Oil & Gas Variable Frequency Drives Market Size - By Voltage (Low, Medium), By Drive (AC, DC, Servo), By Application (Pump, Fan, Conveyor, Compressor, Extruder) & Global Forecast, 2023

Description

List of Tables

Oil & Gas Variable Frequency Drives Market size is estimated to expand at 3.8% CAGR from 2023 to 2032 propelled by the increasing focus on industrial automation worldwide. The ongoing advancements in variable frequency drive (VFD) technology, such as enhanced motor control and improved system integration capabilities are pushing the adoption of various drives in the oil and gas sector. Numerous industry players are collaborating in technology and sales as well as in trade relationships to address the rising product demand, further augmenting the industry outlook. For instance, in March 2023, Siemens established Innomotics, a new motor, and big drives firm, to merge its business activities in the sectors of low- to high-voltage motors, medium-voltage converters, geared motors, and motor spindles.

The oil & gas variable frequency drives industry is segmented into voltage, drive, application, and region.

With respect to voltage, the medium voltage oil & gas variable frequency market is set to gain significant traction between 2023 and 2032. With industries increasingly embracing energy-efficient solutions, the demand for medium voltage variable frequency drives is expected to surge. Medium voltage drives facilitate precise control of motor speed for enhancing the operational efficiency and reducing energy consumption in oil and gas applications. The soaring emphasis on cost-effective and sustainable operations will also favor the segment growth.

Based on application, the oil & gas variable frequency drives industry from the compressor application segment generated considerable revenue in 2022 and is expected to record robust growth through 2032. Variable frequency drives play crucial role in regulating the speed of compressors while ensuring optimal energy efficiency and precise control over gas and oil processing operations. With the increasing demand for cost-effective and sustainable solutions, the adoption of oil and gas variables is surging to enable operators to improve production efficiency, reduce energy consumption, and minimize operational costs.

Europe held sizable share of the global oil & gas variable frequency drives market in 2022 and is expected to foresee substantial growth from 2023-2032. This is attributed to the increasing shift towards sustainable energy practices and the greater emphasis on reducing carbon footprints. The increasing focus on optimizing oil and gas operations through advanced technologies is also boosting the demand for variable frequency drives. Rising application scope in pumping, compression, and other critical applications will further contribute to the regional industry growth.

Product Code: 6514

Chapter 1 Methodology & Scope

1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid
  - 1.4.2.2 Public

Chapter 2 Executive Summary

2.1 Business trends
2.2 Voltage trends
2.3 Drive trends
2.4 Application trends
2.5 Regional trends

Chapter 3 Oil & Gas Variable Frequency Drives Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Vendor Matrix
3.2 Regulatory landscape
3.3 Industry impact forces
- 3.3.1 Growth drivers
- 3.3.2 Industry pitfalls & challenges
3.4 COVID- 19 impact on the industry outlook
3.5 Growth potential analysis
3.6 Porter's Analysis
- 3.6.1 Bargaining power of suppliers
- 3.6.2 Bargaining power of buyers
- 3.6.3 Threat of new entrants
- 3.6.4 Threat of substitutes
3.7 PESTEL Analysis

Chapter 4 Competitive Benchmarking

4.1 Competitive landscape, 2023
- 4.1.1 Strategic dashboard
4.2 Innovation & sustainability landscape

Chapter 5 Oil & Gas Variable Frequency Drives Market, By Voltage ('000 Units, USD million)

5.1 Key voltage trends
5.2 Low
5.3 Medium

Chapter 6 Oil & Gas Variable Frequency Drives Market, By Drive ('000 Units, USD million)

6.1 Key drive trends
6.2 AC
6.3 DC
6.4 Servo

Chapter 7 Oil & Gas Variable Frequency Drives Market, By Application ('000 Units, USD million)

7.1 Key application trends
7.2 Pump
7.3 Fan
7.4 Conveyor
7.5 Compressor
7.6 Extruder
7.7 Others

Chapter 8 Oil & Gas Variable Frequency Drives Market, By Region ('000 Units, USD million)

8.1 Key regional trends
8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
- 8.2.3 Mexico
8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 France
- 8.3.4 Italy
- 8.3.5 Spain
- 8.3.6 Russia
- 8.3.7 Denmark
8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 Japan
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 South Korea
8.5 Middle East & Africa
- 8.5.1 Saudi Arabia
- 8.5.2 UAE
- 8.5.3 South Africa
8.6 Latin America
- 8.6.1 Brazil
- 8.6.2 Argentina

Chapter 9 Company Profiles

9.1 WEG
9.2 ABB
9.3 Siemens
9.4 Honeywell International Inc.
9.5 Danfoss
9.6 TMEIC
9.7 Rockwell Automation
9.8 CG Power & Industrial Solutions Ltd.
9.9 YASKAWA ELECTRIC CORPORATION
9.10 Emerson Electric Co
9.11 Schneider Electric
9.12 Eaton
9.13 Nidec Motor Corporation
9.14 General Electric
9.15 Fuji Electric Co., Ltd