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Global AC Electric Motor Sales in Oil and Gas Market to Grow at a CAGR of 4.7% During 2021-2026, Driven by Technological Advancements and Innovations

According to a new report by EMR titled, ‘Global AC Electric Motor Sales in Oil and Gas Market Report and Forecast 2021-2026’, the industry is expected to grow at a CAGR of 4.7% in the forecast period of 2021-2026 to reach a value of USD 15.2 billion by 2026.

The increase in the use of automation in the oil and gas industry propels the market growth. With an aim towards reducing carbon emissions and global warming, governments across the globe are trying to promote sustainable development. The high efficiency and low energy consumption by AC electric motors make it a popular choice in various applications of the oil and gas market and further aids the growth of the market. Moreover, the discovery of new oil and gas reserves across the world due to large-scale automation and the use of various types of machinery in extracting it lubricates the market growth. Additionally, the rising population, rapid urbanisation and globalisation, and the presence of hydrocarbon reserves are also expected to aid the growth of the industry. The development of smart cities and the increasing demand for sustainable and eco-friendly energy is also predicted to increase the demand for AC electric motors, consequently invigorating the market for AC electric motor sales in gas and oil industry.

Innovations and technological advancements by the key players in the industry have increased the market share and growth. ABB Ltd. (NYSE: ABB), one of the leading players, launched AXR 5000 and 5800 rib cooled motors in May 2019. The motor is designed to last longer and offer more horsepower per pound than conventional motors. They are smaller and lighter and are engineered to meet National Electrical Manufacture Association (NEMA) mounting dimensions. The motors can be used in various industries, such as water, power, mining, and pulp and paper, among others. The motors provide high power density, improved energy efficiency, improved cooling system, and higher cost-effectiveness. Trends such as these bolster the market growth.

Market Analysis by Type, Voltage, Output Power (HP), and Region:

  • The market on the basis of type can be divided into induction motor and synchronous motor.
  • Based on voltage, the industry can be divided into less than 1kV, between 1 kV and 6.6 kV, and greater than 6.6 kV.
  • The classification based on the output power (HP) for AC electric motor sales in oil and gas include less than 1 HP and greater than 1 HP.
  • The regional markets for AC electric motor sales in oil and gas include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The industry is aided by technological advancements and innovations.
  • The rising demand for sustainable energy boosts the market growth.
  • Automation in the oil and gas sector lubricates the market for AC electric motor sales in oil and gas.
  • The high efficiency and cost-effectiveness of AC electric motors catalyse the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global AC electric motor sales in oil and gas market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, voltage, output power (HP), and regions of AC electric motor sales in oil and gas.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global market for AC electric motor sales in oil and gas are ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation, Inc., and Toshiba International Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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