The global AC electric motor sales in oil & gas market is projected to reach USD 13.2 billion by 2023, at a CAGR of 4.62% from 2018 to 2023. The study involved 4 major activities in estimating the current size for the AC electric motor sales in oil & gas market. Exhaustive secondary research was done to collect information on the peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of the segments and sub segments.

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By end-user, the industrial segment is expected to grow at the fastest rate during the forecast period

The > 1 HP segment is expected to grow at the fastest rate during the forecast period. Due to wide application of these motors in the oil & gas sector including pumps, auxiliary generators, centrifugal & reciprocating compressors, and cranes. Moreover, Asia Pacific hold the largest market share for oil & gas industry due to rise in urbanization, industrialization, and population growth. Additionally, factors such as the discovery of new reserves in the Great Australian Bight, the Gulf of Thailand, Turkmenistan, and the South China Sea, and the need for EOR (enhanced oil recovery) techniques in countries such as Thailand, Indonesia, India, Australia, and Malaysia, are expected to drive the AC electric motor market in the region

Asia Pacific is expected to account for the largest market size during the forecast period

In this report, the ac electric motor market has been analyzed with respect to 6 regions, namely, North America, Europe, South America, Asia Pacific, Africa, and the Middle East. The market in Asia Pacific is estimated to be the largest ac electric motor market from 2018 to 2023. Increasing rapid industrial development, especially in the oil & gas industry are some of the key factors responsible for the growth of the AC electric motor market. Moreover, AC electric motor sales in oil & gas market in Asia Pacific are mainly driven by countries such as China, Japan, and India. The global energy consumption in Asia Pacific is expected to rise from 42% in 2016 to 47% by 2035, which would be more than the combined share of North America, Europe, and Eurasia, according to the BP Statistical Review of World Energy 2017.

The major players in the global AC electric motor sales in oil & gas market are ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell (US), WEG (Brazil), Toshiba Corporation (Japan), General Electric (US).

Recent Developments

• In September 2018, Siemens offered Simotics XP Chemstar, a customized solution for the chemical and petrochemical as well as oil & gas industries. These motors offer a high level of reliability even under extreme conditions and in potentially explosive atmospheres while providing precisely tailored compliance with industry-specific requirements.
• In February 2018, ABB integrated the Baldor Electric Company name into its global ABB brand as a part of its next level strategy, which includes harmonizing different ABB-owned brands under the global ABB master brand.
• In July 2017, ABB acquired B&R (Bernecker + Rainer Industrie-Elektronik GmbH), the largest independent provider focused on product- and software-based, open-architecture solutions for machine and factory automation worldwide.

Key Questions addressed by the report

• The report identifies and addresses key markets for AC electric motor market, which would help manufacturers review the growth in demand.
• The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
• The report will help key players understand the strategies of their competitors better and make better strategic decisions.
• The report addresses the market share analysis of key players in AC electric motor sales market, and with the help of this companies can enhance their revenues in respective market.
• The report provides insights about emerging geographies for AC electric motor sales, and the entire market ecosystem can gain competitive advantage from such insights.

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