Reports
Reports
Sale
The global HVAC drive market reached approximately USD 3.13 billion in 2023. The market is projected to grow at a CAGR of 5.7% between 2024 and 2032, reaching a value of around USD 5.15 billion by 2032.
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 a device or system controls motor speed within the allowable operating range. Providing reasonable indoor air quality and thermal comfort is the key function of HVAC drives.
With rising energy costs and increased environmental awareness, energy efficiency remains a predominant trend. HVAC drives help reduce energy consumption by controlling the speed of motors in real-time based on the actual demand, significantly lowering energy usage, which fuels the HVAC drive market development. As urbanisation increases, there is a higher demand for comfortable living and working environments, which drives the need for effective HVAC systems and consequently the drives that support them. 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 drives is propelling across the world.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Sustainability and green building practices; Development of compact and modular drives; Building automation systems integration; and advancements in semiconductor technology are the major trends impacting the HVAC drive market growth
April 19th, 2024
Midea announced its agreement to purchase the Climate Division of Swiss group Arbonia for €760 million which includes HVAC businesses; Sabiana, Termovent, and Tecna.
February 15th, 2024
Indian government’s allocation of 11.11 lakh crores set to infrastructure growth in the 2024-25 financial year is set to spur the demand for the HVAC sector.
March 20th, 2023
Carrier announced that it has been recognised for its leadership in the HVAC sector, being named the best HVAC company of 2023 by U.S. News & World Report.
April 11th, 2022
Johnson Controls announced improvements to their YORK YVAA Variable Speed Drive Screw Chiller, which now offers increased operating efficiency, a reduced footprint, and compatibility with low-GWP refrigerants.
Sustainability and green building practices
There is an increased focus on HVAC that contributes to green building certifications and HVAC drives play a crucial role in this by optimising system performance.
Development of compact and modular drives
There is an increasing focus on designing compact and modular HVAC drives that can be easily integrated into various systems and spaces.
Building automation systems integration
The integration of HVAC drives with building automation systems (BAS) is becoming common as it allows for centralised control of all building systems.
Advancements in semiconductor technology
Improvements in semiconductor technology, such as the use of silicon carbide (SiC) and gallium nitride (GaN), are making HVAC drives more efficient and reliable.
There is a rising trend towards designing compact and modular HVAC drives that can be easily integrated into various systems and spaces. In many urban areas and modern building designs, space is a premium commodity. Compact HVAC drives are designed to occupy less space, making them ideal for installations in confined areas like small mechanical rooms or within ceiling spaces.
Market players in HVAC drive market are implementing updates in HVAC drive design to make strides in technological advancements. Johnson Controls announced an upgradation to their YORK YVAA Variable Speed Drive Screw Chiller in April 2022, which is designed for mission-critical applications and features advanced technologies that enhance both full and part-load efficiency.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
“The EMR’s report titled HVAC Drive Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Power Range
Market Breakup by Application
Market Breakup by End Use
Market Breakup by Region
The demand for AC drives segment is growing as they offer accurate speed and torque control
Based on types, the AC drives segment is expected to witness significant growth in the global 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 provides 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 and gas, water and wastewater treatment, and metals and 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.
DC drives are also expected to gain sizeable growth as they provide high starting torque and precise speed control, which is crucial for applications requiring detailed control over motor speeds and torque, such as in cranes, elevators, and in some types of heavy machinery.
Commercial sector maintains its dominance in the market due to the rising installation of HVAC systems in malls, offices, and schools, among others
The commercial sector holds the highest share of the HVAC drive market. Commercial buildings, including offices, shopping malls, hospitals, and schools, require extensive HVAC systems to maintain indoor air quality and comfort for a large number of occupants. The complexity of HVAC needs in commercial settings, combined with the large square footage covered, demands robust drive systems to control and optimise a variety of HVAC equipment efficiently.
The industrial sector is also anticipated to grow rapidly in the HVAC drive market. Industrial applications often require precise temperature and humidity control for process stability and product quality and HVAC drives in these settings are crucial for controlling large-scale, energy-intensive systems that operate continuously.
The market players in the HVAC drive market are introducing novel technologies to stay ahead in the competition, further increasing their collaboration efforts to meet the evolving regulatory landscape
ABB Ltd., founded in 1988, is a global technology company that specialises in robotics, power, heavy electrical equipment, and automation technology areas.
Mitsubishi Electric Corporation, founded in 1921, is a leading manufacturer of electrical and electronic equipment used in a variety of fields and applications.
Johnson Controls, founded in 1885, is a global leader in building products and technology, integrated solutions, and energy storage.
Siemens AG, founded in 1847, is a multinational conglomerate company that focuses on areas such as energy, healthcare, and infrastructure.
Other major players in the market include Hitachi, Ltd., Eaton Corporation plc, Fuji Electric Co., Ltd., and Yaskawa America Inc., among others.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
North America leads the market due to rising urbanisation and industrialisation
North America holds a substantial share of the global 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.
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.
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:
|
Breakup by Type |
|
Breakup by Power Range |
|
Breakup by Application |
|
Breakup by End Use |
|
Breakup by Region |
|
Market Dynamics |
|
Competitive Landscape |
|
Companies Covered |
|
HVAC Drive Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
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
In 2023, the global HVAC Drive market attained a value of nearly USD 3.13 billion.
The market is assessed to grow at a CAGR of 5.7% between 2024 and 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.
The major market drivers are changing lifestyles, rapid urbanisation, increasing demand for electricity and power, and innovative marketing strategies by market players.
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.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The various types that are available in the market are DC drives and AC drives, among others.
The different power ranges available for HVAC drives include less than 10 KW, 10-100 KW and above 100 KW.
The different applications in the market are air handling units, cooling towers, and pumps, among others.
The major market divisions, based on end-use, include industrial, commercial, and residential.
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.
Datasheet
Single User License
Five User License
Corporate License
Any Question? Speak With An Analyst
View A Sample
Did You Miss Anything, Ask Now
Right People
We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.
Right Methodology
We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.
Right Price
We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.
Right Support
Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.