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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
HVAC Drive Market Growth
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 Report Snapshots
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.*
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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.
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