Leeds, UK -- (SBWIRE) -- 10/12/2020 -- Oil & Gas AC Electric Motors Market Size And Forecast

Oil & Gas AC Electric Motors Market is rising at a quicker pace with substantial progress charges over the previous few years and is estimated that the market will develop considerably within the forecasted interval i.e. 2020 to 2027.

The global AC electric motor sales in oil & gas market is projected to achieve USD 15.15 billion by 2027, at a CAGR of 5.01 % from 2019 to 2027.

The rising innovation in automation within the oil and fuel business coupled with the huge expansion of AC electric motor gross sales on this market is propelling business progress. The speedy technological breakthroughs allowing utility in nearly all kind of equipment will foster market progress.

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Global Oil & Gas AC Electric Motors Market Definition

An electrical motor converts electrical energy to mechanical energy, particularly for bulk utilization. The motors power-driven by alternating present for energy consumption by means of the mechanism of electromagnetic induction are referred to as AC electric motors. This motor includes two predominant elements, an outside stator possessing coils supplied with AC to generate a major rotating magnetic area, secondly with an inside rotor connected to the output shaft making a secondary rotating magnetic area. As the name reflects, the stator stays stationary whereas the rotor rotates. The AC electrical motors are bifurcated into induction electrical motors and synchronous electrical motors which provides voltage within the completely different vary majorly from < 1 kV, 1 kV-6.6 kV, to > 6.6 kV. Principally AC electrical motors with voltage < 1 kV are most popular in main industries.

The AC electrical motor speed and the power may be assorted with the help of a controller. These motors may be operated at excessive voltages with out sparking problem. They've much less maintenance and generate increased torque through the use of a extra highly effective current. On account of these properties, the AC electrical motor is predominantly used within the oil & fuel business. They discover intensive purposes within the oil & fuel business equipment such as pumps, machine tools, and power instruments.

Global Oil & Gas AC Electric Motors Market Overview

This rising automation within the oil & fuel sector, the transition to energy-efficient motors within the oil & fuel business owing to has escalated the market. The massive-scale automation resulting in an exploration of recent oil & fuel reserves within the rising markets and new geographies provides new progress avenues for the AC electrical motor gross sales within the oil & fuel market. Moreover, rising product recognition and use in cranes, machine instruments, pumps, auxiliary generators, and centrifugal & reciprocating compressors to supply efficient oil & fuel exploration will drive the demand for the forecast interval. Furthermore, the rise in industrialization, population, urbanization, and the presence of hydrocarbon reserves will positively anticipate to drive the demand of the worldwide oil & gas AC electric motors market.

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There are particular restraints and challenges confronted which can hinder the general market progress. The elements corresponding to lack of expert workforce and the stagnant progress witnessed within the oil & fuel business inhibit the expansion of the market. The introduction of strict environmental laws confines the general progress. The rising renewable energy sector can be hampering the worldwide oil & gas AC electric motors market.

Global Oil & Gas AC Electric Motors Market: Segmentation Analysis

The Global Oil & Gas AC Electric Motors Market is segmented based on Product, Voltage, Output Power (HP), and Geography.

Oil & Gas AC Electric Motors Market by Product

- Induction Electric Motors
- Synchronous Electric Motors

The induction motor segment is estimated to hold the largest share of the AC electric motor market. The factors can be attributed to its durability, high starting torque, speed variation, ease of operation, and low maintenance cost. The modernization of utilities-based infrastructure in developed countries and factors such as the growing urban population and industrialization have fostered the acceptance of the induction motor segment.

Oil & Gas AC Electric Motors Market by Voltage

- < 1 kV
- 1 kV-6.6 kV
- > 6.6 kV

The < 1 kV voltage segment is estimated to witness the highest CAGR for the forecast period due to the rapid industrial development of the electric motors. The motors with voltage < 1 kV find major applications in pumps, machine tools, and power tools in major industries. This is expected to boost the demand for this segment.

Oil & Gas AC Electric Motors Market by Output Power (HP)

- < 1 HP
- > 1 HP

The > 1 HP segment is estimated to witness the highest CAGR for the forecast period. The factors can be attributed to the wide application of these motors in the oil & gas sector including pumps, auxiliary generators, centrifugal & reciprocating compressors, and cranes.

Oil & Gas AC Electric Motors Market by Geography

- North America
- Europe
- Asia Pacific
- Rest of the world

Asia-Pacific is estimated to grow at the highest growth rate during the forecast period. The increasing demand in countries like China, Japan due to favorable economic conditions, the rising income levels of the middle-class population, and rapid industrialization development, especially in the oil & gas industry will boost the market in this region.

Key Players In Oil & Gas AC Electric Motors Market

The "Global Oil & Gas AC Electric Motors Market" study report will provide a valuable insight with an emphasis on the global market. The major players in the market are

- Siemens
- GE
- ABB
- WEG
- Yaskawa
- RockWell
- Allied Motion
- Nidec
- Regal Beloit
- Johnson Electric
- Hitachi
- ARC System
- Schneider Electric
- Toshiba
- TMEIC
- ATB
- Hoyer

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