The most recent industry study by Future Market Insights projects that the worldwide AC electric motor market will reach a value of around USD 11.3 billion by 2024. The market was worth USD 10.6 billion in 2023. With an expected market size of USD 18.6 billion in 2034, it is anticipated to increase at a compound annual growth rate (CAGR) of 5.10% over the forecast period.
Globally, the oil and gas sector has grown significantly in recent years, particularly during 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 demands are well served by AC electric motors, which offer a vital technological basis for satisfying the changing needs of the oil and gas industry.
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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
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
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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