The latest industry report from Future Market Insights projects that the global market for AC electric motors will be worth around US$ 11.3 billion by 2024. The market was estimated to be worth US$ 10.6 billion in 2023. Over the course of the projection period, a compound annual growth rate (CAGR) of 5.10% is anticipated, leading to an estimated market size of US$ 18.6 billion in 2034.
In recent years, the oil and gas business has grown tremendously on a worldwide scale, particularly following the pandemic. The need for innovative technology and solutions has increased significantly as a result, with an emphasis on improving operational effectiveness, sustainability, and safety. These industry needs are well served by AC electric motors, which offer a vital technological basis to fulfill the changing needs of the oil and gas sector.
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The demand for AC electric motors in the oil and gas industry is also fueled by their critical role in enhancing operational performance, reliability, and sustainability. Oil and gas exploration companies rely on these motors to power various equipment essential for exploration activities. These electric motors also find their applications in identifying subsurface geological structures and potential hydrocarbon reservoirs.
As the world pushes toward eco-friendly energy solutions, AC electric motors play a crucial role in supporting the transition. Their demand in countries such as the United States, the United Kingdom, Germany, Japan, etc., is driven by a collective effort to embrace environmentally sustainable practices in the energy sector.
“Continuous innovation is very crucial for key players in the AC electric motor market, especially in the oil and gas industry. Major stakeholders must allocate resources to research and development activities to drive innovation in AC electric motor technologies. Besides this, these companies must expand the range of electric motors and related products to cater to broader applications within the oil and gas sector,” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Takeaways from the Market Study:
- Induction motors dominate the global AC electric motor market with a CAGR of 4.0% for the forecast period through 2034.
- Electric motors with less than 1kV capacity lead the AC electric motor market with a CAGR of 3.8% for the forecast period through 2034.
- The AC electric motor market in South Korea is predicted to grow at a remarkable CAGR of 7.40% through 2034.
- The AC electric motor market in the UK is predicted to rise at a whopping 6.50% CAGR through 2034.
- The AC electric motor market in China has the potential to increase at 6.00% CAGR through 2034.
- The United States AC electric motor market is predicted to rise by 5.50% CAGR through 2034.
- The AC electric motor market in Japan is predicted to grow at a CAGR of 3.70% through 2034.
Competitive Landscape
- The global AC electric motors market is characterized by high concentration, with major players such as Siemens, General Electric, WEG, Emerson Electric, Nidec, Regal Beloit, Marathon Electric, Kirloskar Electric Company Limited, dominating the landscape.
- Companies within the market are making substantial investments in research and development. This commitment is directed towards introducing innovative technologies and continuous improvements in electric motors
- To meet the varied demands of the oil and gas sector, major players are focusing on expanding the range of electric motors and related products. This strategy enables companies to address a broader spectrum of applications
Recent Developments:
- In 2019, Ward Leonard, a manufacturer based in the United States specializing in electric motors and generators, unveiled the WL29BC200 AC induction motor. This motor, specifically crafted for applications involving mud pumps and draw works in the oil and gas industry, boasts a power of 2,000 HP, allowing it to fit seamlessly into a 1,500 HP motor package.
- In the oil and gas sector, Ward Leonard, a US-based manufacturer specializing in electric motors and generators, unveiled the WL29BC200 AC induction motor in July 2019. This motor, boasting 2,000 HP, is uniquely crafted for applications involving mud pumps and draw works.
Leading Key Players:
- ABB
- Siemens
- General Electric
- Schneider Electric
- WEG
- Emerson Electric
- Nidec
- Regal Beloit
- TECO Electric & Machinery
- Marathon Electric
- Toshiba Corporation
- Franklin Electric Co.
- Yaskawa Electric Corporation
- Baldor Electric Company
- Johnson Electric Holdings Limited
- Kirloskar Electric Company Limited
- Hyundai Electric & Energy Systems
- Brook Crompton UK Ltd.
- CG Power and Industrial Solutions Ltd.
- Leroy-Somer
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AC Electric Motor Market Segmentation:
By type:
- AC motors
- DC motors
By end-user:
- Industrial
- Commercial
- Residential
- Agriculture
- Transportation
By power rating:
- <1 kW Motors
- 1–2.2 kW Motors
- 2.2–375 kW Motors
- >375 kW Motors
By voltage:
- Low Voltage Motors
- Medium Voltage Motors
- High Voltage Motors
By rotor type:
- Inner Rotor
- Outer Rotor
By output power:
- <1 HP
- >1 HP
By region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
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