AC Electric Motor Sales in Oil & Gas Market to exceed $13 Bn by 2023 AC Electric Motor Sales in Oil & Gas Market to exc

AC Electric Motor Sales in Oil & Gas Market to exceed $13.2
Billion by 2023
According to the new market research report "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", 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.
Browse 87 market data Tables and 38 Figures spread through 158 Pages and in-depth TOC on "AC
Electric Motor Sales in Oil & Gas Market”
Early buyers will receive 10% customization on reports.
“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.
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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