AC Electric Motor Market Forecast: Robust CAGR of 5.10% Signals Steady Growth Ahead (Computers - Information Technologies)
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AC Electric Motor Market Forecast: Robust CAGR of 5.10% Signals Steady Growth Ahead | |
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. Request for a Sample of this Research Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-18814 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. | |
| Target State: All States Target City : All Cities Last Update : Feb 29, 2024 9:46 AM Number of Views: 111 | Item Owner : Sudip Saha is the managing director and co-founder at Future Market Insights Contact Email: (None) Contact Phone: (None) |
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2024-11-23 (0.387 sec)