The global industrial fractional horse power motors market to grow at a CAGR of 4.94 % during the period 2018-2022.
Global Industrial Fractional Horse Power Motors Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report considers the revenue generated from the sales of industrial fractional horse power motors.
The latest trend gaining momentum in the market is predictive maintenance of motors using smart sensors. The increasing adoption of IIOT in process and discrete industries has driven the overall productivity. Industries are trying to convert themselves into smart industries, which has been possible with the help of IIoT.
Each component in these industries is connected to cloud technology, so that predictive maintenance can be performed. As industrial fractional horsepower motors are deployed inside the equipment, it becomes very difficult to keep a regular check on motors. Therefore, motors are connected with smart sensors that send the information of a motor's working condition to the cloud system.
According to the report, one of the major drivers for this market is Growing adoption of energy-efficient equipment across industries. Industries are increasingly focusing on using energy-efficient equipment in production processes as well as end-products to address the concern of rising energy costs worldwide. Motors are one of the biggest energy consumers in industries, comprising more than 60% of industrial energy, which results in high energy costs and carbon emissions. In end-user industries such as oil and gas, pulp and paper and food and beverage, energy consumption accounts for a large share of overhead costs.
Further, the report states that one of the major factors hindering the growth of this market is Scarcity of raw materials and rising copper price. The scarcity of raw materials continues to be a major challenge for industrial fractional horse power motors market. Rare earth metals, such as neodymium, iron, and boron, are used in the manufacturing of permanent magnet motors. This permanent magnet is very helpful for motors, as it is twice as strong when compared with a typical ferrite-based magnet.
Rare earth metals are difficult to mine and fabricate into components. These metals are found in limited quantity at a given place. Therefore, any fluctuation in price impacts the cost of these magnets and permanent magnet motors. China is the major supplier of the rare earth magnets across the world.
Predictive maintenance of motors using smart sensors