Global Oil and gas CAPEX spending bolsters the market for medium-voltage motors
November 16, 2018
In recent years, the medium-voltage (MV) motor market has contracted due to the oil and gas crisis that lowered oil prices, which resulted in curtailed investment in MV motors globally. However, going forward this trend is forecast to begin reversing. As prices for oil and gas rise in 2018 and 2019 to levels more in line with their historical averages, pent-up capital expenditure (CAPEX) is expected to return, which will lead to higher demand for MV motors across all regions. This spending will result in a boon to industries adjacent to oil and gas operations as well and will result in manufacturers expanding the capabilities of their motors in order to meet demand.