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Oil & Gas Variable Frequency Drives Market Trends

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

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Oil & Gas Variable Frequency Drives Market Trends

The market is set to grow on account of rising energy demand and increasing need for reliable motor control solutions. Furthermore, industry leaders are embracing digital technologies, including cloud storage, data analytics, and remote support, to enhance VFD system efficiency for their customers. Various nations continue to rely on fossil fuels for powering various sectors, leading to accelerated investments in oil and gas infrastructure, further complementing the industry outlook. For instance, in October 2024, Egypt's Ministry of Petroleum and Mineral Resources is stepping up its efforts to draw new investments and enhance oil & gas exploration activities with ExxonMobil.

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.