AC Electric Motor Sales in Oil & Gas Market expected to reach $13.2 Billion by 2023
According to the new market research report "AC Electric Motor Sales in Oil & Gas Market by Type (Induction & Synchronous), Voltage (< 1 KV, 1-6.6 kV, > 6.6 kV), Output Power, HP (< 1 HP, > 1 HP), Output Power, kW (0.12-7.5 kW, 7.5-110 kW, 110-1000 kW, >1000 kW) and Region - Global Forecast to 2023", published by MarketsandMarkets™, The AC Electric Motor Sales in Oil & Gas Market is expected to grow from an estimated USD 10.5 billion in 2018 to USD 13.2 billion by 2023, at a CAGR of 4.62%. Increasing use of ROVs and AUVs and new discoveries of oil & gas reserves are likely to drive the AC Electric Motor market.
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The induction motor segment is expected to hold the largest share of the AC electric motor market, by type, during the forecast period.
The induction motor segment led the AC electric motor market in 2018 and is projected to have the largest market share during the forecast period. Due to its durability, high starting torque, speed variation, ease of operation, and low maintenance cost, these types of motors are most widely used, and in practical terms, quite suitable for nearly all types of machines. Moreover, Modernization of utilities-based infrastructure in developed countries and factors such as growing urban population and industrialization would drive the induction motor market during the forecast period
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The 1KV-6.6KV segment of the AC Electric Motor market, by voltage type, is expected to grow at the highest CAGR during the forecast period
The 1KV-6.6KV segment led the AC Electric Motor market in 2018 and is one of the fastest growing markets during the forecast period. Increasing industrial sector across the globe is expected to boost the AC Electric Motor in oil & gas industry market during the forecast period. This will create a demand for AC electric motor. According to the BP Statistical Review of World Energy 2017, Asia Pacific is expected to rise from 42% in 2016 to 47% by 2035, which would be more than the combined share of North America, Europe, and Eurasia. Thus, it would boost the growth of AC Electric Motor market during the forecast period.
Asia Pacific: The leading market for AC Electric Motor in Oil & Gas Industry
In this report, the AC electric motor in oil & gas industry market has been analysed with respect to 5 regions, namely, Asia Pacific, North America, South America, Europe, and the Middle East & Africa. Asia Pacific led the global AC electric motor in oil & gas industry market in 2018. China and Japan are the largest markets for AC electric motor in the region. The Chinese market, being one of the strongest in the region, is expected to grow as it is one of the biggest importers of oil, and its domestic demand surpasses its production. Moreover, robust demand for industrial machinery, especially in the oil & gas industry, will encourage the manufacturer to design more efficient motors, which is expected to drive the AC Electric Motor Sales in Oil & Gas Market.
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The key players in AC Electric Motor Sales in Oil & Gas Market include ABB (Switzerland), WEG (Brazil), Schneider Electric (France), Siemens (Germany), and GE (US). The leading players are adopting various strategies to increase their shares in the AC electric motor in oil & gas industry market.