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GCC Induction Motor Market to Reach US$ 713 Million by 2028

06-26-2023 08:04 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: IMARC Group

GCC Induction Motor Market

GCC Induction Motor Market

According to the latest report by IMARC Group, titled "GCC Induction Motor Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The GCC induction motor market size reached US$ 557 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 713 Million by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.

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GCC Induction Motor Market Outlook:

An induction motor is a type of alternating current (AC) electric motor that is widely used in various industrial and commercial applications. It operates on the principle of electromagnetic induction to convert electrical energy into mechanical energy. It works under varying climatic conditions and is safe to be used in heavily polluted and explosive conditions. Compared to the conventional motor, it is eco-friendly, has easy functioning, requires less maintenance, is robust and durable, and can function under various environmental circumstances in a cost-efficient manner. It also offers robustness, affordability, durability, easy-functioning, and maintenance. As a result, the induction motor finds extensive applications in pumps, small fans, electric shavers, cranes, crushers, oil extracting mills, as well as across the textile and transportation industries.

GCC Induction Motor Market Trends:

The rising demand for consumer electronics among the masses is driving the market in GCC. Moreover, with the growing environmental concerns, there has been an escalated demand for electric vehicles, which is catalyzing the growth of the market. Besides, the increasing deployment of renewable energy sources, such as wind and solar power requires induction motors for various applications, such as wind turbine generators and solar tracking systems, which is further supporting the market.

Furthermore, continuous advancements in motor design, materials, and control systems, such as the use of advanced materials, improved insulation, and intelligent motor controls, are providing a boost to the market. Other factors, including rapid industrialization and extensive research and development (R&D) activities conducted by key players are also influencing the market across GCC.

Ask Analyst for Instant Discount and Download Full Report with TOC & List of Figure: https://www.imarcgroup.com/gcc-induction-motor-market

Key Market Segmentation:

Breakup by Product Type:

• Single Phase Induction Motor
• Three Phase Induction Motor

Breakup by End Use Sector:

• Industrial
• Commercial
• Residential

Breakup by Country:

• Saudi Arabia
• UAE
• Qatar
• Oman
• Kuwait
• Bahrain

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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Contact us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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