Global AC Electric Motor in Oil & Gas Market Size study, by Product Type (Induction Motor, Synchronous Motor), by Voltage (1-6.6 kV Motor, <1 kV Motor, >6.6 kV Motor), by Output Power (HP) (<1 HP Motor, >1 HP Motor), by Mode of Operation (Offshore, Onshor

Global AC Electric Motor in Oil & Gas Market Size study, by Product Type (Induction Motor, Synchronous Motor), by Voltage (1-6.6 kV Motor, <1 kV Motor, >6.6 kV Motor), by Output Power (HP) (<1 HP Motor, >1 HP Motor), by Mode of Operation (Offshore, Onshore) and Regional Forecasts 2022-2032

The Global AC Electric Motor in Oil & Gas Market is valued approximately at USD 14.64 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 6.96% over the forecast period 2024-2032. AC electric motors, which utilize alternating current (AC) as their power source, are important in the oil and gas sector, where they power vital equipment such as pumps and compressors through electromagnetic induction to create rotational motion. These motors surpass their DC counterparts in efficiency, starting torque, and speed control capabilities, making them ideal for the demanding environments of oil and gas operations. The surge in demand for AC electric motors in this industry is fueled by the need for enhanced energy efficiency and reliability, given the harsh operational conditions. Furthermore, AC electric motors are favored for their superior speed control and monitoring features, contributing to their widespread adoption in onshore procedures due to their ability to function in diverse environmental conditions and extended life cycles compared to other motor types.

The market is witnessing significant growth propelled by various key factors, including the rising prevalence of energy-efficient practices and the increasing reliability requirements in oil and gas operations. For example, the deployment of predictive maintenance capabilities in AC electric motors presents new opportunities for market expansion. Moreover, ongoing advancements in AC motor technologies and increased investments in research and development are expected to mitigate these challenges and foster market growth over the forecast period. However, the high costs associated with these motors and their complex operational procedures pose challenges to their broader adoption and anticipated to restrain market growth between 2024 and 2032.

Geographically, the market analysis covers key regions including North America, Europe, Asia Pacific, Latin America, and the Rest of the World. Europe emerged as the dominating regional market in 2023. This is due to the region's well-established infrastructure, technological advancements, and robust investment in R&D further bolster market growth. Furthermore, the Asia Pacific region is anticipated to witness the fastest growth, propelled by substantial investments in oil and gas production and distribution, alongside technological advancements and supportive infrastructure development.

Major market players included in this report are:

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.

Hitachi, Ltd.

Hordu Electric Motor

Hoyer Motors

Kirloskar Electric Company Ltd.

Langley Holdings PLC

Menzel Elektromotoren GmbH

The detailed segments and sub-segment of the market are explained below:

By Product Type:

Induction Motor

Synchronous Motor

By Voltage:

1–6.6 kV Motor

<1 kV Motor

6.6 kV Motor

By Output Power (HP):

<1 HP Motor

1 HP Motor

By Mode of Operation:

Offshore

Onshore

By Region:

North America:

U.S.

Canada

Europe:

UK

Germany

France

Spain

Italy

ROE

Asia Pacific:

China

India

Japan

Australia

South Korea

RoAPAC

Latin America:

Brazil

Mexico

Middle East & Africa:

Saudi Arabia

South Africa

RoMEA

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and regional level analysis for each market segment.

Detailed analysis of geographical landscape with Country level analysis of major regions.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the market.

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