Global Positive Displacement Motor Market 20192023 Growing Use of Liquid Fuel in Developing Countries as Well as Developed Economies ResearchAndMarketscom

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Global Positive Displacement Motor Market (2019-2023): Growing Use of Liquid Fuel in Developing Countries as Well as Developed Economies - ResearchAndMarkets.com

17 December 2018

DUBLIN--(BUSINESS WIRE)-- The "Global Positive Displacement Motor Market 2019-2023" report has been added to ResearchAndMarkets.com's offering.

The global positive displacement motor market is forecast to grow at a CAGR of 7.32% during the period 2019-2023.

The performance of the drilling process is being optimized by using automation. IoT is being incorporated in upstream oil and gas operations to enhance decision making ability and find effective solutions in oil and gas production. Thus, the increasing applications of IoT in oil and gas sector will be a key trend driving the global positive displacement motor market growth.

According to the report, one of the major drivers for this market is the growing use of liquid fuel, in developing countries such as India and China, as well as developed economies such as Japan, South Korea, and the US. Urbanization and industrialization are the major factors contributing to the increasing demand for fuel in these regions.

Further, the report states that one of the major factors hindering the growth of this market is the fluctuations in global crude oil prices. The fall in crude oil import price impacted the profitability of several upstream companies which in turn hampered the growth of positive displacement motor market.

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