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Base Year: 2024
Companies covered: 15
Tables & Figures: 30
Countries covered: 19
Pages: 105
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Oil & Gas Variable Frequency Drives Market
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Oil & Gas Variable Frequency Drives Market Size
The global oil & gas variable frequency drives market size in 2024 was valued at USD 3.5 billion and is estimated to grow at a CAGR of 3.6% from 2025 to 2034.
Energy-intensive industries are increasingly adopting variable frequency drives to enhance efficiency and reduce operational costs further complementing the industry landscape. These devices protect equipment and lessen mechanical stress by controlling motor operations across the oil and gas industry, further accelerating the product demand. Ongoing integration of Internet of Things capabilities in industrial processes is improving efficiency and enabling predictive maintenance, further augmenting the industry landscape.
Flourishing investments for exploration of hydrocarbons and oil & gas products across various geographies to cater to the rising energy demand will positively influence the business dynamics. For instance, in July 2024, Egypt aims to boost investment for hydrocarbon exploration and oil field development, planning to drill 586 oil and gas wells by 2030. Simultaneously, the country is pursuing opportunities to expand renewable energy deployment, increasing green power in its electricity grid. For the fiscal year 2024-2025, Egypt expects to drill 110 oil and gas exploration wells, requiring investments of USD 1.2 billion. Additionally, the country plans to drill 586 exploration wells by 2030, with a total investment of USD 7.2 billion.
Oil & Gas Variable Frequency Drives Market Trends
The market is set to grow on account of rising energy demand and increasing need for reliable motor control solutions. Furthermore, industry leaders are embracing digital technologies, including cloud storage, data analytics, and remote support, to enhance VFD system efficiency for their customers. Various nations continue to rely on fossil fuels for powering various sectors, leading to accelerated investments in oil and gas infrastructure, further complementing the industry outlook. For instance, in October 2024, Egypt's Ministry of Petroleum and Mineral Resources is stepping up its efforts to draw new investments and enhance oil & gas exploration activities with ExxonMobil.
Oil & Gas Variable Frequency Drives Market Analysis
Low voltage segment is anticipated to grow over USD 4 billion by 2034. Ongoing utilization of these units across the oil and gas applications particularly for pumping systems along with rising demand for units that optimize energy use will complement the industry landscape. Ongoing R&D efforts focus on creating units that can withstand extreme conditions, including high temperatures, humidity, corrosive substances, and vibrations will positively influence the low voltage drives business dynamics.
AC segment is anticipated to witness a CAGR of over 3.5% till 2034. Rising energy requirements increase to support expanding industries, transportation networks, and household needs. This rising demand leads to higher consumption of oil and gas, driving industry growth. The integration of advanced units with the use of data analytics and artificial intelligence is expected to reduce downtime and prevent equipment failures, further boosting the AC drives business outlook.
U.S. oil & gas variable frequency drives market is set to grow over USD 700 million by 2034. Increasing investments across energy-intensive sectors, rising energy demand and ongoing exploration of oil & gas operations will complement the industry landscape. Increasing energy consumption from several sectors along with Ongoing transitioning from coal to natural gas for energy generation to power factories and production processes will influence the industry growth. For instance, according to the U.S. Energy Information Administration, in 2023, natural gas consumption accounted for approximately 36% of total country’s primary energy consumption. Moreover, rising demand for reliable motor control solutions and growing inclination to reduce carbon emissions, further augmenting the U.S. variable frequency drives industry dynamics.
Oil & Gas Variable Frequency Drives Market Share
Leading companies across the oil & gas variable frequency drives industry are prioritizing innovation and strategic planning. These firms are actively developing and integrating advanced technologies to enhance their product offerings and focusing on creating adaptable and advance technological solutions with an aim to meet the diverse and evolving needs of their clients in the oil and gas sector.
Oil & Gas Variable Frequency Drives Market Companies
Major players operating across the industry include:
Oil & Gas Variable Frequency Drives Industry News
The oil & gas variable frequency drives market research report includes in-depth coverage of the industry with estimates & forecast in terms of “’000 Units” and “USD Million” “‘from 2021 to 2034, for the following segments:
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Market, By Voltage
Market, By Drive
Market, By Application
The above information has been provided for the following regions and countries: