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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.
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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.
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“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.
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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:
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Breakup by Type |
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Breakup by Power Range |
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Breakup by Application |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*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.*
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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.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
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
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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