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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; 2023-2028
Global HVAC Drive Market Outlook
The global HVAC drive market attained a value of nearly USD 2.8 billion in 2021. The market is estimated to grow in the forecast period of 2023-2028 at a CAGR of 5.7% to reach about USD 3.9 billion by 2027.
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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.
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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.
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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 | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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 |
|
*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 (2018-2022)
8.3 Global HVAC Drive Market Forecast (2023-2028)
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 (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 AC Drives
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
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 (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 10-100 KW
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Above 100 KW
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
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 (2018-2022)
8.6.1.3 Forecast Trend (2023-2028)
8.6.2 Cooling Towers
8.6.2.1 Market Share
8.6.2.2 Historical Trend (2018-2022)
8.6.2.3 Forecast Trend (2023-2028)
8.6.3 Pumps
8.6.3.1 Market Share
8.6.3.2 Historical Trend (2018-2022)
8.6.3.3 Forecast Trend (2023-2028)
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 (2018-2022)
8.7.1.3 Forecast Trend (2023-2028)
8.7.2 Residential
8.7.2.1 Market Share
8.7.2.2 Historical Trend (2018-2022)
8.7.2.3 Forecast Trend (2023-2028)
8.7.3 Commercial
8.7.3.1 Market Share
8.7.3.2 Historical Trend (2018-2022)
8.7.3.3 Forecast Trend (2023-2028)
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 (2018-2022)
8.8.1.3 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Market Share
8.8.2.2 Historical Trend (2018-2022)
8.8.2.3 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Market Share
8.8.3.2 Historical Trend (2018-2022)
8.8.3.3 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Market Share
8.8.4.2 Historical Trend (2018-2022)
8.8.4.3 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Market Share
8.8.5.2 Historical Trend (2018-2022)
8.8.5.3 Forecast Trend (2023-2028)
9 North America HVAC Drive Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe HVAC Drive Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific HVAC Drive Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America HVAC Drive Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
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 (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
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 2028
2. Global HVAC Drive Historical Market: Breakup by Type (USD Million), 2018-2022
3. Global HVAC Drive Market Forecast: Breakup by Type (USD Million), 2023-2028
4. Global HVAC Drive Historical Market: Breakup by Power Range (USD Million), 2018-2022
5. Global HVAC Drive Market Forecast: Breakup by Power Range (USD Million), 2023-2028
6. Global HVAC Drive Historical Market: Breakup by Application (USD Million), 2018-2022
7. Global HVAC Drive Market Forecast: Breakup by Application (USD Million), 2023-2028
8. Global HVAC Drive Historical Market: Breakup by End Use (USD Million), 2018-2022
9. Global HVAC Drive Market Forecast: Breakup by End Use (USD Million), 2023-2028
10. Global HVAC Drive Historical Market: Breakup by Region (USD Million), 2018-2022
11. Global HVAC Drive Market Forecast: Breakup by Region (USD Million), 2023-2028
12. North America HVAC Drive Historical Market: Breakup by Country (USD Million), 2018-2022
13. North America HVAC Drive Market Forecast: Breakup by Country (USD Million), 2023-2028
14. Europe HVAC Drive Historical Market: Breakup by Country (USD Million), 2018-2022
15. Europe HVAC Drive Market Forecast: Breakup by Country (USD Million), 2023-2028
16. Asia Pacific HVAC Drive Historical Market: Breakup by Country (USD Million), 2018-2022
17. Asia Pacific HVAC Drive Market Forecast: Breakup by Country (USD Million), 2023-2028
18. Latin America HVAC Drive Historical Market: Breakup by Country (USD Million), 2018-2022
19. Latin America HVAC Drive Market Forecast: Breakup by Country (USD Million), 2023-2028
20. Middle East and Africa HVAC Drive Historical Market: Breakup by Country (USD Million), 2018-2022
21. Middle East and Africa HVAC Drive Market Forecast: Breakup by Country (USD Million), 2023-2028
22. Global HVAC Drive Market Structure
Key Questions Answered in the Report
In 2021, the global HVAC Drive market attained a value of nearly USD 2.8 billion.
The market is assessed to grow at a CAGR of 5.7% between 2023 and 2028.
The market is estimated to witness healthy growth in the forecast period of 2023-2028 to reach almost USD 3.9 billion by 2027.
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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