(EMAILWIRE.COM, February 09, 2019 ) According to the new market research report “AC Electric Motor Sales in Oil & Gas Market by Type (Induction & Synchronous), Voltage ( 6.6 kV), Output Power, 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 projected to reach USD 13.2 billion by 2023, from an estimated USD 10.5 billion in 2018, at a CAGR of 4.62%. This can be attributed to the growth of the technological developments in the oil & gas industry. Increasing automation in the oil & gas industry & new discoveries of reserves in the African region offer promising business opportunities for the growth of AC electric motor sales in oil & gas market. The stagnant growth in oil & gas industry can act as a restraint for AC electric motor sales.
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The induction motor segment is expected to dominate the AC electric motor sales in oil & gas market from 2018 to 2023.
The induction motor segment held the largest market share in 2018 and is estimated to be the fastest growing segment during the forecast period. The induction motor segment provides more advantages over synchronous motor. It converts voltage and current to digital forms and processes the resulted measurement using a microprocessor. The primary advantages of induction motors include their robustness and ability to operate in any environmental condition.
Browse and in-depth TOC on “AC Electric Motor Sales in Oil & Gas Market”
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1 kV-6.6 kV voltage segment is expected to be the fastest growing segment in AC electric motor sales in oil & gas market during the forecast period.
The 1 kV-6.6 kV voltage segment is expected to grow at the fastest rate between 2018 and 2023. These motors find applications in pumps and compressors within oil & gas industry. The expansion of the oil & gas industry has created demand for large motors to drive gas compressors and oil pumps. These motors are also used in the oil & gas industries in the production areas and on interstate pipelines and are usually designed with explosion protection.
Middle East: The fastest growing market for AC electric motor sales in oil & gas.
Middle East is expected to be the largest market for AC electric motor sales in oil & gas in 2023 and is projected to grow at the highest CAGR, during the forecast period. The market growth is driven by investments in the power generation and oil & gas sectors. The region has abundant reserves of hydrocarbons and is one of the leading petroleum producing regions in the world. The Middle East is the primary exporter of oil & gas globally, mainly to Asian countries such as China and India. In January 2016, the oil export sanctions on Iran were lifted, allowing the country to export oil, which led to an increase in E&P activities, further leading to a rise in oil production. Moreover, as per the Baker Hughes International Rig Count December 2017, there was a considerable drop in the rig count in 2016 compared to that in 2014 and 2015. These developments would trigger the growth of the oil & gas pump market in the region.
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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.
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