The new report by Expert Market Research titled, ‘Global AC Electric Motor Sales in Oil and Gas Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global AC electric motor sales in oil and gas market, assessing the market based on its segments like types, product, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
Note 1: For a snapshot of the primary and secondary data of the market (2016-2026), along with business strategies and detailed market segmentation, please click on the request sample report. The sample report shall be delivered to you within 24 hours.
The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market (2020): USD 11.5 billion
- Forecast CAGR (2021-2026): 4.7 %
- Market Forecast (2020): USD 15.2 billion
AC motors are widely used in the oil and gas industry. Large compressors and pumps are essential in the oil and gas industry and are used in gas pipeline boosting stations, refrigeration trains at LNG plants, and petrochemical plants and refineries. Machines such as cranes, reciprocating and centrifugal compressors, pumps, and auxiliary generators, etc. have extensive usage in the industry and comprise of AC motors. They are also used as replacements for mechanical gas turbines because of reduced downtime and low maintenance costs. AC motors allow for optimum plant flow balance to be obtained with high efficiency and lower energy costs, and hence are suitable for application in the oil and gas industry.
Asia Pacific is the leading region in this market currently and is expected to remain dominant in the forecast period as well. This is mainly due to large markets in China and Japan in the region. The AC electric motor sales in the oil and gas industry are driven by the growing industrialization, strong demand for industrial machinery and efficient motors. Rapid technological advancements and innovations are driving the markets in Europe and North America as well. Electric motors constitute nearly 70% of electricity use in the oil and gas industry solely in the United States, according to the International Petroleum Industry Environmental Conservation Association (IPIECA), and this continued trend is expected to further boost the market growth.
Industry Definition and Major Segments
An AC motor is an electric motor that converts alternating current into mechanical power through the mechanism of electromagnetic induction. The AC motor generally has two main parts – an outside stator having coils supplied with alternating current to generate a primary rotating magnetic field and an inside rotor attached to the output shaft producing a secondary rotating magnetic field. The AC motor speed and power can be changed with the help of a controller and can be operated at high voltages without a sparking problem. AC motors may be single or three phased; the latter is used for industrial applications to convert bulk power from electrical to mechanical, while the former is used in small power conversions in homes, offices, factories, etc. AC motors are mainly used in the oil and gas industry for equipment such as pumps, machine tools and power tools.
By type, the industry is categorised into:
- Induction motor
- Synchronous motor
Based on voltage, the industry is categorised into:
- Less than 1kV
- Between 1 kV and 6.6 kV
- Greater than 6.6 kV
Based on output power, the industry is categorised into:
- Less than 1 HP
- Greater than 1 HP
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Technological advancements and innovations are expected to bolster the growth of the global AC electric motor sales in the oil and gas market. The market is likely to expand due to increasing automation in the oil and gas sector, changing power consumption patterns and growing demand for industrial motors. Large scale automation has led to exploration on new oil and gas reserves in new geographies such as Africa, which offers new growth opportunities for AC electric sales in the oil and gas market. With the increasing awareness about climate change, the oil and gas industry has become aware of the importance of transitioning to energy-efficient motors, further leading to the market growth.
As the production and consumption of oil has increased, so does the demand for efficient machinery, which boosts the sales of AC electric motors in this industry. There is thus a rising demand for AC motors that can provide high efficiency and low maintenance while enduring rigorous applications. Furthermore, AC electric motors are available in a variety of sizes and power capacities which enable them to function more efficiently and reliably. AC motors used in hydraulic fields can increase efficiency up to three or four times while also saving energy, contributing to their increased demand. There is growing popularity for the use of AC electric motors in a wide range of equipment such as cranes, pumps, machine tools, centrifugal and reciprocating compressors, and auxiliary generators to provide high efficiency oil and gas exploration. These factors combined with a rise in population, urbanization and industrialisation are anticipated to drive the demand for AC electric motors in the oil and gas market in the forecast period. However, the growing renewable energy sector and the introduction of strict environmental regulations are likely to impact the market negatively in the coming years.
Key Market Players
The major players in the market are ABB Ltd., Siemens AG, Schneider Electric SE, Rockwell Automation, Inc., Toshiba International Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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