AC Electric Motor in Oil & Gas Market by Product Type (Induction Motor, Synchronous Motor), Voltage (1–6.6 kV Motor, <1 kV Motor, >6.6 kV Motor), Output Power (HP), Mode of Operation - Global Forecast 2024-2030

AC Electric Motor in Oil & Gas Market by Product Type (Induction Motor, Synchronous Motor), Voltage (1–6.6 kV Motor, <1 kV Motor, >6.6 kV Motor), Output Power (HP), Mode of Operation - Global Forecast 2024-2030

The AC Electric Motor in Oil & Gas Market size was estimated at USD 14.64 billion in 2023 and expected to reach USD 15.60 billion in 2024, at a CAGR 6.96% to reach USD 23.45 billion by 2030.

An AC electric motor is an electric motor that utilizes alternating current (AC) as its source of power instead of direct current (DC). AC electric motors used across oil & gas industries use electromagnetic induction to create rotational motion, which can be used to power pumps and compressors. The alternating current type of electric motor has several advantages over DC motors, such as greater efficiency, higher starting torque, and variable speed control capabilities. The demand for AC electric motors in the oil & gas industries is driven by the increased need for energy efficiency and reliability due to the harsh operating conditions. Additionally, AC electric motors offer superior speed control and monitoring capabilities. The use of AC electric motors across onshore oil & gas industrial procedures has increased significantly due to the ability of motors to work in varying environmental conditions and longer life cycles compared to other types of motors. However, the high costs associated with AC electric motors and complex operating procedures limit their adoption across oil & gas industries. The ongoing advancements, including the deployment of predictive maintenance capabilities in AC electric motors, are expected to create opportunities for the market in the coming years.

Regional Insights

The oil & gas sector in Europe, the Middle East, and Africa is rapidly expanding due to significant investments and growing advancements toward Industry 4.0, further accelerating the demand for AC electric motors to improve production and distribution capabilities. As per the World Population Review, Russia produces 10,503,000 barrels of oil per day, while Saudi Arabia, Iraq, UAE, Kuwait, and Iran produce 10,225,000 barrels per day, 4,260,000 barrels per day, 2,954,000 barrels per day, 2,610,000 barrels per day, and 2,546,000 barrels per day respectively. Furthermore, due to the rising demand for gas and the declining domestic supply, countries in Southeast Asia are actively transitioning to become net gas importers. According to the 2021 report by the International Affairs Institute (IAI), gas plays a crucial role in the regional energy mix and is Southeast Asia's second most consumed energy. Thus, the Asian economies are heavily investing in oil & gas production and distribution, supporting the use of AC electric motors in the Asia-Pacific region. Moreover, the ongoing development and advancement in AC electric motors and supportive investments for onshore oil infrastructures in the Americas have expanded the scope of AC electric motors. Market players in the Americas are investing in research to develop smart/intelligent motor systems with enhanced safety features and are leveraging advanced materials to create more efficient and reliable AC electric motors for the oil & gas industry.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the AC Electric Motor in Oil & Gas Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Augmenting developments in oil & gas industry including automation and application of energy-efficient motors
    • Growing deployment across onshore oil and gas procedures
    • Market Restraints
      • Presence of alternative products and high costs of AC electric motors
      • Market Opportunities
        • Ongoing advancements in AC electric motors
        • Rising investments and initiatives for oil distribution and pipeline infrastructures
        • Market Challenges
          • Complexity of controlling AC electric motors in oil & gas industry
          • Market Segmentation Analysis
            • Product Type: Increasing usage of synchronous motor owing to its relatively low maintenance requirements
            • Voltage: Growing utilization of AC electric motors with range of 1 kV to 6.6 kV in high power applications
            • Output Power (HP): Emerging application of >1 HP motor in small equipment and devices of the oil & gas industry
            • Mode of Operation: Growing utilization of AC electric motors in offshore operations to withstand harsh marine environments
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the AC Electric Motor in Oil & Gas Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the AC Electric Motor in Oil & Gas Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • IPS Expands Market Reach and Enhances Service Capabilities with Acquisition of Electric Motor Service Limited
              
              Integrated Power Services (IPS) strategically expanded its market presence by acquiring Electric Motor Service Limited. This acquisition is part of IPS's broader strategy to improve its service offerings and geographic reach in the North American market. Electric Motor Service Limited, known for its robust oil & gas industry servicing capabilities, complements IPS's existing services by providing additional expertise and resources. This expansion strengthens IPS's position in the market and improves service solutions for clients in critical industries, emphasizing reliability and efficiency in electric motor and generator applications.
              
              WEG Enhances Global Reach with Acquisition of Regal Rexnord's Electric Motor and Generator Division
              
              WEG, a Brazilian electrical equipment company, acquired the industrial electric motors and generators business from Regal Rexnord. This acquisition, directed toward enhancing WEG's manufacturing capabilities and market penetration, involves the transfer of production facilities located in Mexico, including approximately 500 experienced employees joining WEG.
              
              ABB Introduces Advanced IE5 Electric Motor Designed for Hazardous Oil and Gas Environments
              
              ABB unveiled a highly efficient IE5 synchronous reluctance motor specifically engineered for use in explosive environments encountered in the oil & gas sector. This motor is notable for achieving the highest level of energy efficiency, categorized as IE5, representing a significant advancement in reducing energy consumption and operational costs in hazardous settings. This development is crucial given the stringent safety and efficiency standards in explosive atmospheres.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the AC Electric Motor in Oil & Gas Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the AC Electric Motor in Oil & Gas Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd, ARC Systems, Inc., CG Power & Industrial Solutions Ltd., Danfoss A/S, Emerson Electric Co., Flanders Inc., Fuji Electric Co., Ltd., General Electric Company, Hayward Tyler Ltd., HD Hyundai Electric Co., Ltd., Hitachi, Ltd., Hordu Electric Motor, Hoyer Motors, Kirloskar Electric Company Ltd., Langley Holdings PLC, Menzel Elektromotoren GmbH, Nidec Corporation, O.M.E. Motori Elettrici s.r.l., Schlumberger Limited, Siemens AG, Southwest Electric Co., TECO Electric and Machinery Co., Ltd., Toshiba Corporation, VYBO Electric a.s., WEG S.A., Windings Inc., and Wolong Electric Group.
            
            Market Segmentation & Coverage
            
            This research report categorizes the AC Electric Motor in Oil & Gas Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Product Type
              • Induction Motor
              • Synchronous Motor
              • Voltage
                • 1–6.6 kV Motor
                • <1 kV Motor
                • >6.6 kV Motor
                • Output Power (HP)
                  • 1 HP Motor and Above
                  • Less than 1 HP Motor
                  • Mode of Operation
                    • Offshore
                    • Onshore
                    • Region
                      • Americas
                        • Argentina
                        • Brazil
                        • Canada
                        • Mexico
                        • United States
                          • California
                          • Florida
                          • Illinois
                          • New York
                          • Ohio
                          • Pennsylvania
                          • Texas
                          • Asia-Pacific
                            • Australia
                            • China
                            • India
                            • Indonesia
                            • Japan
                            • Malaysia
                            • Philippines
                            • Singapore
                            • South Korea
                            • Taiwan
                            • Thailand
                            • Vietnam
                            • Europe, Middle East & Africa
                              • Denmark
                              • Egypt
                              • Finland
                              • France
                              • Germany
                              • Israel
                              • Italy
                              • Netherlands
                              • Nigeria
                              • Norway
                              • Poland
                              • Qatar
                              • Russia
                              • Saudi Arabia
                              • South Africa
                              • Spain
                              • Sweden
                              • Switzerland
                              • Turkey
                              • United Arab Emirates
                              • United Kingdom
                              
                              
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