South Korea leads in AC electric motors, set to dominate with a 7.4% annual growth until 2034. The surge in demand, notably in the oil and gas sector, underscores its pivotal role in the market.
NEWARK, Del, Jan. 23, 2024 (GLOBE NEWSWIRE) — According to Future Market Insights’ latest industry analysis, the global AC electric motor market is estimated to be around US$ 11.3 billion in 2024. In 2023, the market was valued at US$ 10.6 billion. It is projected to exhibit a CAGR growth of 5.10% over the forecast period, with an estimated market size of US$ 18.6 billion in 2034.
The oil and gas industry globally has experienced tremendous growth in the last few years, especially after the pandemic. This has pushed significant demand for cutting-edge technologies and solutions, with a particular focus on enhancing operational efficiency, sustainability, and safety. AC electric motors are perfect for addressing these industry needs, providing a crucial technological foundation to meet the evolving demands 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.
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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
Authored By:
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 across 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.
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