NEW YORK, May 6, 2021 /PRNewswire/ --
The AC electric motor sales in the oil and gas market is expected to grow by USD 2.40 billion, progressing at a CAGR of over 4% during the forecast period.
NEW YORK, May 6, 2021 /PRNewswire/ --
The AC electric motor sales in the oil and gas market is expected to grow by USD 2.40 billion, progressing at a CAGR of over 4% during the forecast period.
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The increase in oil and gas demand is one of the major factors propelling the market growth. However, fluctuations in global crude oil prices might hamper the market growth.
AC Electric Motor Sales In Oil And Gas Market: Type Landscape
Based on the segmentation by type, the market saw maximum growth in the induction motor segment. The growth of the segment can be attributed to the increased use of induction motors in applications such as oil and gas exploration tools, tractor tools, rotary steering systems, formation testing tools, actuators, completion tools, hydraulic pumps, and others. The market growth in the segment will be significant during the forecast period.
AC Electric Motor Sales In Oil And Gas Market: Geographic Landscape
By geography, APAC is going to have lucrative growth during the forecast period. About 33% of the market's overall growth is expected to originate from APAC. The growth of the market in APAC is driven by the increase in E&P activities of unconventional reserves and the rising demand for energy. China is the key market for AC electric motor sales in oil and gas market in APAC.
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