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TechNavio Says Growth of Hydraulic Fracking Will Promote the Global Medium Voltage Motors Market from 2015-2019The 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 (News - Alert) 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 eficient 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:
About TechNavio TechNavio is a leading global technology research and advisory company. Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
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