Fractional Horsepower (FHP) Motors Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The fractional horsepower (FHP) motors market has seen robust growth in recent years. It is projected to increase from $14.72 billion in 2023 to $15.81 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.4%. This historical growth can be attributed to the rising demand for consumer electronics, expansion in the automotive industry, growth in HVAC and refrigeration sectors, increased automation in industrial processes, and the development of home appliances.
What Are The Forecasts For The Global Fractional Horsepower (FHP) Motors Market Size And The Predicted Annual Growth Rates?
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.
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What Are The Major Factors Driving The Growth Of The Fractional Horsepower (FHP) Motors Market?
The growing consumer awareness of eco-friendly products is anticipated to drive the expansion of the fractional horsepower (FHP) motor market. Heightened awareness of environmental issues and climate change has led to an increased demand for sustainable options. FHP motors are designed to operate with minimal power, making them energy-efficient and capable of significantly reducing energy consumption while minimizing their environmental impact.
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Which Major Market Players Are Propelling the Fractional Horsepower (FHP) Motors Market?
Key players in the fractional horsepower (fop) motors market include 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.
What Trends Are Shaping the Future of the Fractional Horsepower (FHP) Motors Market Size?
Key players in the fractional horsepower (FHP) motor market are focusing on the development of innovative products, including electric motors, to enhance their competitive advantage. An electric motor is a device that transforms electrical energy into mechanical energy by utilizing the interaction between electric currents and magnetic fields.
What Is the Segmentation of the Global Fractional Horsepower (FHP) Motors Market?
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
Regional Insights: Asia-Pacific's Dominance in the Fractional Horsepower (FHP) Motors Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Fractional Horsepower (FHP) Motors Market?
Fractional horsepower motors are defined as small motors with a power rating of less than one horsepower. These motors are commonly used to drive pumps and compressors in various devices, including refrigerators, coffee machines, washing machines, and other appliances. FHP motors are typically classified based on their frame size and total fractional horsepower. Their compact design makes them valuable across multiple industries, such as domestic appliance manufacturing, automotive window operations, and medical instrument production.
The Fractional Horsepower (FHP) Motors Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Fractional Horsepower (FHP) Motors Market Report: Trends, Opportunities, Strategies, and More
The Fractional Horsepower (FHP) Motors Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into fractional horsepower (fop) motors market size, fractional horsepower (fop) motors market drivers and trends, fractional horsepower (fop) motors competitors' revenues, and fractional horsepower (fop) motors market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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