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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
AC Electric Motor Sales in Oil and Gas Market Regional Analysis
The Asia Pacific is one of the leading regions of the market and is expected to dominate in the forecast period. China and Japan are some of the largest markets in the regions. The rapid industrialisation and the robust demand for industrial machinery and efficient motors, especially in the oil and gas industry, are expected to drive the market for AC motors. The markets in Europe and North America are also flourishing rapidly due to various technological advancements and innovations and contributing to the AC electric motor sales in oil and gas market revenue. According to the International Petroleum Industry Environmental Conservation Association (IPIECA), electric motors represent over 60-70% of electricity use in oil and gas operations solely in the United States; trends such as these are expected to boost market growth.
AC Electric Motor Sales in Oil and Gas Market Report Snapshots
AC Electric Motor Sales in Oil and Gas Market Size
AC Electric Motor Sales in Oil and Gas Market Growth
AC Electric Motor Sales in Oil and Gas Market Trends
AC Electric Motor Sales in Oil and Gas Market Share
AC Electric Motor Sales in Oil and Gas Companies
AC Electric Motor Sales in Oil and Gas Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is projected to grow at a CAGR of 4.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 20.02 billion by 2032.
The increasing use of AC motors in the oil and gas sector, the growing use of electric motors as a substitute for mechanical gas turbines, and rapid industrialisation are the major market drivers.
The key trends driving the market include the robust demand for industrial machinery and efficient motors, the surging awareness regarding rapid climate change, and technological advancements and innovations.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The dominant types of AC electric motor sales in oil and gas in the market are induction motor and synchronous motor.
The significant segments based on voltage of AC electric motor sales in the oil and gas sector are less than 1kV, between 1kV and 6.6 kV, and greater than 6.6kV.
The major output powers of AC electric motor sales in oil and gas are less than 1 HP and greater than 1 HP.
The major players in the market are ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation, Inc., and Toshiba International Corporation, among others.
The market attained a value of USD 13.2 billion in 2023.
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