The Fractional Horsepower (FHP) Motors Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Fractional Horsepower (FHP) Motors Global Market Report 2024, The fractional horsepower (fop) motors market size has grown strongly in recent years. It will grow from $14.72 billion in 2023 to $15.81 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to rise in consumer electronics demand, growth in automotive industry, expansion of HVAC and refrigeration sectors, automation in industrial processes, development of home appliances.
The fractional horsepower (fop) motors market size is expected to see strong growth in the next few years. It will grow to $20.97 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to rapid advancements in electric vehicles (EVs), increased focus on energy efficiency, IoT integration in appliances and devices, growth in robotics and automation, expanding role in renewable energy system. Major trends in the forecast period include increasing automation in industries, growing emphasis on energy efficiency, expanding applications in HVAC systems, technological advancements in motor design, focus on motor miniaturization.
The rise in consumer awareness about eco-friendly products is expected to propel the growth of the fractional horsepower (FHP) motor market. The changing climate and harmful environmental impacts have led to an increase in awareness of eco-friendly products. Fractional horsepower motors operate on very little power and are energy-efficient motors that save a lot of energy and do not have a harmful impact on the environment. For instance, according to the Global Buying Green Report (2021), a survey report by Trivium Packaging, conducted among more than 15,000 end consumers across Europe, North America, and South America, revealed that 67% of the consumers found themselves environmentally aware, and 73% of consumers were willing to pay more for eco-friendly packaging of products. Therefore, awareness regarding environmentally friendly products will drive the demand for the fractional horsepower (FHP) motor market.
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The fractional horsepower (FHP) motors market covered in this report is segmented –
1) By Motor Type: AC, DC
2) By Product Type: Brushed, Brushless
3) By Phase: Single-Phase, Three-Phase
4) By Application: Automotive, HVAC, Medical Equipment, Home Appliance, Other Applications
Major companies operating in the fractional horsepower (FHP) motor market are developing new products such as electric motor to gain a competitive edge in the market. An electric motor is a device that converts electrical energy into mechanical energy through the interaction of electric currents and magnetic fields. For instance, in July 2022, WEG S.A. is a Brazil-based company that operates in the electric engineering, power, and automation technology sectors, launched W12. The new W12 electric motor offers efficiency and versatility and is intended for use in higher performance industrial applications. The lightest weight durable motor available is the W12 motor, which makes installation and transportation simpler. The motor offers consumers enhanced performance and dependability by being built to suit the needs of industrial applications. The WEG fully interchangeable product line includes the W12 motor, guaranteeing ease of use and adaptability for a wide range of applications.
The fractional horsepower (fhp) motors market report table of contents includes:
1. Executive Summary
2.Fractional Horsepower (FHP) Market Characteristics
3.Fractional Horsepower (FHP) Market Trends And Strategies
4.Fractional Horsepower (FHP) Market analysis
5.Fractional Horsepower (FHP) Market Size And Growth
6.Fractional Horsepower (FHP) Segmentation
7.Fractional Horsepower (FHP) Regional And Country Analysis
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27.Fractional Horsepower (FHP) Competitive Landscape And Company Profiles
28. Fractional Horsepower (FHP) Key Mergers And Acquisitions
29.Fractional Horsepower (FHP) Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Honeywell International Inc.
- ABB Group
- NIDEC Corporation
- Aerotek India Pvt. Ltd.
- B & B Electricals Ltd.
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