Press release
Fractional Horsepower Motors Market to Reach $20.97 Billion by 2028, Fueled by Innovation
Fractional Horsepower (FHP) Motors Market Report
Fractional Horsepower (FHP) Motors Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $20.97 billion In 2028 At A CAGR Of 7.3%:
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.
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Fractional Horsepower (FHP) Motors Market Major Segments
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
Key Driver - Eco-Conscious Consumers Drive Surge In Demand For Fractional Horsepower (FHP) Motors
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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Prominent Trend - Fractional Horsepower (FHP) Motor Market Embraces Product Innovation With Borewell Submersible Pumps
Product innovation is the key trend gaining popularity in the fractional horsepower (FHP) motor market. Major companies operating in the fractional horsepower motor market are focused on developing new and advanced products to strengthen their market position. For instance, in September 2021, Kirloskar Brothers Limited (KBL), an India-based pump manufacturing company involved in the engineering and manufacturing of systems for fluid management, launched the NEO Series 4-in, a new series of borewell submersible pumps. This new series has NEMA (National Electrical Manufacturers Association) couplings and a high torque motor that offers a wide voltage range from 180-240 volts, which protects the motor from burning due to high or low voltage. The motor present in the pump ranges from 0.5 to 3 HP (horsepower). The NEO Series 4-in prevents sand from entering and safeguards the pump-set brushes. They also have a cutting-edge water-cooled motor that guarantees a 30% increase in discharge and a 60% increase in life and energy savings (a 60% reduction in electricity use).
Fractional Horsepower (FHP) Motors Market Players
Major companies operating in the fractional horsepower (fhp) motors market report are Honeywell International Inc., ABB Group, NIDEC Corporation, Aerotek India Pvt. Ltd., B & B Electricals Ltd., AMETEK Inc., Johnson Electric Holdings Limited, Dr. Beck India Pvt. Ltd., Crompton Greaves Ltd., Allied Motion Inc., BGB Electricals Pvt. Ltd., Fiem Industries Ltd., Electro Craft India Pvt. Ltd., AAC Drives Ltd., Euro Motors India Pvt. Ltd., Beacon Electricals Pvt. Ltd., D.G. Controls Pvt. Ltd., C&S Electric Ltd., Elgi Electric & Electronics Ltd., Bharat Bijlee Ltd., Akshay Electricals Pvt. Ltd., C & C Electricals Pvt. Ltd., C.P. Industries Ltd., Emacon Power Pvt. Ltd., Empre Electricals Pvt. Ltd., Encon Electricals Pvt. Ltd., Evergreen Electricals & Controls Pvt. Ltd., Hindustan Motors Ltd., Beel Electrical Ltd., Bhavya Electricals Pvt. Ltd., Delta Electric Motion India Pvt. Ltd., Dodsal Electricals Pvt. Ltd., G.M. Electric Drives Pvt. Ltd., GE Fanuc Automation India Ltd., Greaves Cotton Ltd., Indus Power Products Pvt. Ltd., Jyoti CNC Automation Ltd., K.K. Electricals Ltd.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the fractional horsepower (FHP) motor market in 2023. The regions covered in the fractional horsepower (fhp) motors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Fractional Horsepower (FHP) Motors Market Report Structure
3. Fractional Horsepower (FHP) Motors Market Trends And Strategies
4. Fractional Horsepower (FHP) Motors Market - Macro Economic Scenario
5. Fractional Horsepower (FHP) Motors Market Size And Growth
…..
27. Fractional Horsepower (FHP) Motors Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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