Oil & Gas Variable Frequency Drives Market Analysis

Oil & Gas Variable Frequency Drives Market Analysis

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Low voltage drive industry across oil & gas industry accounted for major share on account of their wide deployment across pumping systems to optimize energy consumption and maintain a consistent flow of liquids such as crude oil, refined products, and water. In addition, the growing research & development activities to design advanced units to withstand extreme temperatures, humidity, corrosive substances, and vibrations gained traction will further favor the oil & gas variable frequency drives market revenue.
 

The AC drives segment held over 76% of the oil & gas variable frequency drives market share in 2022. Growing economies require more energy to power industries, transportation, and households, leading to increased consumption of oil & gas, thereby augmenting the industry growth. Moreover, the adoption of digital technologies, including data analytics and artificial intelligence for hydrocarbon exploration & production activities will positively cater to the industry expansion.
 

The oil & gas variable frequency drives market from pump applications are projected to experience substantial growth till 2032, due to growing demand for pumping stations for oil & gas pipelines flow of products over long distances coupled with integration of advanced units with condition monitoring systems to minimize downtime & prevent equipment failures.
 

The increasing exploration & production of conventional & unconventional reserves including shale oil & gas have observed significant growth over the years. Moreover, the increasing demand for energy-efficient systems coupled with the implementation of stringent regulations aimed at reducing energy consumption, is set to drive the industry growth.
 

The Asia Pacific oil & gas variable frequency drives market size dominated around USD 1.5 billion in 2022, owing to rapid rate of urbanization, industrialization, and mounting investments across energy-intensive industry verticals. Rapid industrial growth and the expansion of manufacturing sectors in various countries including China and India, have driven up demand for energy, including natural gas, to power factories and production processes. Moreover, various nations have observed a push to transition from coal to natural gas for power generation with lower carbon emissions will attract new investments in oil & gas infrastructures fostering the industry dynamics.