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Global HVAC Drive Market Share, Analysis, Forecast, Trends: By Type: DC Drives, AC Drives, Others; By Power Range: Less Than 10 KW, 10-100 KW, Above 100 KW; By Application: Air Handling Units, Cooling Towers, Pumps, Others; By End Use; Regional Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032

Global HVAC Drive Market Outlook

The global HVAC drive market attained a value of nearly USD 3.13 billion in 2023. The market is estimated to grow in the forecast period of 2024-2032 at a CAGR of 5.7% to reach about USD 5.15 billion by 2032.

hvac drive market

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North America Augmenting the Market Growth of HVAC Drive

North America is holding a substantial share in the global HVAC drive market on account of the increasing availability of manufacturers and distributors of HVAC drives. Growing industrialisation coupled with surging demand for electricity and power, and rapid urbanisation in countries like the United States is further driving the market growth of HVAC drive in the North American region.

There is an increasing demand for the product in the construction of smart buildings both in the residential and commercial sectors as HVAC drive improves building energy efficiency. As a result, the market demand for HVAC drive is propelling in the North American region.

The Asia Pacific region is expected to gain momentum in the HVAC drive market on account of the rising demand for HVAC systems. This is due to hot weather, rise in average temperatures, and climatic fluctuations in countries like India, Japan, China, and Indonesia, along with developing infrastructure in the region. The growing population with expansion strategies by market players like Fuji Electric Co., Ltd. are expected to fuel the market growth of HVAC drives in the region.

Market Segmentation

HVAC stands for heating, ventilation, and air conditioning. HVAC drive is an electrical device used as a fan accessory that can increase and decrease the rotations per minute (RPM) of an alternating current (AC) motor. Such device or system control motor speed within the allowable operating range. Providing reasonable indoor air quality and thermal comfort is the key function of HVAC drives.

hvac drive market by segments

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The market for HVAC drive, by type, is divided into:

DC Drives

AC Drives

Others

The market can be broadly categorised on the basis of power range segments into:

Less Than 10 KW

10-100 KW

Above 100 KW

Based on application, the market is segmented into:

Air Handling Units

Cooling Towers

Pumps

Others

By end-use, the market is segmented into:

Industrial

Commercial

Residential

The EMR report looks into the regional markets of HVAC Drive like Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa.

hvac drive market by region

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AC Drive to Fuel the Market Growth of HVAC Drive

Based on types, the AC drives segment is expected to witness significant growth in the global HVAC drive market during the forecast period as such power systems or devices facilitate large amounts of energy to be efficiently transmitted over great distances. The surging adoption of energy-saving techniques provide a better return on investment as well as efficiency. This further avoids strain on natural resources, thereby bolstering the segment in the market of HVAC drive.

AC drives offer simple installation and have increasing demand in various applications such as oil & gas, water & wastewater treatment, and metals & mining industries. In such industries, energy conservation is not primary but of secondary importance. AC drives offer precise speed or torque control in commercial applications which are driving the demand for AC drives segment in the market across the globe.

Key Players in the Global Market for HVAC Drive

The report presents a detailed analysis of the following key players in the global HVAC drive market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

ABB Ltd.

Mitsubishi Electric Corporation

Johnson Controls.

Siemens AG

Hitachi, Ltd.

Eaton Corporation plc

Fuji Electric Co., Ltd.

Yaskawa America Inc.

Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report

REPORT FEATURES	DETAILS
Base Year	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Scope of the Report	Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment: Type Power Range Application End Use Region
Breakup by Type	DC Drives AC Drives Others
Breakup by Power Range	Less Than 10 KW 10-100 KW Above 100 KW
Breakup by Application	Air Handling Units Cooling Towers Pumps Others
Breakup by End Use	Industrial Residential Commercial
Breakup by Region	North America United States of America Canada Europe United Kingdom Germany France Italy Others Asia Pacific China Japan India ASEAN Australia Others Latin America Brazil Argentina Mexico Others Middle East and Africa Saudi Arabia United Arab Emirates Nigeria South Africa Others
Market Dynamics	SWOT Analysis Porter's Five Forces Analysis Key Indicators for Demand Key Indicators for Price
Competitive Landscape	Market Structure Company Profiles Company Overview Product Portfolio Demographic Reach and Achievements Certifications
Companies Covered	Mitsubishi Electric Corporation ABB Ltd. Johnson Controls Siemens AG Hitachi, Ltd. Eaton Corporation plc Fuji Electric Co., Ltd. Yaskawa America Inc. Others

*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.

1   Preface
2   Report Coverage – Key Segmentation and Scope
3   Report Description
   3.1   Market Definition and Outlook
   3.2   Properties and Application
   3.3   Market Analysis
   3.4   Key Players
4   Key Assumptions
5   Executive Summary
   5.1   Overview
   5.2   Key Drivers
   5.3   Key Developments
   5.4   Competitive Structure
   5.5   Key Industrial Trends
6   Market Snapshot
   6.1   Global
   6.2   Regional
7   Industry Opportunities and Challenges
8   Global HVAC Drive Market Analysis
   8.1   Key Industry Highlights
   8.2   Global HVAC Drive Historical Market (2018-2023)
   8.3   Global HVAC Drive Market Forecast (2024-2032)
   8.4   Global HVAC Drive Market by Type
       8.4.1   DC Drives
           8.4.1.1   Market Share
           8.4.1.2   Historical Trend (2018-2023)
           8.4.1.3   Forecast Trend (2024-2032)
       8.4.2   AC Drives
           8.4.2.1   Market Share
           8.4.2.2   Historical Trend (2018-2023)
           8.4.2.3   Forecast Trend (2024-2032)
       8.4.3   Others
   8.5   Global HVAC Drive Market by Power Range
       8.5.1   Less Than 10 KW
           8.5.1.1   Market Share
           8.5.1.2   Historical Trend (2018-2023)
           8.5.1.3   Forecast Trend (2024-2032)
       8.5.2   10-100 KW
           8.5.2.1   Market Share
           8.5.2.2   Historical Trend (2018-2023)
           8.5.2.3   Forecast Trend (2024-2032)
       8.5.3   Above 100 KW
           8.5.3.1   Market Share
           8.5.3.2   Historical Trend (2018-2023)
           8.5.3.3   Forecast Trend (2024-2032)
   8.6   Global HVAC Drive Market by Application
       8.6.1   Air Handling Units
           8.6.1.1   Market Share
           8.6.1.2   Historical Trend (2018-2023)
           8.6.1.3   Forecast Trend (2024-2032)
       8.6.2   Cooling Towers
           8.6.2.1   Market Share
           8.6.2.2   Historical Trend (2018-2023)
           8.6.2.3   Forecast Trend (2024-2032)
       8.6.3   Pumps
           8.6.3.1   Market Share
           8.6.3.2   Historical Trend (2018-2023)
           8.6.3.3   Forecast Trend (2024-2032)
       8.6.4   Others
   8.7   Global HVAC Drive Market by End Use
       8.7.1   Industrial
           8.7.1.1   Market Share
           8.7.1.2   Historical Trend (2018-2023)
           8.7.1.3   Forecast Trend (2024-2032)
       8.7.2   Residential
           8.7.2.1   Market Share
           8.7.2.2   Historical Trend (2018-2023)
           8.7.2.3   Forecast Trend (2024-2032)
       8.7.3   Commercial
           8.7.3.1   Market Share
           8.7.3.2   Historical Trend (2018-2023)
           8.7.3.3   Forecast Trend (2024-2032)
   8.8   Global HVAC Drive Market by Region
       8.8.1   North America
           8.8.1.1   Market Share
           8.8.1.2   Historical Trend (2018-2023)
           8.8.1.3   Forecast Trend (2024-2032)
       8.8.2   Europe
           8.8.2.1   Market Share
           8.8.2.2   Historical Trend (2018-2023)
           8.8.2.3   Forecast Trend (2024-2032)
       8.8.3   Asia Pacific
           8.8.3.1   Market Share
           8.8.3.2   Historical Trend (2018-2023)
           8.8.3.3   Forecast Trend (2024-2032)
       8.8.4   Latin America
           8.8.4.1   Market Share
           8.8.4.2   Historical Trend (2018-2023)
           8.8.4.3   Forecast Trend (2024-2032)
       8.8.5   Middle East and Africa
           8.8.5.1   Market Share
           8.8.5.2   Historical Trend (2018-2023)
           8.8.5.3   Forecast Trend (2024-2032)
9   North America HVAC Drive Market Analysis
   9.1   United States of America
       9.1.1   Market Share
       9.1.2   Historical Trend (2018-2023)
       9.1.3   Forecast Trend (2024-2032)
   9.2   Canada
       9.2.1   Market Share
       9.2.2   Historical Trend (2018-2023)
       9.2.3   Forecast Trend (2024-2032)
10   Europe HVAC Drive Market Analysis
   10.1   United Kingdom
       10.1.1   Market Share
       10.1.2   Historical Trend (2018-2023)
       10.1.3   Forecast Trend (2024-2032)
   10.2   Germany
       10.2.1   Market Share
       10.2.2   Historical Trend (2018-2023)
       10.2.3   Forecast Trend (2024-2032)
   10.3   France
       10.3.1   Market Share
       10.3.2   Historical Trend (2018-2023)
       10.3.3   Forecast Trend (2024-2032)
   10.4   Italy
       10.4.1   Market Share
       10.4.2   Historical Trend (2018-2023)
       10.4.3   Forecast Trend (2024-2032)
   10.5   Others
11   Asia Pacific HVAC Drive Market Analysis
   11.1   China
       11.1.1   Market Share
       11.1.2   Historical Trend (2018-2023)
       11.1.3   Forecast Trend (2024-2032)
   11.2   Japan
       11.2.1   Market Share
       11.2.2   Historical Trend (2018-2023)
       11.2.3   Forecast Trend (2024-2032)
   11.3   India
       11.3.1   Market Share
       11.3.2   Historical Trend (2018-2023)
       11.3.3   Forecast Trend (2024-2032)
   11.4   ASEAN
       11.4.1   Market Share
       11.4.2   Historical Trend (2018-2023)
       11.4.3   Forecast Trend (2024-2032)
   11.5   Australia
       11.5.1   Market Share
       11.5.2   Historical Trend (2018-2023)
       11.5.3   Forecast Trend (2024-2032)
   11.6   Others
12   Latin America HVAC Drive Market Analysis
   12.1   Brazil
       12.1.1   Market Share
       12.1.2   Historical Trend (2018-2023)
       12.1.3   Forecast Trend (2024-2032)
   12.2   Argentina
       12.2.1   Market Share
       12.2.2   Historical Trend (2018-2023)
       12.2.3   Forecast Trend (2024-2032)
   12.3   Mexico
       12.3.1   Market Share
       12.3.2   Historical Trend (2018-2023)
       12.3.3   Forecast Trend (2024-2032)
   12.4   Others
13   Middle East and Africa HVAC Drive Market Analysis
   13.1   Saudi Arabia
       13.1.1   Market Share
       13.1.2   Historical Trend (2018-2023)
       13.1.3   Forecast Trend (2024-2032)
   13.2   United Arab Emirates
       13.2.1   Market Share
       13.2.2   Historical Trend (2018-2023)
       13.2.3   Forecast Trend (2024-2032)
   13.3   Nigeria
       13.3.1   Market Share
       13.3.2   Historical Trend (2018-2023)
       13.3.3   Forecast Trend (2024-2032)
   13.4   South Africa
       13.4.1   Market Share
       13.4.2   Historical Trend (2018-2023)
       13.4.3   Forecast Trend (2024-2032)
   13.5   Others
14   Market Dynamics
   14.1   SWOT Analysis
       14.1.1   Strengths
       14.1.2   Weaknesses
       14.1.3   Opportunities
       14.1.4   Threats
   14.2   Porter’s Five Forces Analysis
       14.2.1   Supplier’s Power
       14.2.2   Buyer’s Power
       14.2.3   Threat of New Entrants
       14.2.4   Degree of Rivalry
       14.2.5   Threat of Substitutes
   14.3   Key Indicators for Demand
   14.4   Key Indicators for Price
15   Competitive Landscape
   15.1   Market Structure
   15.2   Company Profiles
       15.2.1   Mitsubishi Electric Corporation
           15.2.1.1   Company Overview
           15.2.1.2   Product Portfolio
           15.2.1.3   Demographic Reach and Achievements
           15.2.1.4   Certifications
       15.2.2   ABB Ltd.
           15.2.2.1   Company Overview
           15.2.2.2   Product Portfolio
           15.2.2.3   Demographic Reach and Achievements
           15.2.2.4   Certifications
       15.2.3   Johnson Controls
           15.2.3.1   Company Overview
           15.2.3.2   Product Portfolio
           15.2.3.3   Demographic Reach and Achievements
           15.2.3.4   Certifications
       15.2.4   Siemens AG
           15.2.4.1   Company Overview
           15.2.4.2   Product Portfolio
           15.2.4.3   Demographic Reach and Achievements
           15.2.4.4   Certifications
       15.2.5   Hitachi, Ltd.
           15.2.5.1   Company Overview
           15.2.5.2   Product Portfolio
           15.2.5.3   Demographic Reach and Achievements
           15.2.5.4   Certifications
       15.2.6   Eaton Corporation plc
           15.2.6.1   Company Overview
           15.2.6.2   Product Portfolio
           15.2.6.3   Demographic Reach and Achievements
           15.2.6.4   Certifications
       15.2.7   Fuji Electric Co., Ltd.
           15.2.7.1   Company Overview
           15.2.7.2   Product Portfolio
           15.2.7.3   Demographic Reach and Achievements
           15.2.7.4   Certifications
       15.2.8   Yaskawa America Inc.
           15.2.8.1   Company Overview
           15.2.8.2   Product Portfolio
           15.2.8.3   Demographic Reach and Achievements
           15.2.8.4   Certifications
       15.2.9   Others
16   Key Trends and Developments in the Market

List of Key Figures and Tables

1.   Global HVAC Drive Market: Key Industry Highlights, 2018 and 2032
2.   Global HVAC Drive Historical Market: Breakup by Type (USD Million), 2018-2023
3.   Global HVAC Drive Market Forecast: Breakup by Type (USD Million), 2024-2032
4.   Global HVAC Drive Historical Market: Breakup by Power Range (USD Million), 2018-2023
5.   Global HVAC Drive Market Forecast: Breakup by Power Range (USD Million), 2024-2032
6.   Global HVAC Drive Historical Market: Breakup by Application (USD Million), 2018-2023
7.   Global HVAC Drive Market Forecast: Breakup by Application (USD Million), 2024-2032
8.   Global HVAC Drive Historical Market: Breakup by End Use (USD Million), 2018-2023
9.   Global HVAC Drive Market Forecast: Breakup by End Use (USD Million), 2024-2032
10.   Global HVAC Drive Historical Market: Breakup by Region (USD Million), 2018-2023
11.   Global HVAC Drive Market Forecast: Breakup by Region (USD Million), 2024-2032
12.   North America HVAC Drive Historical Market: Breakup by Country (USD Million), 2018-2023
13.   North America HVAC Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
14.   Europe HVAC Drive Historical Market: Breakup by Country (USD Million), 2018-2023
15.   Europe HVAC Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
16.   Asia Pacific HVAC Drive Historical Market: Breakup by Country (USD Million), 2018-2023
17.   Asia Pacific HVAC Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
18.   Latin America HVAC Drive Historical Market: Breakup by Country (USD Million), 2018-2023
19.   Latin America HVAC Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
20.   Middle East and Africa HVAC Drive Historical Market: Breakup by Country (USD Million), 2018-2023
21.   Middle East and Africa HVAC Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
22.   Global HVAC Drive Market Structure

Key Questions Answered in the Report

What was the global HVAC drive market size in 2023?

In 2023, the global HVAC Drive market attained a value of nearly USD 3.13 billion.

What is the growth rate of the market?

The market is assessed to grow at a CAGR of 5.7% between 2024 and 2032.

What is the forecast outlook of the market for 2024-2032?

The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach almost USD 5.15 billion by 2032.

What are the major market drivers?

The major market drivers are changing lifestyles, rapid urbanisation, increasing demand for electricity and power, and innovative marketing strategies by market players.

What are the key market trends of the global HVAC drive market?

The key market trends guiding the growth of the market include the growing adoption of HVAC drive in various industries, technological advancements, and infrastructure development.

What are the major regional markets for HVAC drive, according to the EMR report?

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

What are the various types available in the market?

The various types that are available in the market are DC drives and AC drives, among others.

What are the different power ranges available for HVAC drives?

The different power ranges available for HVAC drives include less than 10 KW, 10-100 KW and above 100 KW.

What are the different applications in the market?

The different applications in the market are air handling units, cooling towers, and pumps, among others.

What are the major market divisions, based on end-use?

The major market divisions, based on end-use, include industrial, commercial, and residential.

Who are the key market players, according to the report?

The major players in the market are Mitsubishi Electric Corporation, ABB Ltd., Johnson Controls, Siemens AG, Hitachi, Ltd., Eaton Corporation plc, Fuji Electric Co., Ltd., and Yaskawa America Inc., among others.

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