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Oil & Gas Variable Frequency Drives Market Trends

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

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Oil & Gas Variable Frequency Drives Market Trends

Oil & gas variable frequency drives industry is set to observe substantial momentum owing to the rapidly increasing energy demand along with growing utilization of high-capacity pumps for the extraction & transportation of crude oil, refined products, and other fluids. Moreover, various developed as well as emerging nations have exhibited significant reliance on the fossil fuels to streamline operations in residential, commercial, and industrial establishments, propelling the investments across oil & gas facilities, thereby augmenting the industry landscape.

For instance, as per the data by the U.S. Energy Information Administration (EIA), the total energy consumption in the country equaled over 100.4 quadrillion British thermal units (Btu) in 2022 while petroleum & natural gas accounted for about 69% of the total intake. Moreover, the industry players are also incorporating digital advancements including cloud-based data storage, analytics, and remote assistance to support customers in optimizing the performance of VFD systems catering to the industry growth.

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.