China is the world’s biggest market for MV motors with a 31% share of global sales in 2014. By 2019, its revenues will be approaching $2.1bn. The US is the second-largest national market, with 2019 revenues projected to be around $1.1bn. According to IHS, the EMEA regional market will be worth nearly $1.8bn in 2019 – similar to the figure for the Americas as a whole.

Last year, the oil and natural gas market was the biggest buyer of MV motors, accounting for 22.3% of global revenues (worth some $1.3bn), followed by power generation on 16.2% ($923m), metals on 13.3% ($758m) and mining on 11.4% ($652m).

There are substantial differences between regional markets. For instance, in 2014, EMEA was the largest consumer of MV motors in the oil and gas sector, while Asia-Pacific was the largest market for users in the power generation and metals sectors.

In the period to 2019, the chemical, power generation, and water and wastewater subsectors are all expected to outperform the growth of the market as a whole, with CAGRs of 4.6%, 5% and 5.5%, respectively. On the other hand, cement, metals, mining, oil and gas, and pulp and paper, are all forecast to underperform the global average.