Saudi Arabia Electric Motor Market Value to Post 5.3% CAGR to 2023, Expects 6Wresearch in Its New Report Available at MarketPublishers.com31 May 2017 • by Natalie Aster
LONDON – Saudi Arabia’s electric motor market has seen remarkable growth, driven largely by public infrastructure expansion, state policies to support the establishment of novel industries and heavy investments in the energy and water utility sectors.
Nevertheless, the market observed a decrease in volume terms in 2016 owing to decreased government expenditure on the back of budgetary deficit due to falling crude oil prices.
The country’s electric motor market value is forecast to increase at 5.3% CAGR through to 2023. Changes in government policies, establishment of special economic zones (SEZs) and expanding car manufacturing sector alongside the petrochemical sector growth will likely to spur the electric motors marketplace in Saudi Arabia.
Amid the end-use sectors, the petrochemical, chemicals and fertilizers (PCF), oil and gas and water and utilities sectors led the market, with the the PCF and water and utilities segments witnessing the biggest growth.
Siemens, ABB, WEG, Nidec and Teco are the dominant players in Saudi Arabia electric motor market.
New cutting-edge research report “Saudi Arabia Electric Motor Market (2017-23)” created by 6Wresearch offers an insightful assessment of the market on a national level.
The study canvasses the market for electric motors based on type, voltage, application areas, end-use sector, and based on region. It provides detailed market revenues and volume for the period 2015-2016, and market forecasts to 2023 for the overall market and for each of the segment. The research report provides an unprejudiced, detailed assessment of the current trends and developments, opportunities and high-growth areas, key market drivers and restraints, competitive landscape and key players’ market shares. Detailed company profiles of the top 9 players are also included in the research publication. Furthermore, key strategic recommendations are at hand in the study.
Visit 6Wresearch page to find other research reports by the publisher.