“The AC electric motor sales in oil & gas market is projected to grow at a CAGR of 4.62%, from 2018 to 2023.”
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.
“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.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 70%, Tier 2- 20%, and Tier 3- 10%
- By Designation: C-Level- 50%, Director Level- 20%, and Others- 30%
- By Region: North America- 35%, Asia Pacific- 12%, Europe- 22%, Middle East & Africa- 10%, and South America- 21%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:
The report defines, describes, and forecasts the global AC electric motor sales in oil & gas market by type, voltage, power output (HP), power output (kW), and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the AC electric motor sales in oil & gas market.
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The report will provide the market leaders/new entrants in this market information on the closest approximations of the revenue numbers for the overall AC electric motor sales in oil & gas market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.