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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
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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