Market Trends of North America Industrial Motors Industry
This section covers the major market trends shaping the North America Industrial Motors Market according to our research experts:
Oil & Gas Industry Expected to Exhibit Maximum Adoption
- Industrial motors are an integral part of the oil and gas industry and widely used in a different part of the processes across the drill rig and powering pumps in the refineries. These motors are made explosion-proof with improved efficiency to meet industry standards.
- With the increasing investment in oil and gas upstream and midstream sectors, the demand for the industrial motor is expected to witness significantly high growth. The oil and gas upstream companies are gradually investing in oil production activities, which, in turn, will boost the replacement rate of traditional motors. In turn, this is expected to increase the growth across the oil and gas production market in the North American region.
- U.S. Energy Information Administration has previously forecasted that the United States liquid fuels consumption will average 15.7 million barrels per day in the Q2 of 2020, which is down by 23% from the same period in the previous year. The declining result reflects travel restrictions and reduced economic activity related to the COVID-19 pandemic mitigation efforts. U.S. Energy Information Administration expects one of the most significant declines in the United States oil consumption that has already happened, and demand will generally rise in the next 18 months.
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United States Expected to Dominate the Market
- The demand for industrial motors in the United States is driven by the industrial revolution across the sectors, including automotive, aerospace, and defense, and the regions’ efforts to emerge as a leading exporter of oil and gas products.
- Domestic industrial players in the region also follow energy efficiency standards. As the United States started to gain from the fourth industrial revolution, the local manufacturers are using data on a large scale for production to maintain energy consumption at the industry level. The factors mentioned above are the driving factors of industrial motors.
- Department of Energy (DOE) is funding R&D (about USD 25 million) to develop energy-efficient electric motors, through which it expects to develop a new generation of energy-efficient, high power density, high speed, integrated medium voltage drive systems for diverse applications.
- Supporting government policies and competitively priced natural gases enable US chemical companies to build plants, expand, and automate their facilities. Hence, the North American chemical industry’s automation growth is also expected to drive the studied market in the region further.
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