Saudi Arabia Electric Motor Market Synopsis
Saudi Arabia Electric Motor Market is projected to grow over the coming year owing to the growing implementations and sales of electric vehicles, and reduced operation costs as well as the growing demand for the products that are energy-efficient.
According to 6wresearch, the Saudi Arabia Electric Motor Market size is expected to grow during 2020-2026. The market is driven by the growing automotive industry and developing infrastructure coupled with increasing investment in the industrial sector. Increasing demand for energy-efficient products, increasing adoption and sales of electric vehicles, and reduction in operating costs are the key factors boosting the growth of the electric motor market in Saudi Arabia. The government in the country is pushing towards renewable energy sources and sustainable development. The nation has set ambitious purposes in order to decrease its reliance on gas and oil, which leads to investments in wind farms, solar power plants, as well as other green technologies. The growth of automation in many sectors also contribute to the market growth. Automation needs efficient and reliable motors in order to run machinery with accuracy and precision. These drivers are leading to the Saudi Arabia Electric Motor Market Growth.
Key Players in Saudi Arabia Electric Motor Industry
Some significant players that have been stimulating the market growth are:
- Regal Beloit Corporation
- ABB Ltd.
- WEG Industries SA
- Emerson Electric Co.
- Nidec Corporation
- Siemens AG
- Toshiba International Corporation
COVID-19 Impact on Saudi Arabia Electric Motor Market
The pandemic has made it extremely difficult for the market to operate smoothly in the country since there was a strong decrease in demand for these electric motors during the pandemic. The outbreak of the coronavirus resulted in disruption of electric motors owing to the reduction in manufacturing output and industrial activities. A number of manufacturers confronted significant challenges and disruptions related to supply chain management, raw material procurement, and workforce availability during the peak. These factors definitely led to a rise in costs of production, which affected consumer prices. The market started to recover with gradual eased up over time and reopening of businesses.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2016 to 2019.
- Base Year: 2029.
- Forecast Data until 2026.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Reports
- Saudi Arabia Electric Motor Market Trends and Industry Life Cycle
- Historical Data of Saudi Arabia Electric Motor Market Revenues and Volumes, for the Period 2016-2019.
- Market Opportunity Assessment
- Market Size & Forecast of Saudi Arabia Electric Motor Market Revenues and Volumes, by power output, until 2026.
- Saudi Arabia Electric Motor Market Price Trends
- Historical Data of Saudi Arabia Electric Motor Market Revenues and Volumes, by voltage, for the Period 2016-2019.
- Porter’s Five Force Analysis
- Market Size & Forecast of Saudi Arabia Electric Motor Market Revenues and Volumes, by voltage, until 2026.
- Market Drivers and Restraints
- Market Size & Forecast of Saudi Arabia Electric Motor Market Revenues and Volumes, until 2026.
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