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Global HVAC Variable Frequency Drive Market to Reach About USD 4.1 Billion by 2027, Aided by the Growing Demand for Energy-Efficiency in HVAC Systems

According to a new report by EMR titled, ‘Global HVAC Variable Frequency Drive Market Report and Forecast 2022-2027’, the market attained a value of about USD 2.9 billion in 2021. The market is further expected to grow at a CAGR of 5.90% in the forecast period of 2022-2027 to reach a value of nearly USD 4.1 billion by 2027.

The advanced energy-saving features offered by variable frequency drives are surging their utilisation in HVAC systems. With the increasing use of HVAC variable frequency drives for network monitoring or equipment, fan and pump balancing, peak-shaving of equipment energy use, and modulation of multiple motors, among others, the market is expected to witness a healthy growth.

 

The development of advanced and cost-effective HVAC variable frequency drives with the reduced size is anticipated to provide further impetus to the market growth in the forecast period. In addition, advancements in variable frequency drive technology are prompting leading companies of HVAC to boost their investments, which is likely to drive the growth of HVAC variable frequency drive market in the coming years.

 

Mitsubishi Electric Corporation (OTCMKTS: MIELY), one of the leading companies in the market, introduced the FR-E800 Series, the latest addition to its line-up of variable frequency drives, in May 2020. It features a built-in PLC while including safety functionality to meet IEC 61508 standards. It also supports various networks, such as Ethernet/IP, MODBUS/TCP, as well as the soon-to-be-released CC-Link IE TSN. The series is designed for technology, engineering, and product managers in various industries such as the material handling, packaging, water and pumping, and food and beverage industries to boost the energy-efficiency.

 

Moreover, the series incorporates advanced capabilities and features extended programming functions, and auto-tuning of PM motors to meet or exceed energy-efficiency regulations. As the product features corrosion detection, lifetime diagnostics of critical components, and PM motor commutation, it is expected to make a significant impact on various industries, such as HVAC and manufacturing.

 

Market Analysis by Type, Power Range, Application, and Region:

  • The market, on the basis of type, can be divided into DC drives, AC drives, and servo drives.
  • Based on power range, the market can be divided into micro, low, medium, and high.
  • The major applications of HVAC variable frequency drive include residential, commercial, and industrial.
  • The regional markets for HVAC variable frequency drive include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • The increasing focus on infrastructural development, rapid urbanisation and industrialisation, and the surging investments in the manufacturing and industrial sectors are driving the market growth.
  • The market for HVAC variable frequency drive is being fuelled by the increasing power requirements of major end-users of HVAC systems.
  • The growing adoption of energy-efficient techniques in various applications is bolstering the demand for AC drives and invigorating the market growth for HVAC variable frequency.
  • The surging applications of AC drive in several industries, such as water and wastewater treatment, oil and gas, and metals and mining, among others, are fuelling the market growth of HVAC variable frequency.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for HVAC variable frequency drive for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the types, applications, power ranges, and major regions of HVAC variable frequency drive.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global market are ABB Ltd., Siemens AG, Rockwell Automation, Inc., Mitsubishi Electric Corporation, and Yaskawa America Inc. – Drives and Motion Division, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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