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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.
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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.
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