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Global HVAC Variable Frequency Drive Market Share, Size, Report, Forecast: By Type: DC Drives, AC Drives, Servo Drive; By Power Range: Micro, Low, Medium, High; By Application: Residential, Commercial, Industrial; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; Industry Events and Developments; 2024-2032
Global HVAC Variable Frequency Drive Market Outlook
The HVAC variable frequency drive market size reached a value of approximately USD 4.88 billion in 2023. The market is further expected to grow at a CAGR of 5.90% between 2024 and 2032, reaching a value of USD 8.18 billion by 2032.
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Key Trends in the Market
A variable frequency drive (VFD) is a motor controller device that is used to control the speed of the motor by differing the voltage and frequency of the power supply. When this device is used to increase and decrease rotations per minute of alternating current motor for HVAC applications, it is known as a HVAC variable frequency drive. These VFDs have various applications in the HVAC industry, including pumps, pump motors, fans, and compressors, among others. HVAC variable frequency drives have developed significantly and can be installed in nearly any HVAC application in institutional and commercial buildings.
- Awareness about the adoption of energy saving techniques reducing strain on natural resources and enhancing efficiency is helping the HVAC variable frequency drive market grow globally. The energy-saving characteristic has led to the rising adoption of variable frequency drive in the HVAC market.
- AC drive is observing a high demand from several industries due to the ability to facilitate efficient transmission of huge amount of energy over long distances, which is supporting the overall HVAC variable frequency drive market. It finds it application in oil and gas industries, metal and mining industries, and water and wastewater treatment industries.
- Improved standards of living have increased the demand for temperature controlled homes with better indoor air quality. Demand for the HVAC variable frequency drive systems is increasing rapidly from consumers so that air quality and temperature inside homes can be maintained, particularly in cooler and warmer climates.
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Market Analysis
Based on type, the market is segmented into DC drives, AC drives, and servo drive. On the basis of power range, the market is divided into micro, low, medium, and high. By application, the market is categorised into residential, commercial, and industrial. Based on region, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global HVAC variable frequency drive market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- ABB Ltd.
- Siemens AG
- Rockwell Automation, Inc.
- Mitsubishi Electric Corporation
- Yaskawa America Inc.-Drives and Motion Division
- Others
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Market Share by Power Range
Medium power range segment is anticipated to have a large share in the HVAC variable frequency drive market in the forecast period due to rising requirement from various end-use industries. HVAC variable frequency drives in medium power range help in the smooth working of fans, compressors, and pumps that constantly need variable speed motor control. They are designed in a way such that they can maximize energy efficiency by enabling variable speed control and soft-starting in both heavy duty applications and normal duty applications. Low power range drive is also expected witness growth in the forecast period owing to its wide use in various industrial automation applications.
Market Share by Region
Asia Pacific is expected to account for a sizable share in the HVAC variable frequency drive market owing to the growing foreign direct investments in the manufacturing and industrial sectors. The tropical climate in the region is surging the need for temperature control indoors, increasing the demand for HVAC variable frequency drives. Countries like China, India, and Japan are contributing to the growth of the market in the Asia Pacific region by focussing on the infrastructural development in their countries. Increasing construction activities due to rising urban population and rapid industrialisation in developing economies, and heightening demand for energy efficiency in the Asia Pacific are helping in the growth of the overall HVAC variable frequency drive market.
Competitive Landscape
ABB Ltd. founded in 1988 has its headquarters in Zürich, Switzerland. It is a multinational automation company that provides solutions in robotics, digital services, and machine automation to several industries. ABB facilitates increased industrial productivity, harnessed power reliability, and enhanced energy efficiency, with an aim to provide a more resource efficient and sustainable future.
Siemens AG is an automation company which was established in 1847 and is based out of Munich, Germany. It serves various end users including industry, transport, healthcare, and infrastructure, among others. The company aims at building intelligent infrastructure for energy systems and buildings, creating smart mobility solutions for road as well as rail transport, and automating and digitalising in the manufacturing and process industries.
Rockwell Automation Inc. was founded in 1903 and has its headquarter located in Wisconsin in the United States. It is an industrial automation company that provides integrated control and information solutions to its customers. The company focuses on helping their customers from all across the globe to become more productive and the world become more sustainable.
Other market players include Mitsubishi Electric Corporation, and Yaskawa America Inc.-Drives and Motion Division.
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:
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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 Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*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 Opportunities and Challenges in the Market
8 Global HVAC Variable Frequency Drive Market Analysis
8.1 Key Industry Highlights
8.2 Global HVAC Variable Frequency Drive Historical Market (2018-2023)
8.3 Global HVAC Variable Frequency Drive Market Forecast (2024-2032)
8.4 Global HVAC Variable Frequency Drive Market by Type
8.4.1 DC Drives
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 AC Drives
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Servo Drive
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global HVAC Variable Frequency Drive Market by Power Range
8.5.1 Micro
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Low
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Medium
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 High
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.6 Global HVAC Variable Frequency Drive Market by Application
8.6.1 Residential
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Commercial
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Industrial
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global HVAC Variable Frequency Drive Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America HVAC Variable Frequency Drive Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe HVAC Variable Frequency Drive Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific HVAC Variable Frequency Drive Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America HVAC Variable Frequency Drive Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa HVAC Variable Frequency Drive Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 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 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 ABB Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Siemens AG
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Rockwell Automation, Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Mitsubishi Electric Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Yaskawa America Inc. – Drives and Motion Division
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global HVAC Variable Frequency Drive Market: Key Industry Highlights, 2018 and 2032
2. Global HVAC Variable Frequency Drive Historical Market: Breakup by Type (USD Million), 2018-2023
3. Global HVAC Variable Frequency Drive Market Forecast: Breakup by Type (USD Million), 2024-2032
4. Global HVAC Variable Frequency Drive Historical Market: Breakup by Power Range (USD Million), 2018-2023
5. Global HVAC Variable Frequency Drive Market Forecast: Breakup by Power Range (USD Million), 2024-2032
6. Global HVAC Variable Frequency Drive Historical Market: Breakup by Application (USD Million), 2018-2023
7. Global HVAC Variable Frequency Drive Market Forecast: Breakup by Application (USD Million), 2024-2032
8. Global HVAC Variable Frequency Drive Historical Market: Breakup by Region (USD Million), 2018-2023
9. Global HVAC Variable Frequency Drive Market Forecast: Breakup by Region (USD Million), 2024-2032
10. North America HVAC Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2023
11. North America HVAC Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Europe HVAC Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2023
13. Europe HVAC Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Asia Pacific HVAC Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2023
15. Asia Pacific HVAC Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Latin America HVAC Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2023
17. Latin America HVAC Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Middle East and Africa HVAC Variable Frequency Drive Historical Market: Breakup by Country (USD Million), 2018-2023
19. Middle East and Africa HVAC Variable Frequency Drive Market Forecast: Breakup by Country (USD Million), 2024-2032
20. Global HVAC Variable Frequency Drive Market Structure
Key Questions Answered in the Report
The global market size for HVAC variable frequency drive reached a value of USD 4.88 billion in 2023.
The market is expected to grow at a CAGR of 5.90% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach about USD 8.18 billion by 2032.
Improving standards of living, increasing temperature variations globally, and rising demand from construction sector are the major market drivers.
The key trends of the market are rising demand for the AC drives, energy-saving characteristic of HVAC variable frequency drives, and advancements in technology.
The major regional markets for HVAC variable frequency drives are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
A variable frequency drive is a device used to control the speed of a motor by varying the voltage and frequency of the power supply.
The different types of HVAC variable frequency drives are DC drives, AC drives, and servo drive.
The primary applications of HVAC variable frequency drives are residential, commercial, and industrial.
Key players in the HVAC variable frequency drive market are ABB Ltd., Siemens AG, Rockwell Automation, Inc., Mitsubishi Electric Corporation, and Yaskawa America Inc.-Drives and Motion Division, among others.
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