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Oil & Gas Variable Frequency Drives Market Share

Report ID: GMI6514
Published Date: Aug 2023
Report Format: PDF

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Oil & Gas Variable Frequency Drives Market Share

Key companies operating across the oil & gas variable frequency drive market are emphasizing on integrating new technological advancements and strategic initiatives to deliver flexible & customizable solutions across various applications. Eminent manufacturers operating across the industry consist of

WEG
ABB
Siemens
Honeywell International Inc.
Danfoss
TMEIC
Rockwell Automation
CG Power & Industrial Solutions Ltd.
YASKAWA ELECTRIC CORPORATION
Emerson Electric Co
Schneider Electric
Eaton
Nidec Motor Corporation
General Electric
Fuji Electric Co., Ltd.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of oil & gas variable frequency drives exceeded USD 3.4 billion in 2023 and is set to grow at 3.9% CAGR through 2032, due to the rising demand for efficient alternatives across energy-intensive industries and the positive outlook towards reducing the operational expenses.

The AC drives segment garnered over 76% of the market share in 2022, on account of the high adoption of digital technologies, including data analytics and artificial intelligence for hydrocarbon exploration & production activities.

Asia Pacific market crossed USD 1.5 billion in 2022, owing to the rapid rate of urbanization, industrialization, and mounting investments across energy-intensive industry verticals.

WEG, ABB, Siemens, Honeywell International Inc., Danfoss, TMEIC, Rockwell Automation, CG Power & Industrial Solutions Ltd., YASKAWA ELECTRIC CORPORATION, Emerson Electric Co, Schneider Electric, and Eaton are some of the oil & gas variable frequency drive companies worldwide.