Increasing use of HIGH-POWER Electric Motor in Oil and Gas industry is projected to fuel the growth of the Global High Power Electric Motor Market at a CAGR of 5.84 % during the forecast period 2024 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global High Power Electric Motor Market” that contains information from 2018 to 2032. 

The Global High Power Electric Motor Market is estimated to register a CAGR of 5.84 % during the forecast period of 2024 to 2032.

As per Market Research Future (MRFR) analysis the following companies as the key players in Shanghai Electric, TECO, Regal Rexnord Corporation, Siemens, ABB Ltd., Toshiba Corporation, General Electric, Nidec Corporation, Wolong Electric Group, Hoyer Motors.

Market Highlights

The Global High Power Electric Motor Market is projected to grow at a CAGR of 5.84 % in the forecast period, and the market is expected to reach USD 20.2 billion by 2032.

The growing adoption of high-power electric motors in the oil and gas sector is a key factor propelling the market for high-power electric motors. The incorporation of cutting-edge electric motor technology within this industry segment mirrors the overarching drive towards optimizing operational efficiency, mitigating environmental repercussions, and enhancing safety standards. Electric motors with high power are being more commonly utilized in the oil and gas sector to operate essential machinery like pumps, compressors, and blowers. These motors play a crucial role in a variety of activities such as drilling, production, and transportation of hydrocarbons. Electric motors provide numerous benefits compared to traditional mechanical drives, including enhanced energy efficiency, increased reliability, and decreased maintenance needs. As the industry strives to enhance efficiency and cut down on costs, the trend towards using high-power electric motors is becoming increasingly noticeable. One of the key factors driving this transition is the increasing focus on decreasing greenhouse gas emissions and enhancing energy efficiency. The oil and gas industry is under considerable demand to reduce its impact on the environment, with electric motors offering a more environmentally friendly option compared to traditional mechanical systems that depend heavily on fossil fuels. Companies can enhance energy efficiency and reduce emissions by switching to high-power electric motors, in line with global sustainability objectives and regulatory mandates. Moreover, incorporating high-power electric motors enhances both the dependability and effectiveness of the system. Ensuring a seamless and unbroken system is paramount in the oil and gas sector, especially in isolated or challenging settings where any interruptions can lead to substantial costs. In settings with demanding power requirements, highly durable and low-maintenance motors are usually preferred. The reliability assists in minimizing the likelihood of unforeseen breakdowns and interruptions, thus promoting the adoption of electric motors. Advancements in design and materials technology have resulted in increased adoption of electric motors within the oil and gas industry. Advancements in power density, cooling systems, and control mechanisms have enhanced the adaptability and versatility of high-power electric motors. These advancements enable the motors to function effectively under extreme conditions and fulfil the high-power demands of oil and gas operations. Furthermore, the industry's transition to digitalization and automation facilitates the incorporation of high-capacity electric motors. Sophisticated control systems and digital monitoring technologies elevate the efficiency and ease of managing electric motors, delivering immediate insights and maximizing their performance. The shift towards automation and digitalization reflects the industry's wider transition towards more intelligent and interconnected practices.

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Segment Analysis

The Global High Power Electric Motor Market Segmentation, Based on Type the market is segmented as Asynchronous Motor and Synchronous Generator. Among these the Asynchronous Motor segment held largest market revenue share of 77.65% in 2023 and expected to grow at CAGR of 5.98% in forecast period. An electric motor that works with alternating current is known as the asynchronous motor. This motor mainly works on the induced current within the rotor from the rotary magnetic field of the stator. In this motor design, the movement of the rotor cannot be synchronized through the moving stator field. The rotating stator field of this motor can induce a current within the windings of the rotor. In turn, this current will generate a force to push the rotor in the direction of the stator. In this motor, as the rotor is not in phase with the stator, then the torque will be generated. The synchronous generator or alternator is an electrical machine that converts the mechanical power from a prime mover into an AC electrical power at a particular voltage and frequency. The synchronous motor always runs at a constant speed called synchronous speed. A synchronous generator is quite critical and fundamentally indispensable in high power electric motor systems, mainly for generating a good amount of electricity efficiently. Since these machines convert mechanical input to electrical output at a constant frequency, this is prominent when it comes to reliability in power supply. Consistency in frequency guarantees that the set power meets the grid requirements and, therefore, will not pose any glitches whatsoever.

The Global High Power Electric Motor Market segmentation, on basis of Voltage the market is segmented as Medium Voltage and High Voltage. Among these the Medium Voltage segment held significant market revenue share of 67.88% in 2023 and this segment is expected to grow at CAGR of 6.04% in the forecast period. Medium Voltage Electric Motors generally refer to an electric motor that operates at voltages of 1,000 volts and above. The exact range of voltage may vary according to different standards and applications. These motors are standard in several industrial and commercial applications where the low-voltage motors cannot meet the power output requirements. These motors find their application in each and every industry that includes oil and gas, power generation, marine, pulp and paper, cement, mining, metal, and water processing. Medium Voltage Electric Motors are generally more energy-efficient compared to their low-voltage counterparts, especially in higher power ranges. The high voltage motor means the motor whose rated voltage is higher than 1000V. 6000V and 10000V voltages are common, due to a variety of foreign power grids, there are also 3300V, 6600V voltage levels. Generally, a high voltage motor consists of two parts: stator and rotor, there are coils on the stator which electric current passes through. The rotor would eventually turn based on the force of the magnetic field, thereby yielding mechanical movement. A high voltage motor operates on the basis of interaction between stator and rotor. When an electric current is passed onto the stator of the motor windings, it develops a rotating magnetic field. High voltage motors have proved to be more efficient compared to low voltage motors, especially in long-distance power transmission.

Based on Product the market is segmented as Squirrel Cage Motors, Slip Ring Motors, Steam & Gas Generator and Hydro Generators. The Squirrel Cage Motors segment held largest market revenue share of 67.52% in 2023 and this segment is expected to grow at fastest CAGR of 6.16% in projected timeframe. Squirrel cage motors are a subclass of induction motors, which harness electromagnetism to generate motion. They are so-called “squirrel cage” motors because the shape of their rotor – the inner component connected to the output shaft – looks like a cage. A Slip Ring Motor, commonly referred to as a wound-rotor motor, is a type of induction motor characterized by its unique design and operating principle. Unlike its counterparts that employ a shorted, squirrel-cage rotor, the slip ring motor features a wound rotor, with the windings connected to the external circuit through a set of rotating contacts known as slip rings. It is worth mentioning that the steam and gas generators play their role in power generation, which has a broad responsibility of supplying electricity to electric motors. Most of the electric motors, especially large-scale and industrial ones, depend on generators. A hydro generator, also known as hydropower or hydroelectric power. Hydropower or hydroelectric power is an alternative source of energy whereby power is produced by utilizing a structure of a dam or diversion to change the natural flow of the river or any other water body.

Based on Application the market is segmented as Cement, Mine, Water Handling, Oil and Gas, Nuclear Power, Steel, Shredder, Hydro Power and Others. The Oil and Gas segment held largest market revenue share of 33.87% in 2023 and this segment is expected to grow at fastest CAGR of 6.23% in projected timeframe. Selection of high-power electric motors is central to any cement plant, as this enables the completion of projects in time and assists in improving production in the most efficient manner. High-power motors drive the fans, kilns, and vertical mills and should be carefully specified for operation in a harsh cement plant environment. High-powered electric motors are applied in mining to drive big equipment: conveyors, crushers, mills, pumps. These motors, in general, give the rated torque and power to do the tasks that involve ore transport, breaking of rocks, and material processing. High-power motors are designed to run under extreme temperatures, dust, and most of the time under conditions of strong vibration; this will ensure reliability and durability, reducing the likelihood of down times and assuring continuity in production. High-power electric motors are considered the prime movers in pumps and other water handling equipment. These motors enable efficient and reliable transfer of large volumes of water in different settings: municipal water systems, industrial processes, and agricultural irrigation. The importance of electric motors with high power in the oil and gas industry is based, above all, on the fact that they drive very important equipment or systems with precision and reliability. These motors are needed in a great variety of operations, including drilling, pumping, and compression. On nuclear power plants, the high-power electric motors play a very important role, driving many of the necessary systems and helping to enable safe and efficient operations. Among these motors are reactor coolant pumps, which circulate water through the reactor core to remove heat and keep temperatures within safe ranges, and feedwater pumps that deliver water to steam generators to ensure adequate supply in steam production. In the steel industry, high-power electric motors are required to drive machinery and ensure a smooth flow of everything. It is applied to such big main machinery as blast furnaces, electric arc furnaces, and rolling mills. High-power electric motors find their application in driving machinery in shredding, which is supposed to process materials in the form of industrial waste, scrap metal, and e-waste. These high-power electric motors are used to drive vital equipment in hydroelectric power stations such as hydraulic pumps and cooling systems. High-power electric motors are extremely essential to data centers since they drive some integral systems that are responsible for their operating conditions.

Based on End Use the market is segmented as Oil & Gas and Chemical, Power & Energy, Water & Wastewater Treatment, Mining, Cement Industry, Metallurgical Industry and Others. The Oil & Gas and Chemical segment held largest market revenue share of 33.35% in 2023 and this segment is expected to grow at fastest CAGR of 6.05% in projected timeframe. Basically, electric motors lie at the heart of any industry, driving various scales of crucial equipment in the oil and gas and chemical industries. Certain major consumers, the oil and gas industries, hold a key and vital position concerning supplies of energy and fuel to the entire world. High-power electrical engines are significant in the Power & Energy industry, as their performance and reliability drive many systems and processes. They are integral parts of big generators and turbines that change mechanical energy coming from steam, water, or gas into electrical energy in a quest to ensure quality power supply. High-power electric motors play a very important role in the agriculture industry by enabling better efficiency of operations. They drive very big irrigation pumps that actually help to distribute water across the fields, maintaining the correct level of moisture to be retained within the fields for crop growth.

Regional Analysis

Based on region, the High-Power Electric Motor Market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The Asia-Pacific region dominated the market with a 46.86% share in 2023 and is expected to register a CAGR of 6.91% over the forecast period. With fast industrialization, urbanization, and technological advancement, high-power electric motors are increasingly in demand within the Asia-Pacific region. The major drivers for this industry would be the rapid growth of the automotive sector, especially the introduction and transitioning towards EVs that require heavy-duty electric motors for loco propulsion and efficiency. Spearheading growth here is by countries like China, Japan, and South Korea, which have massive investments in EV manufacturing and also in building up the relevant infrastructure in support of the same. This growth in the Asia-Pacific region is also contribution driven by industrial and manufacturing sectors, all of which require advanced electric motors for further performance and efficiency improvements in machinery, automation, and production lines

Key Findings of the Study

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  The Global High Power Electric Motor Market is expected to reach USD 20.2 billion by 2032, at a CAGR of 5.84% during the forecast period.

  
  
  
  
  • The Asia Pacific region dominated the Global High Power Electric Motor Market with the largest market revenue share of 46.86% in 2023.
  
  
  • The Asynchronous Motor segment dominated the global market with the largest revenue share of 77.65% in 2023.
  
  
  • The Medium Voltage segment dominated the global market with the largest revenue share of 67.88% in 2023.
  
  
  
  


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  The Oil and Gas segment dominated the Global High Power Electric Motor Market with the largest market revenue share of 33.87% in 2023.

  
  


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  The Squirrel Case Motors segment dominated the Global High Power Electric Motor Market with the largest market revenue share of 67.52% in 2023.

  
  


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  The Oil & Gas and Chemical segment dominated the Global High Power Electric Motor Market with the largest market revenue share of 33.35% in 2023.

  
  


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  The Global High Power Electric Motor Market key players include Shanghai Electric, TECO, Regal Rexnord Corporation, Siemens, ABB Ltd., Toshiba Corporation, General Electric, Nidec Corporation, Wolong Electric Group, Hoyer Motors