January 23, 2024 20:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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. 10 Pole Motor
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:
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AC Electric Motor Market Segmentation:
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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