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Oil & Gas Variable Frequency Drives Market Size

Report ID: GMI6514
Published Date: Nov 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2024
Oil & Gas Variable Frequency Drives Market Size in 2024:	USD 3.5 Billion
Forecast Period:	2025 – 2034
Forecast Period 2025 – 2034 CAGR:	3.6%
2025 – 2034 Value Projection:	USD 5 Billion
Historical Data for:	2021 – 2023
No. of Pages:	105
Tables, Charts & Figures:	30
Segments covered:	Voltage, Drive, Application, and Region
Growth Drivers:	Accelerating energy consumption Growing measures to integrate energy-efficient alternatives Mounting investments across conventional & unconventional oil & gas reserves
Pitfalls & Challenges:	Positive outlook towards sustainable technologies

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Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The global market size for oil & gas variable frequency drives was valued at USD 3.5 billion in 2024 and is expected to reach USD 5 billion by 2034, driven by a CAGR of 3.6% from 2025 to 2034.

The AC segment is expected to grow at a CAGR of over 3.5% by 2034, driven by rising energy needs and the integration of advanced units with data analytics and AI.

The U.S. market is projected to exceed USD 700 million by 2034, driven by rising energy demand, investments in energy-intensive sectors, and the transition from coal to natural gas for energy generation.

Major players include ABB, CG Power, Danfoss, Eaton, Emerson, Fuji Electric, General Electric, Honeywell, Nidec, Rockwell, Schneider, Siemens, TMEIC, WEG, and Yaskawa.