Web Exclusive | July 2017
Govt focus to ignite demand for electric drives in Saudi Arabia – 6Wresearch
In its recently published report ‘Saudi Arabia Electric Drives Market (2017–2023)’, 6Wresearch provides in-depth analysis that estimates and forecast the market and offers insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.
According to 6Wresearch, Saudi Arabia Electric Drives market revenues are projected to grow at a CAGR of 5.3 per cent during 2017-23. Electric drive is the key component in the industrial segment as these regulate motor speed according to the present load of electric motor, which results in less consumption of energy. With Vision 2030 focusing on the development of manufacturing sector, requirement for energy efficient electric drives would grow during the forecast period.
According to Ravi Bhandari, Research Analyst, 6Wresearch, “IoT enabled electric drives are popular in market on account of growing need to reduce operational cost and increase process efficiency. Other benefits of IoT include remote monitoring and remote operational control which helps in the enhancement of the efficiency of electric drives.”
According to Prakhar Srivastava, Research Associate, Research and Consulting, 6Wresearch, “In terms of power rating, high power drives dominated the market revenues on account of their high consumption in the oil & gas and petrochemical industry. Further, the drives would continue to dominate during the forecast period due to expected recovery of oil industry post 2017.”
Amongst all end users, the petrochemical, chemicals and fertilizers (PCF), oil & gas and water & utilities sectors captured leading share, where major growth is exhibited in the PCF and water and utilities segments. Projects such as $20 billion Sadara petrochemical facility in Jubail shows the commitment of Saudi Arabian government towards shifting its economic dependency from oil & gas sector to non-oil sectors.
“Electric drives for pump application accounts for highest revenue share due to its high demand in oil & gas and petrochemical sectors,” Srivastava further added.