London, 12 January 2015 – The Global Medium Voltage Motors Market is expected to grow at a CAGR of 5.92 percent from 2014-2019, says research firm TechNavio.
The growth of the hydraulic fracking industry is directly proportional to the growth of the Global Medium Voltage Motors Market, as medium voltage motors are widely used in this industry.
“Hydraulic fracking has opened new ways for tapping oil from oil wells,” says Faisal Ghaus, Vice President of TechNavio.
This technique has been widely adopted in areas like North America and Europe, by major fracking companies including Baker Hughes and Halliburton.
The latest report by TechNavio also pinpoints the shift towards premium efficiency motors as a major market growth driver. These days, manufacturers are not only concerned about the initial cost, but also about the operating cost of the motors. Therefore, medium voltage motor vendors are focusing on reducing the cost by shifting to highly efficient motors.
“Governments worldwide are planning to implement IE3 norms in the next three years, which means IE2 motors now have a much shorter shelf life,” says Ghaus.
TechNavio currently has more than 3000 market research reports on a huge range of topics, including:
- Global Explosion-proof Electric Motors and Actuators Market 2014-2018
- Global Low Voltage and Medium Voltage Motors Market 2012-2016
https://www.technavio.com/%3Cp%3E%3Cstrong%3EAbout%20TechNavio%3C/strong%…
