DUBLIN--(BUSINESS WIRE)--The "Saudi Arabia 50 Hp and Above Electric Motor Market (2018-2024): Market Forecast by Type, by Voltage, by End Users, by Service Types, by Applications, by Regions and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia 50 Hp and above electric motor market revenues are projected to grow at a CAGR of 5.8% during 2018-24.
Expansion of non-oil sector by boosting investments in private sector is one of the main objectives of the current Saudi Arabian government. Development of public infrastructure as well as government policies to support establishment of new industries and large scale investments in the power and water utility sectors are the key drivers for the growth of above 50 Hp electric motor market in Saudi Arabia. However, the market volume declined in 2016 due to lower government spending as a result of budget deficit due to low crude oil prices.
The market has declined in 2016 and 2017 due to reduced government spending as a result of low crude oil prices. However, the market is likely to recover post 2017 due to expected recovery in global crude oil prices. Changing government policies, establishment of special economic zones and expansion of automotive manufacturing as well as growth in petrochemical industry would further fuel the market of electric motors in Saudi Arabia.
Amongst all end users, the Petrochemical, Chemicals and Fertilizers (PCF), oil & gas and water & utilities sectors dominated the market, where major growth is exhibited in the Petrochemical, Chemicals, and Fertilizers (PCF) and water and utilities segment.
The key players in Saudi Arabia electric motor market include: ABB, Siemens, WEG, Teco and Nidec.
- AC Motor
- DC Motor
- Low Voltage Electric Motor
- Medium Voltage Electric Motor
- High Voltage Electric Motor
By End Users:
- Oil and Gas
- Petrochemical, Chemicals, and Fertilizers
- Water and Utilities
- Metals and Mining
By Service Types:
- Field Services
- Other Applications
- ABB Ltd.
- Ashoor Electric Motors
- ATB SCHORCH GmbH
- CG Power Systems Belgium NV
- General Electric Company
- Hyundai Electric & Energy Systems Co., Ltd.
- Nidec Corporation
- Siemens AG
- TECO Middle East Electrical and Machinery Co. Ltd.
- WEG Middle East FZE
For more information about this report visit https://www.researchandmarkets.com/research/q9prp2/saudi_arabia_50?w=4.