and Bahrain. Of these, Saudi Arabia is the top market, accounting for the dominant share.
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