LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global industrial fractional horse power motors market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global industrial fractional horse power motors market will grow at a CAGR close to 5% during the forecast period. The growing adoption of energy-efficient equipment across industries is a major factor driving the market’s growth.
To address the concern of rising energy costs worldwide, industries are increasingly focusing on using energy-efficient equipment in production processes as well as end-products. Motors are one of the biggest energy consumers in industries, comprising more than 60% of industrial energy, which incurs high energy cost and releases harmful carbon emissions. Energy consumption accounts for a large share of overhead costs in end-user industries such as oil and gas, pulp and paper and food and beverage.
Even though regulatory bodies have set standards for manufacturing motors, the energy and carbon emission limits vary from country to country. The designing of motor circuits is very challenging for manufacturers of motors to cater to these standards. Therefore, manufacturers are more focused on developing motors that simplify the requirements of various end-users in any region. High energy-efficiency and low carbon emissions are attributes of the industrial fractional horsepower motor. This trait of industrial fractional horsepower motors has helped the process and discrete industries in saving a large amount of energy, thereby reducing the variable overheads.
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The three emerging market trends driving the global industrial fractional horse power motors market according to Technavio research analysts are:
- Predictive maintenance of motors using smart sensors
- Improvement in motor efficiency
- Growing demand for miniaturized motors
Predictive maintenance of motors using smart sensors
The overall productivity has increased due to the rise in adoption of IIOT in process and discrete industries. IIOT has helped industries to convert themselves into smart industries. Each component in these industries is connected to cloud technology, so that predictive maintenance can be performed. It becomes very difficult to keep a regular check on motors as industrial fractional horsepower motors are deployed inside the equipment.
“Motors are connected with smart sensors that send the information of a motor’s working condition to the cloud system. This system notifies plant offices about the need for maintenance of motors based on the automated algorithm. These smart sensors can be attached to the existing equipment and end-users need not revamp the infrastructure in order to deploy sensors and connect the motor to the entire plant through IoT,” says a senior analyst at Technavio for research on automation.
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Global industrial fractional horse power motors market segmentation
This market research report segments the global industrial fractional horse power motors market into the following four major end-users (food and beverage, oil and gas, paper and pulp, and mining and metals) and three major regions (the Americas, APAC, and EMEA).
EMEA was the leading region for the global industrial fractional horse power motors market in 2017, accounting for a market share of 39%. EMEA is expected to increase its market share and register a positive growth during the forecast period.
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