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NEW YORK, June 30, 2021 /PRNewswire/
The asynchronous motor market is poised to grow by USD 6.58 billion during 2021-2025, progressing at a CAGR of over 6% during the forecast period.
Technavio has announced its latest market research report titled Asynchronous Motor Market by End-user and Geography - Forecast and Analysis 2021-2025
Read the 120-page report with TOC on Asynchronous Motor Market Analysis Report by End-user (Industrial, Automotive, Residential, and Commercial), Geography (APAC, North America, Europe, MEA, and South America), and the Segment Forecasts,2021-2025.
The market is driven by the growing focus on automating manufacturing processes. In addition, the robust growth of process industries such as cement, steel, water, and wastewater is anticipated to boost the growth of the asynchronous motor market.
AC Electric Motor Sales In Oil And Gas Market: Type Landscape
Based on the segmentation by type, the market saw maximum growth in the induction motor segment. The growth of the segment can be attributed to the increased use of induction motors in applications such as oil and gas exploration tools, tractor tools, rotary steering systems, formation testing tools, actuators, completion tools, hydraulic pumps, and others. The market growth in the segment will be significant during the forecast period.
AC Electric Motor Sales In Oil And Gas Market: Geographic Landscape
By geography, APAC is going to have lucrative growth during the forecast period. About 33% of the market s overall growth is expected to originate from APAC. The growth of the market in APAC is driven by the increase in E&P activities of unconventional reserves and the rising demand for energy. China is the key market for AC electric motor sales in oil and gas market in APAC.