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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
HVAC Drive Market Trends
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.
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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