Global AC Electric Motors in Oil & Gas Industry Market to Reach $20.7 Billion by 2030
The global market for AC Electric Motors in Oil & Gas Industry estimated at US$13.8 Billion in the year 2023, is expected to reach US$20.7 Billion by 2030, growing at a CAGR of 6% over the period 2023-2030. Induction Type AC Electric Motors, one of the segments analyzed in the report, is expected to record 6.2% CAGR and reach US$14.5 Billion by the end of the analysis period. Growth in the Synchronous Type AC Electric Motors segment is estimated at 5.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3.6 Billion, While China is Forecast to Grow at 8.8% CAGR
The AC Electric Motors in Oil & Gas Industry market in the U.S. is estimated at US$3.6 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$4.7 Billion by the year 2030 trailing a CAGR of 8.8% over the analysis period 2023 to 2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 5% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR.
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