Published on : Feb 19, 2021
The global AC electric motor in oil and gas market is predicted to witness considerable growth over the tenure of assessment. Various factors such as increasing demand for technological developments together with the transition in the energy-efficient machines in the oil and gas industry are likely to support expansion of the global AC electric motor in oil and gas market in the years to come.
On the basis of output power (HP), > 1 HP segment in the global AC electric motor in oil and gas market is likely to come up as a very promising segment over the analysis of timeframe. Cranes, centrifugal and reciprocating compressors, auxiliary generators, and pumps comprise these motors in the oil and gas industry. Wide application of these machines in the oil and gas industry is likely to drive the global AC electric motor in oil and gas market in the years to come. This trend is apparent in the developed countries, where there is high purchasing power.
The global AC electric motor in oil and gas market is considered quite a fragmented one and is marked with the presence of several market vendors. Each of these market players are vying for wider presence and reach in the market. Toshiba Corporation, Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, Nidec Corporation, ABB Group are some of the prominent players in the global AC Electric Motor in Oil and Gas market.
Middle East and Africa to Remain at the Forefront of Market Growth
The global AC electric motor in oil and gas market has been segmented broadly into the five key regional zones of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. The need for territory-based segmentation lies in the importance of an in-depth assessment of the regional markets over the years of projection.
Asia Pacific is estimated to contribute a majorly toward the global AC electric motor in oil and gas market due to rapid pace of urbanization and industrialization and rise in population in the region. In addition to that, discovery of new oil and gas reserves in countries like Turkmenistan, Great Australian Bight, South China Sea, and the Gulf of Thailand is also predicted to boost the AC electric motor in oil and gas market in Asia Pacific over the timeframe of analysis. The huge demand for improved oil recovery procedures in countries like Australia, Indonesia, Malaysia, Thailand, and India is estimated to pave way for rapid growth of the AC electric motor in oil and gas market in Asia Pacific.
The Middle East and Africa is forecasted to play a prominent role in the global AC electric motor in oil and gas market over the analysis timeframe. Huge investment made by leading industry players in the power generation and oil and gas exploration projects is likely to add to the growth of the market. Besides, the presence of huge reserves of hydrocarbon along with huge production of petroleum in the Middle East and Africa is predicted to expand the AC electric motor in oil and gas market in the region.
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Increased Application of the Product in an Extensive Range of Applications to Boost Market
Rapid technological breakthroughs witnessed in the oil and gas industry is estimated to amplify growth opportunities of the global AC electric motor in oil and gas market. Large-scale automation in the oil and gas industry together with the increased exploration for oil and gas reserves in the African nations is estimated to offer avenues of revenue generation for the market.
Large-scale application of the product in various segments like food and beverage, pulp and paper, petrochemical, automotive, steel, mining and cement, and HVAC is predicted to support growth of the market in the years to come. Besides, augmented use and popularity of the product in auxiliary generators, machine tools, cranes, auxiliary generators, and pumps is likely to drive the market.