$10+ Billion AC Electric Motor Sales in Oil & Gas Market by Type, Voltage, Output Power, HP, Output Power, kW and Region - Global Forecast to 2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 19, 2018--The “AC Electric Motor Sales in Oil & Gas Market by Type, Voltage, Output Power, HP, Output Power, kW and Region - Global Forecast to 2023” report has been added to ResearchAndMarkets.com’s offering.
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.
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.
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.
DriversAutomation in Oil & Gas Sector Transition to Energy-Efficient Motors in Oil & Gas Industry
RestraintsStagnant Growth in Oil & Gas Industry Growing Renewable Energy Sector
OpportunitiesNew Discoveries of Oil & Gas Reserves in the African Region Increasing Use of Rovs and Auvs Will Provide Opportunities for Ac Electric Motors
ChallengesStrict Government Regulations
Companies MentionedABB Allied Motion ARC System ATB Benchmarking GE Hitachi Hoyer Johnson Electric Nidec Corporation Regal Beloit RockWell Schneider Electric Siemens TMEIC Toshiba Corporation WEG SE Yaskawa
For more information about this report visit https://www.researchandmarkets.com/research/mbq4z7/10_billion_ac?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181119005340/en/
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INDUSTRY KEYWORD: ENERGY OIL/GAS
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 11/19/2018 06:57 AM/DISC: 11/19/2018 06:57 AM