Middle East and Africa (MEA) Electric Drives Facts and Figures

Middle East and Africa (MEA) Electric Drives Facts and Figures

The Middle East and Africa (MEA) electric drives market is projected to grow at a compound annual growth rate (CAGR) of 2.7% from 2024 to 2029, reaching a value of USD 375.4 million in 2029.

The MEA electric drives market is categorized by product type, including AC drives, DC drives, and servo drives. In 2023, the AC drives segment dominated the market, with a projected valuation of USD 335.1 million by 2029. Additionally, the servo drives segment is anticipated to exhibit the highest CAGR of 4.1% during the forecast period from 2024 to 2029.

When considering the market size of the MEA electric drives market in terms of revenue, specifically broken down by low-voltage electric drives and medium-voltage electric drives, the total revenue of the low-voltage electric drives segment is expected to reach USD 286.4 million in 2029, with a CAGR of 2.8% from 2024 to 2029.

The MEA electric drives market can be further divided into various industries including oil & gas, petrochemicals, power generation, minerals, water treatment, food & beverages, HVAC-R, paper, discrete manufacturing, and others. The oil & gas segment is projected to reach USD 92.6 million by 2029, representing a CAGR of 2.4% over the forecast period from 2024 to 2029. Additionally, the revenue of the food & beverages segment is expected to grow at a CAGR of 4.0% to reach USD 24.4 million in 2029.

In 2023, the top three countries in the MEA region collectively accounted for approximately one-third of the market share.

Key players in the MEA electric drives market include Rockwell Automation, Inc., Siemens AG, Schneider Electric SE, ABB, Ltd., and Danfoss A/S. According to Tanalyze Ltd.'s report, these top five companies collectively held over 60% of the market share in 2022, highlighting their substantial influence within the industry.

This study aims to analyze the MEA market for various segments of electric drives, including:

Product Type: AC Drives, DC Drives, and Servo Drives.

Voltage: Low-voltage Electric Drives and Medium-voltage Electric Drives.

End-User: Oil & Gas, Petrochemicals, Power Generation, Minerals, Water Treatment, Food & Beverages, HVAC-R, Paper, Discrete Manufacturing, and Others.

Region: Saudi Arabia, UAE, Iran, Turkey, South Africa, and Rest of MEA.