AC Electric Motor Sales in Oil & Gas Market is projected to reach USD 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 ( 6.6 kV), Output Power, 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" The AC Electric motor sales in oil & gas industry market is projected to reach USD 13.2 Billion by 2023. The AC Electric Motor Sales in Oil & Gas market is expected to grow from an estimated USD 10.5 billion in 2018 to USD 13.2 billion by 2023, at a CAGR of 4.62%. Increasing use of ROVs and AUVs and new discoveries of oil & gas reserves are likely to drive the AC Electric Motor market.

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The induction motor segment led the AC electric motor market in 2018 and is projected to have the largest market share during the forecast period. Due to its durability, high starting torque, speed variation, ease of operation, and low maintenance cost, these types of motors are most widely used, and in practical terms, quite suitable for nearly all types of machines. Moreover, Modernization of utilities-based infrastructure in developed countries and factors such as growing urban population and industrialization would drive the induction motor market during the forecast period

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In this report, the ac electric motor sales in oil & gas market has been analyzed with respect to 6 regions, namely, North America, Europe, South America, Asia Pacific, Africa, and the Middle East. The market in Asia Pacific is estimated to be the largest ac electric motor market from 2018 to 2023. Increasing rapid industrial development, especially in the oil & gas industry are some of the key factors responsible for the growth of the AC electric motor market. Moreover, AC electric motor sales in oil & gas market in Asia Pacific is mainly driven by countries such as China, Japan, and India. The global energy consumption in Asia Pacific is expected to rise from 42% in 2016 to 47% by 2035, which would be more than the combined share of North America, Europe, and Eurasia, according to the BP Statistical Review of World Energy 2017.

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The major players in the global AC electric motor sales in oil & gas market, are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell (US), WEG (Brazil), Toshiba Corporation (Japan), General Electric (US).

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