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Demand from petrochemical industries boosts motors market

Demand from petrochemical industries boosts motors market
The key drivers for the growth of electric motor market in Saudi Arabia are expansion of public infrastructure, government policies to support establishment of new industries and large scale investments in the power and water utility sector. However, the market volume declined in 2016 due to lower government spending as a result of budget deficit on the back of falling crude oil prices. According to 6Wresearch, Saudi Arabia electric motors market revenues are projected to grow at a CAGR of 5.3% during 2017-23.
19th June 2017


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