GCC Electric Motor Market Overview:
The GCC electric motor market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. The market is projected to register a CAGR of X% during 2023-2028, reaching US$ XX Billion by 2028. Electric motors are devices that utilize electromagnetic induction to convert electrical energy into mechanical energy. They consist of the stator, air gap, bearings, windings, rotor, and commutator. They provide various benefits, such as low energy consumption, enhanced efficiency, durability, easy maintenance, high tolerance for fluctuating voltages, and longer operating life. In addition, they cost considerably less than fossil-fuel engines. As a result, electric motors are widely used in food and beverages (F&B), water utilities, oil and gas, mining, passenger cars, and commercial vehicles across the GCC region.
The market is primarily driven by the rising demand for petroleum products across the GCC region. This can be attributed to the growing population and rapid urbanization. In addition, the widespread adoption of electric motors in the oil and gas industry, which uses high-value and complex rotating equipment systems, is contributing to market growth. Moreover, the growing awareness regarding the rising pollution levels, especially in metropolitan cities, has escalated the demand for electronic vehicles to reduce carbon footprint, which is augmenting the market growth. In line with this, governments of GCC countries are taking initiatives to promote the utilization of green vehicles by exempting toll charges on electric vehicles and providing free electric vehicle charging stations. This, coupled with the rising fuel prices and the increasing popularity of natural gas, and hydrogen, is accelerating the product adoption rate across the region. Apart from this, various technological advancements in electric motors and the introduction of better insulation materials that enhance the operational efficiency of the product represent other major growth-inducing factors. Furthermore, the increasing utilization of electric motors in various applications such as electric shavers and toothbrushes, robots, electric pumps, windshield scrubbers, fans, and pumps is also propelling the market growth. Other factors, such as the significant expansion of the industrial sector, the establishment of the special economic zone (SEZ), and the escalating demand for industrial and commercial heating, ventilation, and air conditioning (HVAC) units, are positively influencing the market growth.
Beginning with a regional overview, the report explores the dynamics that have a strong influence on the GCC electric motor market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry. On a regional basis, the report examines the GCC electric motor market in Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Oman and Bahrain. For each of these regions, the report studies the GCC electric motor market in detail for latest trends, outlook and opportunities.
The report analyses the competitive structure of the GCC electric motor market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the GCC electric motor market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the GCC electric motor market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the GCC electric motor market industry. Furthermore, the value chain analysis of the GCC electric motor market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution.
Highlights of the GCC Electric Motor Market Report:
Key Market Segments:
The GCC electric motor market has been analysed as followed:
Segmentation by Efficiency:
Segmentation by End-Use Industry:
Segmentation by Applications:
Segmentation by Country:
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