BURNABY, British Columbia, March 26, 2014 /PRNewswire/ --
Growing demand for home appliances, HVAC systems, desalination plants, power plants is expected to boost Saudi Arabia's electric motors market
Increasing industrialization, infrastructural growth and growing energy requirements are some of the major factors driving the growth of electric motors market in Saudi Arabia. Electric motors form an integral part of various electronic as well as electrical systems used in various applications of industrial, commercial and residential sectors. Residential sector is the leading revenue generator, wherein, electric motors are primarily used in home appliances.
According to a recently published report by TechSci Research, "Saudi Arabia Electric Motors Market Forecast & Opportunities 2019", the electric motors market in Saudi Arabia is projected to grow at a CAGR of around 14.9%, in value terms, during 2014-19. Electric motors in Saudi Arabia are majorly imported, with about 60% of the overall demand for electric motors being fulfilled by imports from countries such as China, the US, Japan and India. More and more power plants and refineries are being set up in Saudi Arabia, which is expected to significantly contribute to the growth of electric motors market in the country.
The report highlights that companies such as ABB, Crompton & Greaves and Alstom have started establishing joint ventures with other companies in Saudi Arabia to set up manufacturing facilities for electric motors in the country.
"Saudi Arabia is targeting to reduce the overall power consumption. However, electric motors consume significant amount of power, which creates an increasing need for energy efficient motors. Use of energy efficient motors would not only increase power efficiency but also reduced the carbon emissions. Mandatory use of IE 2 (High Efficiency) motors instead of IE1 (Standard Efficiency) motors would boost the demand for energy efficient electric motors over the next five years." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. The report offers an insight about the Saudi Arabian market and opportunities for electric motors and also analyzes the impact of using energy efficient motors instead of using normal efficiency motors.
"Saudi Arabia Electric Motors Market Forecast & Opportunities, 2019" has evaluated the future growth potential of Saudi Arabia's electric motors market and provides statistics and information on market structure and industry behavior trends. The report includes electric motors market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the electric motors market in Saudi Arabia.
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SOURCE TechSci Research