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, 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’s 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.
Key Highlights of the Report
- Saudi Arabia Electric Motor Market Overview
- Saudi Arabia Electric Motor Market Outlook
- Saudi Arabia Electric Motor Market Restraints
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- Company Profiles
- Saudi Arabia Electric Motor Market Forecast
- Saudi Arabia Electric Motor Market Drivers
- Key Strategic Recommendations
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