(I-BusinessNews.Com, July 23, 2019 ) The latest report by IMARC Group, titled ÂUAE Electric Motor Market Report and Forecast 2019-2024Â, estimates that the UAE electric motor market size reached US$ 198 Million in 2018. Electric motors refer to devices that are utilized to convert electrical energy into mechanical energy. These motors run on the principle of electromagnetic induction and are powered by direct current or alternate current sources. They consume a relatively low amount of energy, require minimal maintenance, are highly efficient and extremely cost-effective, and offer a long service life. As a result, these motors find wide applications in automobiles, dishwashers, printers, fax machines, tape recorders and water pumps. On account of the high average temperatures across the UAE, the demand for air conditioning and HVAC systems is continually rising. Since electric motors form an essential component of these systems, their sales are proliferating across the country.
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UAE Electric Motor Market Trends:
The rising demand for electricity across the region is one of the key factors driving the market growth. This can be attributed to the rapid population growth and improving economic status of the country, along with extreme climatic conditions. Furthermore, increasing western influence, changing lifestyle and growing working population have resulted in the adoption of modern-day and advanced appliances such as dishwashers and vacuum cleaners. Additionally, the government is undertaking favorable initiatives to support the sales of electric vehicles (EVs) across the region. For instance, the Road Transport Authority (RTA) is providing incentives such as free public parking and discounts on electric car registrations. Moreover, several private as well as government organizations are investing in the infrastructure of wastewater treatment plants. The Abu Dhabi Sewerage Services Company (ADSSC), for example, has taken initiatives to establish new treatment plants in strategic locations of Abu Dhabi, Al Ain and Western Region to provide quality water-related services and better management of resources. On account of these factors, the UAE electric motor market value is projected to reach US$ 298 Million by 2024, expanding at a CAGR of around 6.2% during 2019-2024.
Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/uae-electric-motor-market
Insights on Market Segmentation:
UAE Electric Motor (Low Voltage) Market: Performance by Applications:
1. Pumps and Fans
3. Other Applications
On the basis of the application, the market has been divided into pumps and fans, compressors and others. Amongst these, pumps and fans represent the largest application segment.
UAE Electric Motor (Low Voltage) Market: Performance by End-Use Industry:
2. Oil and Gas
3. Food, Beverage and Tobacco
5. Water and Utilities
Based on the end use, HVAC holds a clear dominance in the market. Other major segments include oil and gas, food and beverage, mining, water and utilities, and others.
UAE Electric Motor (Low Voltage) Market: Performance by Efficiency:
1. Standard Efficiency Electric Motors
2. High Efficiency Electric Motors
3. Premium Efficiency Electric Motors
4. Super Premium Efficiency Electric Motors
On the basis of the efficiency, the market has been categorized into standard efficiency, high efficiency, premium efficiency and super premium efficiency electric motors. At present, high efficiency electric motors account for the majority of the total market share.
The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market. Some of the major players are ABB, Siemens, WEG Industries, NIDEC Corporation and TECO Middle East Electrical & Machinery Co. Ltd.
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