Technavio's global positive displacement motor market research report forecasts the market to grow at a CAGR of over 7% during the forecast period.
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Technavio has published a new market research report on the global positive displacement motor market for the period 2019-2023. (Graphic: Business Wire)
The consolidation of oilfield services will be one of the major trends in the global positive displacement motor marketduring 2019-2023. The companies in the oil and gas industry are altering their operational approach owing to the evolving market conditions as well as the technological integration among oil and gas market players. The profitability of the oil and gas companies has reduced because of the growing use of alternative fuels and clean energy sources for power generation. Thus, major oil and gas companies have started restructuring their business segments to cope with these changing market conditions.
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According to Technavio analysts, one of the key drivers for the global positive displacement motor market is the growing use of liquid fuels:
Global positive displacement motor market: Growing use of liquid fuels
The global liquid fuel consumption was 100.09 mbpd in September 2018 and is expected to grow steadily during the forecast period. This increase in fuel consumption can be attributed to the increase in industrialization and urbanization, particularly in developing countries. Thus, major oil and gas companies have increased their exploration production activities to meet the increasing demand for liquid fuel.
According to a senior research analyst at Technavio, "The demand for fuel has been increasing in developing countries such as China and India. Additionally, the US relies heavily on crude oil products for fuel. The rise in demand for fuel is anticipated to drive the growth of upstream oil and gas activities. This will assist positive displacement motor market growth as these motors are primarily used in directional and offshore drilling."
Global positive displacement motor market: Segmentation analysis
The global positive displacement motor market analysis report provides market segmentation by application (onshore and offshore) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Based on applications, the onshore segment held the largest positive displacement motor market share in 2018, contributing to over 55% of the market. This application segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2018, accounting for more than 50% share. It was followed by APAC and EMEA respectively. The Americas is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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