MOUNTAIN VIEW, Calif., July 9, 2013 /PRNewswire/ -- The expansion of Greenfield shale plays, an increase in natural gas exploration and production, and new investments in transportation infrastructure spurred the North American electric drives market for natural gas applications.
New analysis from Frost & Sullivan's ( http://www.motors.frost.com) Analysis of the North American Drives Market for Natural Gas Applications research finds the market earned revenue of more than $350 million in 2012. While the market is less than 20 percent of the total drives market in North America, it is expected to grow at a rate 1.5 times faster than the growth rate of the total electric drives market in North America. This provides ample growth opportunities for companies to capitalize on. Moreover, recent trends in the industry, such as the approval of liquefied natural gas (LNG) export terminals, are expected to further boost the market growth rate.
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"With increased emphasis on energy independence in the U.S., exploration and production companies escalated investments in natural gas extraction and new well development, thereby driving the electric drives market in the upstream segment," said Frost & Sullivan Industrial Automation and Process Control Research Analyst Anshul Sharma.In midstream, most pipelines used in these operations are in areas with limited access to electricity, and electric drives' dependence on a steady power supply adds to operational costs, dissuading potential consumers. The lack of quick return on investment, as well as end-users' preference for proven, conventional drive systems to avoid device failures that can lead to delayed production and financial losses, further curb sale volumes.