Frost & Sullivan: Greenfield Projects and Demand for Customisation Drives Power Conversion Market in the European Oil and Gas Industry

Frost & Sullivan: Greenfield Projects andFrost & Sullivan: Greenfield Projects and Demand for Customisation Drives Power Conversion Market in the European Oil and Gas Industry PR Newswire LONDON, Dec. 23, 2013 - Sales volume increases as oil and gas companies look to lessen energy consumption and heighten productivity The growing demand for customised systems for critical oil and gas applications is brightening the prospects of the European power conversion market in the oil and gas industry. Escalating energy costs, exploration of new oil and gas fields also fuel the uptake of power conversion solutions in the region. New analysis from Frost & Sullivan (http://www.motors.frost.com), European Power Conversion Market in Oil and Gas Industry, finds that the market earned revenues of $908.7 million in 2012 and estimates this to reach $1,151.9 million in 2017. The research covers electric drives and electric motors, with the latter cornering 78.9 percent of the market share. However, electric drives have the higher growth rates due to their high-tech, energy-saving functions and ability to decrease downtime costs through control and efficient rotating assets. They have also demonstrated an ability to reduce the costs of upstream, midstream and downstream activities.