Add 2 More Reports For 20% off

Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global HVAC Drive Market Size

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 Drive Market Outlook

  • The APAC region is expected to gain rapid growth in the market due to rising temperatures and climate fluctuation.
  • Modern HVAC drives easily integrate with building automation systems, allowing for centralised control and monitoring.
  • HVAC drives reduce the mechanical stress on motors by regulating start and stop cycles and running speeds.

HVAC Drive Market Growth Rate

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.

hvac drive market

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Key Trends and Developments

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.

HVAC Drive Market Trends

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.

hvac drive market by segments

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

HVAC Drive Industry Segmentation

“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

  • DC Drives
  • AC Drives
  • Others

Market Breakup by Power Range

  • Less Than 10 KW
  • 10-100 KW
  • Above 100 KW

Market Breakup by Application

  • Air Handling Units
  • Cooling Towers
  • Pumps
  • Others

Market Breakup by End Use

  • Industrial
  • Residential
  • Commercial

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

HVAC Drive Market Share

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.

Leading Manufacturers of HVAC Drives

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.

hvac drive market by region

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

HVAC Drive Market Analysis by Region

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.

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

Our Best Selling Reports

Stock Images Market

Feed Enzymes Market

Indian Dairy Market

Vacuum Truck Market

Chromium Market

Forklift Market

Lighting Market

Feed Protein Market

Wood Vinegar Market

Acetic Anhydride Market

HVAC Drive Market Report Snapshots

HVAC Drive Market Size

HVAC Drive Market Growth

HVAC Drive Market Trends

HVAC Drive Market Share

HVAC Drive Companies

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.*

Looking for specific insights?

Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!

Key Questions Answered in the Report

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.

Purchase Full Report

Datasheet

 

USD 2,199

USD 1,999

tax inclusive*

  • Selected Sections, One User
  • Printing Not Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Single User License

One User

USD 3,299

USD 2,999

tax inclusive*

  • All Sections, One User
  • One Print Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Five User License

Five Users

USD 4,399

USD 3,999

tax inclusive*

  • All Sections, Five Users
  • Five Prints Allowed
  • Email Delivery in PDF
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

Corporate License

Unlimited Users

USD 5,499

USD 4,999

tax inclusive*

  • All Sections, Unlimited Users
  • Unlimited Prints Allowed
  • Email Delivery in PDF + Excel
  • Free Limited Customisation
  • Post Sales Analyst Support
  • 50% Discount on Next Update

How To Order

Our step-by-step guide will help you select, purchase, and access your reports swiftly, ensuring you get the information that drives your decisions, right when you need it.

Select License Type

Choose the right license for your needs and access rights.

Click on ‘Buy Now’

Add the report to your cart with one click and proceed to register.

Select Mode of Payment

Choose a payment option for a secure checkout. You will be redirected accordingly.

Strategic Solutions for Informed Decision-Making

Connect For More Information

Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.

Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.

We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.

Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.

We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.

We’re here to help answer any questions about our products and services.

Contact us

Our Offices


Australia

63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

India

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

Philippines

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.

+63 287899028, +63 967 048 3306

United Kingdom

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

United States (Head Office)

30 North Gould Street, Sheridan, WY 82801

+1-415-325-5166

Vietnam

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124

30 North Gould Street, Sheridan, WY 82801

+1-415-325-5166

63 Fiona Drive, Tamworth, NSW

+61 448 06 17 27

C130 Sector 2 Noida, Uttar Pradesh 201301

+91-858-608-1494

40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124