Dublin, Dec. 23, 2024 (GLOBE NEWSWIRE) -- The "AC Electric Motors in Oil & Gas Industry - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for AC Electric Motors in Oil Gas Industry was estimated at US$13.8 Billion in 2023 and is projected to reach US$20.7 Billion by 2030, growing at a CAGR of 6.0% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. 
The growth of AC electric motors in the oil and gas industry is being driven by several key factors, particularly the increasing emphasis on energy efficiency, safety, and technological advancements. One of the most significant drivers is the rising cost of energy, which has led oil and gas companies to prioritize energy-efficient solutions that reduce operating expenses. AC electric motors, especially when paired with variable frequency drives (VFDs), enable significant energy savings by allowing operators to precisely control motor speed and reduce power consumption during less demanding periods of operation.
This energy efficiency is particularly important in midstream operations, where pumps and compressors must operate continuously to maintain flow through pipelines. Another factor is the growing adoption of automation and digital technologies in the oil and gas sector. With the increasing use of smart monitoring and predictive maintenance systems, AC electric motors equipped with sensors and IoT capabilities are becoming integral to the automation of key processes. This allows operators to remotely monitor motor performance, predict potential failures before they occur, and optimize maintenance schedules, reducing downtime and improving overall operational efficiency.
Additionally, regulatory pressures to improve safety and environmental performance are driving demand for explosion-proof AC motors that meet the stringent safety standards required in hazardous environments. As companies invest in more advanced equipment to comply with regulations, AC electric motors that offer reliability, safety, and adaptability are in greater demand.
Lastly, the expansion of oil and gas operations into more remote and challenging environments, such as deep-sea drilling or shale extraction, requires highly reliable and durable motors that can perform under extreme conditions. As exploration and production move into these more demanding areas, the need for rugged, high-performance AC electric motors continues to grow. This combination of energy efficiency, enhanced safety, and technological advancement is ensuring that AC electric motors remain a vital component in the ongoing evolution of the oil and gas industry.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global AC Electric Motors in Oil & Gas Industry Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global AC Electric Motors in Oil & Gas Industry Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players in the Global AC Electric Motors in Oil & Gas Industry Market such as ABB, Allied Motion, ARC System, ATB, GE and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 93 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $13.8 Billion |
| Forecasted Market Value (USD) by 2030 | $20.7 Billion |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- AC Electric Motors in Oil & Gas Industry - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Demand for Energy-Efficient Solutions Propels Growth in AC Electric Motors in Oil & Gas Industry
- Increased Exploration and Production Activities Expand Addressable Market for AC Electric Motors
- Shift towards Electrification in Oil & Gas Operations Drives Adoption of AC Electric Motors
- Growing Investments in Offshore Drilling Spur Demand for Robust AC Electric Motors
- Advancements in Motor Control Technologies Propel Innovation in AC Electric Motors
- Increased Automation in Oil & Gas Industry Accelerates Demand for AC Motors in Pumping Applications
- Rising Use of AC Electric Motors in Midstream Operations Expands Market Opportunities
- Renewable Energy Integration in Oil & Gas Infrastructure Throws Spotlight on AC Electric Motors
- Increased Investments in LNG Projects Generate Demand for High-Performance AC Motors
- Digitalization and Smart Oilfield Technologies Expand Opportunities for Smart AC Motors
- Expansion of Oil & Gas Infrastructure in Emerging Markets Sustains Growth in AC Electric Motor Demand
FOCUS ON SELECT PLAYERS:Some of the 42 companies featured in this Global AC Electric Motors in Oil & Gas Industry market report include
- ABB
- Allied Motion
- ARC System
- ATB
- GE
- Hitachi
- Hoyer
- Johnson Electric
- Nidec Corporation
- Regal Beloit
- RockWell
- Schneider Electric
- Siemens
- TMEIC
- Toshiba Corporation
- WEG SE
- Yaskawa
For more information about this report visit https://www.researchandmarkets.com/r/hyt9mh
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