Market Leader - AC Electric Motor Sales in Oil & Gas Market
The global AC Electric Motor sales in oil & gas market is projected to reach USD 13.2 billion by 2023, at a CAGR of 4.62%, from an estimated USD 10.5 billion in 2018. The growth of the AC Electric Motor sales in oil & gas market is mainly driven by the Transition to energy-efficient motors in oil & gas industry across the globe. The oil & gas sector has been witnessing a dependency on automation around the world. The trending demand for energy efficient motors and strict energy standards in oil & gas sector will drive the demand for AC electric motors in oil & gas industry.
Asia Pacific is estimated to be the fastest growing market for AC Electric Motor sales in oil & gas during the forecast period. The region has been segmented, by country, into China, Japan, India, South Korea, Australia, Vietnam and rest of Asia Pacific. The AC Electric Motor sales in oil & gas market in the region is primarily driven by the growing unconventional resources and industrialization projects in emerging countries such as India and China. The global energy consumption in 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, according to the BP Statistical Review of World Energy 2017. All these are likely to drive the AC electric motor sales in oil & gas market in the region.
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The AC Electric Motor sales in oil & gas market, by type, is segmented into induction and synchronous motor. The induction motor segment is estimated to be the fastest growing market during the forecast period. The induction motor segment is expected to hold the maximum share due to the simplicity, robustness, and low cost of these motors. They are widely used and are suitable for nearly all types of machinery. Moreover, most of the companies also prefer synchronous motors because of its application in large power systems such as turbine generators and hydroelectric generators in grid power supply, rolling mills, chippers, mixers, pumps, pumps.
The report segments the AC Electric Motor sales in oil & gas market, by voltage, into <1KV, 1KV-6.6KV and >6.6KV. The <1KV segment is expected to grow at the highest CAGR during the forecast period. Modernization of utilities-based infrastructure in developed countries and factors such as growing urban population and industrialization in developing countries are driving the market. This will create a demand for AC Electric Motor sales in oil & gas market. According to Oxford Economics, an advisory firm, the global infrastructure spending is expected to reach USD 9 trillion by 2025. New discoveries of oil & gas reserves in the African region are expected to improve the economic prospects in the region, thereby reducing oil & gas imports and lowering carbon levels in power generation during the forecast period. These investments are expected to offer lucrative opportunities for the AC electric motor manufacturers during the forecast period.
Related Reports:
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
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